Starting and running your own business, whether it is a franchise or not, requires money. After all, you have to spend money to make money. Whether you choose to invest in a mold remediation franchise or choose to start from scratch in the industry on your own, there are some important startup costs to take into consideration.
How Much Does a Mold Remediation Franchise Cost?
Once you've made the decision to invest in a mold remediation franchise, it can be easy to get caught up in the excitement of starting a new business venture and lose sight of how much it will actually cost, monetarily AND timewise. There are a number of startup components that every potential franchisee should take into consideration when joining a mold remediation franchise. The following are some of the key startup elements to take into consideration when researching mold remediation franchise opportunities:
Initial Franchise Fee- This fee will vary depending on the franchise opportunity. The most important thing to consider with the initial franchise fee is what are you actually getting with that expense? Typically, your initial franchise fee means permission to use the brand, access to marketing and operational materials, initial training, and ongoing support.
Ongoing Fees- Franchisees are required to pay royalty fees, which are a percentage of your profits paid to your franchisor for the continued use of the brand, marketing system, operational support, training, etc. Like your initial franchise fee, the percentage paid to the franchisor will vary depend on the franchise opportunity. Additionally, ongoing fees may include the cost of any required ongoing training or other required expenses.
Marketing- When you invest in a mold removal and mold inspection franchise, SOME of the marketing will already be done for you. It is an existing brand that has a standing in the industry. However, you will have to do your own initial and ongoing marketing to draw awareness for your newly opened location/territory. This includes (but is not limited to) print materials and online marketing campaigns, which can get expensive and time consuming if you are not sure how to market your business. With support and training from your franchisor, you will be able to weed out the ineffective marketing avenues and focus your spending and time on marketing that works.
Equipment & Products- There are seemingly endless options for mold remediation and mold inspection equipment, chemicals and products, with new stuff coming out every day. Some work, others do not. Without the right guidance, you can end up spending a lot of time and money trying products and equipment that just do not work. Your franchisor will guide you through affordable, effective and efficient equipment and product choices. You will also have a full network of experts (existing franchisees and franchisor) to exchange feedback and experience regarding new product and equipment releases to stay up-to-date on available options.
Operating Costs- Prior to the launch of your franchise, you will inevitably incur quite a bit of operational expenses before you are actually up and running-- everything from insurance, licenses, certifications and more. Your franchisor should guide you through exactly want you need and should be available for additional support and advice as needed.
One of the advantages of choosing a franchised mold removal business is that you will have invaluable support to make the most cost effective startup spending choices. As a new franchisee, you have the unique opportunity to draw from the experience of your franchisor and existing franchisees to make the best decisions that will allow for the most efficient use of your valuable time and limited startup funds. Without the right support and guidance to navigate through what is really necessary to launch a mold removal & mold testing business, new business owners can end up wasting a great deal of time AND money. If you are considering joining a mold remediation franchise, be sure to do your research to find the right franchise opportunity with the right kind of support that best fits your business expectations.
Furthermore, beyond just your startup costs, when you start your business (franchise or not), it is very likely that you are going to be in the red, and you might realistically be there for some time. By investing in a franchise, you have a whole network of existing franchisees and your franchisor who will be able to provide important insight and set realistic expectations regarding your ongoing expenses and put into perspective a realistic approximation of when your revenue stream will turn positive.
Mastertech's Mold Franchise Support
Mastertech Franchise Systems was developed with our franchisees' success in mind. Our expert team has developed a streamlined franchise system that will guide you, step-by-step through everything you need to get started and get profitable-- FAST. More importantly, our Home Office Support Team is made up of industry professionals who currently operate existing Mastertech businesses. We have been in the industry for years and it has taken time and mistakes to learn how to spend efficiently and optimize profits, without compromising quality. We made the mistakes so our franchisees don't have to.