FURNITURE MEDIC Franchise Startup Cost, Profit Margin, Revenue and Locations
In this post, I will be talking about Furniture Medic Franchise; its history, startup cost, how to join the franchise system and the requirements of franchisees.
About Furniture Medic Franchise
Furniture Medic Franchise is a franchise system that was founded in 1992 and started franchising the same year it was founded with its headquarters in Memphis, Tennessee. Furniture Medic Franchise is a franchisor that deals majorly with selling furniture, wood restoration, residential and commercial furniture repair, re-up hostelry and so on.
It has franchise services that are marketed to hotels, companies, home owners, furniture rental companies, insurance companies, antique dealers and so on.
What the franchise system basically offers to franchisees is a wood and furniture restoration, repair and refinishing business. Presently, the franchise has about 350 units where the business is being operated.
The CEO of the franchise system happens to be Marty Wick and the founder is Joseph Lunsford; Furniture Medic Franchise was founded due to the frustration common with refurnishing shops.
Furniture Medic Franchise Financial Requirements
To be a franchisee of this franchise system, it is paramount that you know the finance required of you to become a franchisee. Therefore, the initial franchise fee required for Furniture Medic Franchise is $33,000 while the initial investment ranges from $79,005-$89,432.
The net worth requirement of the franchise is $33,900 which is the same as the liquid cash required. There are also other expenses which you need to be prepared for such as:
- Sales tax I.e. shipping and handling of opening package: $2,000
- Insurance; general liability and vehicle: $2,500-$4,500
- Miscellaneous opening cost: $200-$1,500
- Advertising fund contribution (3 months): $450 among many others.
Furniture Medic Franchise Ongoing Fees
The ongoing royalty fee for Furniture Medic Franchise is 7% gross sales or the larger of $250 per month. Also, the national advertising fund is 2% of gross sales or $150 per month. It also has a royalty fee of 2% off national account sales.
Furniture Medic Franchise Terms and Agreement
The term and agreement of the franchise system lasts for 5 years which starts counting from the effective day of the agreement. The agreement can only be renewed when franchisees have complied with the agreement and maintained the rules of the franchise in accordance with the Franchised Business system standards.
The agreement has to be renewed for $2,000 per agreement if more than one agreement is renewed at the same time.
Furniture Medic Franchisees Obligations
Every franchisor and franchisee has obligations and responsibilities on their parts to fulfill so I will be discussing about what is expected of franchisees of this great franchise system. The franchisee does not necessarily have to supervise the franchise business personally. You can just employ a manager who will do the direct on premises supervision of the business.
This means that a franchisee can either be a full time or per time depending on your choice; you can be a franchisee of Furniture Medic Franchise while managing another business if you have the ability and skills.
For you to employ a manger to manage the franchise business for you, then the manager must have completed the Furniture Medic training program. It is required of franchisees to meet up to the standard of services the franchisor wants.
Furniture Medic Franchise Financing Options
Furniture Medic Franchise offers indirect financing to franchisees while its affiliate, SMAC provides financing for initial franchise fee and the Opening Equipment Package fee that franchisees pay to the franchisor for their franchise.
It also offers in house financing to cover franchise fee, equipment, startup cost and inventory.
Furniture Medic Franchise offers an incentive of 15% off franchise fee.
Furniture Medic Franchise Training and Support
This is a franchise system that provides training for all its franchisees beginning with a pre training program which is done online for 50 hours. After this, a two (2) weeks training is done at the headquarters in Memphis, Tennessee. There is also a post training which is done 90 days after completing the two weeks training successfully; the post training is done for one week.
There is also a five days’ mentorship program where franchisees are paired with franchise owners and the training is done in a classroom environment in the Franchise Training Centre at the headquarters.
Looking at the trainings mentioned above, I can say the franchise is fully into supporting their franchisees by providing more than enough trainings for them.
Furniture Medic Franchise also support franchisees by providing a non-exclusive license that covers franchisees’ territory which will correspond with counties, parishes and other designations and each territory must at least have a population of 100,000.
How to Open Furniture Medic Franchise?
