GarageExperts Franchise Costs: Estimated Initial Investment (Item 7, 2023 FDD)
- None of the fees paid to GarageExperts in this chart are refundable. The fees paid to VHPC are refundable, less a 25% restocking fee, if you return items purchased from them in new condition. Whether such fees paid to third parties are refundable would depend upon the policies of the third parties.
1. Initial Franchise Fee: $50,000
- GarageExperts offers a 10% discount on the initial franchise fee for a Veteran honorably discharged from any branch of the U.S. armed forces within 10 years of applying for a franchise with GarageExperts.
2. Equipment, Furniture, Fixtures, and Signage: $28,878 to $34,328.45
- You will pay approximately $26,976 of this amount to GarageExperts’ affiliate, VHPC, for installation equipment, coating materials, sundry items, and trade show floor, and the remainder to third-party vendors.
3. GarageExperts Vehicle(s): $1,000 to $60,000
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- You must own, purchase, or lease the number of vehicles (“Vehicles”) meeting GarageExperts’ standards and specifications on which the GarageExperts advertising wrap is placed that are needed to enable you to meet customer demand.
- These figures include the estimated upfront costs and the first three months’ payments (a total of approximately $700) to lease a Vehicle if you do not already have one, as well as the estimated cost to make certain modifications and additions to the Vehicle(s) as GarageExperts requires, including installing decals, vehicle wraps, logos, and racks. Your costs may vary, and GarageExperts expects the vehicle wrap will cost at least $1,000.
4. Computer Hardware and Software: $4,754 to $5,000
- This estimate includes the cost of a laptop, designer software, and a small color printer.
- GarageExperts has not included the cost of required hardware and software maintenance agreements, if any. This figure also does not include any technical support costs associated with operating the hardware or software.
5. Cellular Phone and a Mobile Wireless Hotspot: $300 to $500
- You will need a cell phone. Your costs may vary.
6. Wages, Travel, and Living Expenses During Training: $1,500 to $5,000
- You must pay the expenses of persons attending the Initial Training Program including transportation, lodging, meals, and wages. The amount will depend, in part, on the distance the attendees must travel and the type of accommodations you choose.
- The estimates above contemplate the training of 2 persons for 5 days in Grapevine, Texas.
7. Leasing Costs: $1,000 to $2,500
- You are required to lease a small warehouse space that has an attached office space for your operations.
8. Advertising: $4,000 to $10,000
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- This estimate covers a start-up advertising budget for online advertising and other advertising.
9. Insurance Deposits and Premiums: $200 to $1,000
- This is an estimated down payment against the annual premiums you must pay for the insurance required under the Franchise Agreement and Manuals. This estimate is for workers’ compensation, errors and omissions, automobile, and comprehensive general liability insurance.
10. Licenses and Permits: $100 to $1,500
- You will need appropriate state and local licenses to operate this business. Your costs may vary.
11. Professional Fees: $1,500 to $5,000
- You should have an attorney or accountant assist you with this franchise purchase, entity set up, and ongoing bookkeeping needs.
12. Miscellaneous Supplies: $100 to $500
- You will need miscellaneous supplies. Your costs will vary.
13. Additional Funds for 3 Months: $5,000 to $12,000
- You will need additional funds for miscellaneous costs, any payroll, and other expenses.
- These figures are estimates of your initial expenses covering the first three months of your operation, which GarageExperts bases upon its years of experience with this franchise concept.
14. Total Estimated Initial Investment: $97,932.45 to $186,682.45
- Does not include royalties or advertising fees. GarageExperts cannot guarantee that you will not have additional expenses starting the business.
- Do not construe the estimates as a break-even point. Your costs will depend on: how well you follow GarageExperts’ methods and procedures; your management skills, experience, and business acumen; local economic conditions; the local market for GarageExperts’ services; the prevailing wage rate; competition; and the sales level reached during the initial period.