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iFixandRepair Franchise ProfileComputer & Internet Franchises > Computer Repair |
What Are the Initial Investment Requirements for iFixandRepair?
To become an iFixandRepair franchisee, you'll need to consider a range of initial investment costs. The total initial investment can vary from $68,200 to $177,450, which includes a franchise fee of $25,000. Additionally, you should prepare for ongoing royalty fees of 6% and a marketing fee that ranges from 1% to 3% of your revenue. To ensure you can cover these costs, a minimum cash requirement of $78,200 to $147,450 is necessary, along with a net worth of $300,000 to $500,000. This financial foundation is crucial for launching your franchise successfully.
What Are the Revenue Potential and Financial Metrics for iFixandRepair?
iFixandRepair offers promising revenue potential for franchisees. The average annual revenue per unit is approximately $375,000, with a median of $1,490,044. While the lowest annual revenue recorded is $35,000, the highest reaches an impressive $1,490,044. Franchisees can expect to break even within 12 months and achieve a return on investment within the same timeframe. With a gross profit margin of 60%, the financial outlook for franchisees can be quite favorable, provided they effectively manage their operating expenses, which average around $180,000 annually.
What Are the Typical Running Expenses for an iFixandRepair Franchise?
Running an iFixandRepair franchise involves various expenses that you should budget for. Key expenses include rent or lease security deposits ranging from $2,500 to $5,000, insurance costs between $750 and $1,500, and software license fees of about $1,800. Additionally, you should allocate $5,000 to $7,500 for grand opening and initial advertising, and set aside $10,000 to $20,000 for additional funds during the first three months of operation. Other operating expenses, including utilities and employee wages, contribute to an estimated total running cost of $68,200 annually.
Why Consider Joining the iFixandRepair Franchise Network?
Joining the iFixandRepair franchise network can be a strategic move for aspiring entrepreneurs. With a growing number of franchised units—rising from 49 in 2021 to 177 in 2023—this brand is clearly expanding its footprint in the market. The mobile device repair industry is thriving, driven by increasing smartphone usage and the need for repair services. Franchisees benefit from a strong support system, training programs, and a proven business model that can lead to long-term success. If you're passionate about technology and customer service, iFixandRepair could be the right opportunity for you.
iFixandRepair 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:
iFixandRepair Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 69 | 82 | 181 |
| Net Change YoY | 13 | 99 | |
| Franchised Units | 49 | 67 | 177 |
| Net Change YoY | 18 | 110 | |
| Corporate Units | 20 | 15 | 4 |
| Net Change YoY | -5 | -11 |
Investment Overview
The iFixandRepair franchise offers a low initial investment range of $68,200 to $177,450, making it accessible for aspiring entrepreneurs. The initial franchise fee is set at $25,000, with ongoing royalty fees of 6% and a marketing fee that varies between 1% to 3%. Potential franchisees should have a cash requirement of $78,200 to $147,450 and a net worth of $300,000 to $500,000 to ensure they are financially prepared for this venture.
Financial Performance
Franchisees can expect an average annual revenue of $375,000, with a median revenue of $1,490,044 per unit. The revenue range varies significantly, from as low as $35,000 to as high as $1,490,044. The breakeven time and investment payback period are both estimated at 12 months, indicating a potentially quick return on investment for successful operators.
Franchise Growth
iFixandRepair has shown impressive growth in its franchised units, increasing from 49 in 2021 to 177 in 2023. This rapid expansion reflects the brand's increasing popularity and market acceptance. Conversely, corporate units have decreased from 20 in 2021 to just 4 in 2023, suggesting a strategic shift towards franchising as the primary growth model.
Operating Expenses
The average running expenses for an iFixandRepair franchise include various costs such as rent (approximately $2,500 to $5,000), insurance ($750 to $1,500), and employee wages (around $20,000). Additional expenses include software licenses, utilities, and initial advertising, culminating in a total estimated cost of $68,200. Understanding these expenses is crucial for effective financial planning.
Brand Mission
iFixandRepair is dedicated to providing exceptional repair services for electronic devices, ensuring customer satisfaction through quality workmanship and reliable service. The brand aims to empower customers by offering affordable solutions for their technology needs while fostering a community-focused approach that prioritizes customer relationships.
Corporate Structure
iFixandRepair operates under a corporate structure that emphasizes franchisee support and development. The company is committed to providing comprehensive training, ongoing support, and marketing resources to its franchisees. This structure not only enhances operational efficiency but also ensures that franchisees are well-equipped to succeed in a competitive market.
Frequently Asked Questions
The initial investment for an iFixandRepair franchise ranges from $68,200 to $177,450, which includes the franchise fee, equipment, and other startup costs.