After reading through all what is given above, you might come to the realization that this is good opportunity for you and might not know how to contact them. It is very easy; just go to www.furnituremedicfranchise.com where a form will be provided for you to fill and show your interest in the franchise system.
Furniture Medic is the largest furniture and wood restoration and repair company in the world, the company offers modern and unique products and also offers value in their work process which allows jobs to be performed onsite thereby reducing costs for both residential and commercial clients. They are a choice furniture repairs company among home owners. Their popularity has made a lot of business entrepreneurs want to know how much a Furniture Medic franchise is
FRANCHISE INFORMATION ABOUT THE COMPANY
The company was established in the year 1992 and it all started when Joseph Lunsford was moving into his new home and realised that most of his furniture had been damaged while in transit. He then got the idea of starting a furniture repairs company. Furniture Medic was established as a response to the poor services that customers get with most refurnishing shops.
The company has a reputation for excellence in the industry and their success, according to them, is tied directly to the dedication they have in providing their customers with the best craftsmanship and quality service.
Furniture Medic is involved specifically in wood repairs for antiques, specialty items, doors and banisters, millwork, panelling, upholstery, mantels and cabinetry. Other services rendered by the company are cabinet refacing, laminate surfaces repair, polishing refinishing as well as colour matching
IS FURNITURE MEDIC A FRANCHISE
Furniture Medic can be considered a franchise because they have been selling franchise opportunities since the year they were established. The company has a highly performing franchise model and have close to 700 locations spread across the United States.
HOW MUCH DOES A FURNITURE MEDIC FRANCHISE COST
The Furniture Medic franchise cost is the total investments that will be required to startup a franchise unit. The initial investment needed will be in the tune of $80,000 to about $90,000. The company also expects new franchisees to have a net worth of about $100,000 and then a liquid cash of about $25,000
FURNITURE MEDIC FRANCHISE FEE
The Furniture Medic franchise fee is the payment that every new franchisee is expected to make to the company to get the license to operate under the company’s brand names. The payment is only valid for a certain term and renewable at the expiration of each term. The initial franchise fee payment to the company is $33,000
Additional ongoing royalty fee of about 7% and an ad royalty fee of about 2% of the monthly gross revenue of the franchise unit are also payable to the company.
HOW MUCH DOES A FURNITURE MEDIC FRANCHISE MAKE
It might not really be entirely feasible to ascertain the actual earnings a franchise unit will make as this will depend on a whole lot of factors. Factors such as the location of the franchise unit, the cost of labor in that location and also the effort the Furniture Medic franchise owner contributes into his business. However buying into a Furniture Medic franchise is quite lucrative.
WHY CHOOSE FURNITURE MEDIC FRANCHISE
The Furniture Medic Company network has grown greatly over the years. This can be attributed to the high market demands, the company’s professionalism and the affiliation to the ServiceMaster Company, which is the largest service franchising company in the world.
Franchisees with Furniture Medic will be presented with a whole lot of opportunities in the market as:
- Residential services
- Insurance industry
- Retail furniture Industry
- Moving and transport Industry
- Commercial buildings
- National accounts
TRAINING AND SUPPORT
The corporate objective of the company is to help people develop and this has formed a significant part of the company’s training program. Before you are admitted to the Furniture Medic Training Academy, you will be expected to have completed a 50 hour home study course.
At the Academy, you will be exposed to an intensive 2 weeks of training that will get you acquainted with the process of activities at the company. Trainings will also be given on marketing, business startup, customer acquisition and customer retention.
Furniture Medic does not offer any form of financing. However they have an affiliation partnership with SMAC. SMAC offers financing to cover for the cost of the initial franchise fee and cost of other equipment needed to establish your franchise unit.
Franchisees with the company will not be entitled to an exclusive territory. They may face some form of competition from other franchisees of the company or any other competitive brand that is under the control of the parent company.
HOW TO OPEN A FURNITURE MEDIC FRANCHISE
We hope by now, after you have read the information in this article, you should have been enlightened on the information on how to open a Furniture Medic franchise. In order for you to complete your application, you will need to submit that on the company’s website.
Once that is received the company will get back to you. And the moment your application is considered for a franchise opportunity, you will be allocated a franchise manager. The responsibility of the manager and his team will be to help you set up your franchise unit.