Expenses To Consider When Starting A Mold Remediation Franchise
Franchise or not, owning your own business requires a good amount of money, both in startup and sustaining the business. Whether you’ve chosen to join a mold remediation franchise, or get started in the mold industry on your own, between startup costs, equipment and more, there are quite a few expenses to keep in mind.
It can be exciting to dive into a new business venture after deciding to open your mold remediation franchise. It’s easy to overlook many of the expenses that come with being a franchise owner. It is imperative that all potential mold remediation franchisees are aware of the amount of expenses that need to be taken into consideration. Some of the major expenses to keep in mind when researching opportunities in mold remediation franchises include:
The Initial Franchise Fee & Ongoing Fees
Any franchise you decide to join will have an initial franchise fee, as well as monthly, quarterly or annual royalty fees. It’s important to consider what exactly you are getting with these expenses. Your initial franchise fee generally allows you access to the brand name, marketing materials and operations, initial training and ongoing support. Royalty fees are a percentage of your profits that are paid to the franchisor for continued use of the advantages of a franchise, as well as other required expenses such as additional ongoing training.
Equipment & Products
When it comes to mold inspection and remediation equipment, chemicals, and products, there are many options to choose from. It seems like every day there is another new product out on the market. That being said, there are some equipment and products that work, and others that haven’t had as much success. The great thing about franchising is that it takes out a lot of the guesswork when it comes to products and equipment. Most, if not all mold remediation franchises have a set of tried and true equipment and products that they continue to use, advising their franchisees to do the same. You also have the option to communicate with an entire network of experts, between your franchisor and other franchisees, to recommend new products and equipment, and exchange info and feedback about new stuff that comes out onto the market.
Cost of Operation
Before you are able to open the doors of your new mold remediation franchise, there are quite a few operational expenses to consider. Certifications, licenses, and insurance to name a few. Your franchisor should be available to guide you, ensuring that you know everything you are going to need, as well as providing ongoing support throughout the process.
When joining an existing mold remediation franchise, half of the marketing has already been done. An existing brand that is already well known in the industry takes a lot of the work out of marketing. However, when you are getting ready to open the doors to your new franchise, there are going to be some initial marketing costs in order to draw attention to your business’ new territory. Online marketing campaigns, such as social media or email campaigns, as well as print materials can get rather time consuming, not to mention expensive. Another great thing about franchising is that your franchisor and existing franchisees will have already gone through a good deal of trial and error when it comes to marketing. They will be able to point you in the right direction to avoid some of their previous ineffective marketing strategies.
Mastertech’s Expert Franchise System
There are many expenses to consider when thinking of joining a mold remediation franchise. There are also a great deal of advantages to franchising. A network of support at your back, including your franchisor and existing franchisees will help you to make more cost effective financial decisions for your business, drawing from their experiences to help you avoid the same mistakes.
It is important that you understand that any business, franchise or not is an investment. It will take a bit of time before you break even on this investment, but it is well worth it in the end. Mastertech Franchise Systems was designed with one thing in mind: your success. Our team has gone through years of training, as well as trial and error to guide you through each step of the franchising process. Our franchising experts are here to help you set realistic expectations regarding the expenses you will come across on your franchising journey, as well as how to make the best financial decisions for your new business.