MIRACLE METHOD SURFACE RESTORATION Franchise Startup Cost, Profit & Opportunities
Specialized in kitchen and bathroom resurfacing services, the Miracle Method Surface Restoration franchise is a franchise providing highly professional restoration services to its numerous clients, ensuring that their satisfaction is held in high regard.
The Miracle Method Restoration franchise was founded by Bob Gray in 1977 and began franchising three years later in 1980. With its corporate headquarters located in Colorado Springs, Colorado, and Miracle Method of the United States as its parent company, this restoration franchise opportunity has Chuck Pistor as its current CEO and has both national and global presence.
International investors as well as investors within United States can take advantage of this franchise opportunity to invest in a global brand.
Miracle Method Surface Restoration Franchise Financial Requirements
Being a major requirement for joining any franchise opportunity of note, franchise candidates are expected to meet the financial requirements set forth by the franchisor be to be eligible for ownership.
These financial requirements are compulsory, as failure to present these during the process of application process automatically disqualifies such applicants.
How much does it cost to open a miracle method surface restoration?
Is miracle method surface restoration a franchise that is expensive? What is the average miracle method surface restoration franchise fee? These financial requirements consist of an Initial Franchise fee starting from $82,125 to $136,850, a Net-Worth requirement of $150,000 and a Liquid Cash requirement within the range of $85,000 to $125,000.
Payment of the financial requirement allows the franchisee use the company logo and to operate under the brand name of the franchisor. Also, the business model and company/business secrets are revealed to the franchisee these are to enable easy start or kickoff of the franchise.
Miracle Method Surface Restoration Franchise Ongoing Fees
The franchisor charges all its franchisees ongoing fees, which they are obligated to pay, failure of which will attract sanctions. These ongoing fees include an Initial Franchise fee starting from $40,000 to $50,250, an Ongoing Royalty fee of 5.5% and an Ad Royalty fee of 1.5%.
Miracle Method Surface Restoration Franchise Training and Support
These are the benefits enjoyed by new franchisees. However, they are compulsory for all new franchisees and their managers. This is because in the event that such franchisees will not be directly involved in the running of their franchise, these franchises will still be effectively run by the managers.
New franchisees benefit from a training program lasting a period of 15 days at the corporate headquarters of the franchisor. Existing franchises benefit from update and refresher courses.
In the area of support, franchisees are not left alone as maximum support is given to them to ensure their success. These support areas include a periodic newsletter publication, a toll-free line, and internet services to all franchisees; others include field operations, a grand opening ceremony, and meetings.
Financing Options/Veteran Incentives
The financing options enjoyed by Miracle Method Surface Restoration franchisees include the following; an In-house financing arrangement provided by the franchisor to cover the franchise fee.
The other is a third-party relationship the franchisor maintains with financing sources that provide financing covering the inventory, equipment and startup costs. Under its Veteran Incentives Program, veterans are rewarded for their service to their country through a 10% discount off the franchise fee.
The Franchise Contract Renewal
The franchise contract renewal is subject to the agreements entered into by both parties during the period of initial signing. With the typical contract term being 5 years, the franchisor may decide to extend the tenure of the contract depending on if certain earlier agreed targets are met.
In another case, this may not be so, as the renewal of contract may have be totally ruled out at the onset. Whatever the case, the Franchise Disclosure Document (FDD) will contain these details.
How to Open Miracle Method Surface Restoration Franchise?
To join this franchise opportunity, part of the requirements includes a visit to the website of the franchisor and registering interest by filling an online franchise application form available in the franchise section.
Filling of this form should be carefully done, as information supplied by the applicant will count in the screening process. This process is done to test for eligibility or qualification, and if found qualified, a representative from the franchisor contacts the franchise candidate for further investment discussions.
Miracle Method Surface Restoration Franchise Franchise Disclosure Document
This document is only given once the franchisor finds the prospective franchisee qualified. The document contains all the terms of business between both parties, and is usually set or dictated by the franchisor. If after going through the document, the prospective franchisee is not satisfied with the terms, he or she reserves the right to pull out or not committing to the deal.
The franchisor will present this document to the prospective franchisee, and will last a period of 10 days as required by federal laws. The franchise candidate is strongly advised not to go through this document alone, as it is legal in nature, thus, it is advised that the help of a franchise lawyer be sought in order to avoid future disputes between both parties.
With the information made available in this article on the Miracle Method Surface Restoration franchisees, prospective franchisees are armed with the right information to make informed choices in investments. Also, they have the opportunity of owning a global franchise brand, and enjoy all the advantages attached to it.
The information supplied here is not in itself sufficient, as the franchisor might change some aspects of its business. It is therefore advised, that the Miracle Method Surface Restoration franchise website should be visited to check for any changes to its way of doing business.