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The Good Feet Store Franchise ProfileRetail Franchises > Specialty Retail |
What is the Initial Investment for a The Good Feet Store Franchise?
To open a The Good Feet Store franchise, the initial investment ranges from $248,828 to $587,750. This includes a franchise fee of $25,000, along with additional costs for equipment, inventory, and other startup expenses. It's essential to ensure you have the necessary cash required, which falls within the same range as the total investment. Additionally, potential franchisees should be prepared for ongoing fees, including a royalty fee of 5% and a marketing fee of 3% on gross sales.
What are the Financial Performance Metrics for The Good Feet Store Franchise?
The Good Feet Store franchise has shown promising financial performance metrics. The average annual revenue per unit is approximately $292,000, with median revenues reaching as high as $1,800,000. The lowest annual revenue reported is $36,000, while the highest can go up to $1,368,428. Franchisees can expect to break even within 12 months and achieve investment payback in about 24 months, making it an attractive opportunity for aspiring business owners.
What are the Required Financial Qualifications to Franchise with The Good Feet Store?
To qualify for a The Good Feet Store franchise, potential franchisees must have a net worth between $500,000 and $1,000,000. This ensures that candidates have the financial stability to support both the initial investment and ongoing operational costs. It's crucial for aspiring franchisees to assess their financial readiness and consult with financial advisors to determine if they meet these requirements before proceeding with the application process.
How Many Units are Currently Operating Under The Good Feet Store Franchise?
As of 2022, The Good Feet Store franchise operates a total of 177 units, which includes 151 franchised locations and 26 corporate-owned stores. The franchise has seen consistent growth over the years, with an increase in franchised units from 126 in 2020 to 151 in 2022. This growth trend indicates a strong brand presence and demand for The Good Feet Store's products, making it a viable option for potential franchisees looking to enter the market.
The Good Feet Store Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
The minimum total assets (minus liabilities) you must possess.
Net Worth Required:
The estimated period to recoup your total investment.
Investment Payback:
The initial fee paid to join the franchise system.
Franchise Fee:
Ongoing percentage of revenue paid to the franchisor.
Royalty Fee:
Regular contribution toward the franchise’s advertising fund.
Marketing Fee:
The estimated timeframe to recover your initial costs.
Breakeven Time:
The total amount required to launch the franchise.
Initial Investment:
The minimum liquid capital you must have on hand.
Cash Required:
The typical yearly revenue generated per franchise location.
Average Revenue:
The middle value of yearly revenue among franchise locations.
Median Revenue:
The largest reported annual revenue among franchisees.
Highest Revenue:
The smallest reported annual revenue among franchisees.
Lowest Revenue:
A broad sector defining similar types of franchise businesses.
Industry:
A more specific division within the broader industry.
Category:
The key individuals guiding the franchise’s strategy and growth.
Leadership:
The official business address of the franchisor’s headquarters.
Corporate Address:
Available financing options to help start the franchise.
Funding Year:
The main organization that owns the franchise brand.
Parent Company:
The Good Feet Store Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2020 | 2021 | 2022 |
|---|---|---|---|
| Total Units | 139 | 148 | 177 |
| Net Change YoY | 9 | 29 | |
| Franchised Units | 126 | 132 | 151 |
| Net Change YoY | 6 | 19 | |
| Corporate Units | 13 | 16 | 26 |
| Net Change YoY | 3 | 10 |
Investment Overview
The Good Feet Store franchise offers a range of initial investment options, with costs ranging from $248,828 to $587,750. This investment includes a franchise fee of $25,000 and ongoing royalty fees of 5% on gross sales, along with a marketing fee of 3%. Potential franchisees should be prepared for a cash requirement within the same range as the total investment, ensuring adequate funding for startup and operational costs.
Financial Performance
Franchisees can expect an average annual revenue of approximately $292,000 per unit, with a median revenue of $1,800,000. The financial landscape shows a wide range, with the lowest annual revenue recorded at $36,000 and the highest at $1,368,428. This variability highlights the potential for profitability, depending on location and management practices.
Breakeven and Payback
The breakeven period for The Good Feet Store franchise is estimated at 12 months, allowing franchisees to recover their initial investment relatively quickly. Moreover, the investment payback period averages around 24 months, indicating a favorable return on investment for those who effectively manage their operations and marketing strategies.
Franchise Growth
The Good Feet Store has demonstrated steady growth in its franchise network, expanding from 126 franchised units in 2020 to 151 units by 2022. This growth reflects the brand's increasing popularity and the successful implementation of its business model, making it an attractive option for aspiring franchisees.
Corporate Structure
The Good Feet Store operates under a corporate structure that includes both franchised and company-owned units. In 2022, there were 151 franchised units and 26 corporate units, showcasing a balanced approach to expansion and support for franchisees. This structure allows for shared resources and best practices between corporate and franchise locations.
Support and Training
Franchisees of The Good Feet Store receive comprehensive training and ongoing support to ensure their success. This includes initial training programs, marketing resources, and operational guidance. The franchise's commitment to supporting its franchisees is crucial for maintaining brand standards and fostering a collaborative network among owners.
Frequently Asked Questions
The initial investment for a Good Feet Store franchise ranges from $248,828 to $587,750. This includes the franchise fee, equipment, and other startup costs.