Monkey Joe’s Franchising Information & Startup Cost
Monkey Joe’s franchise is an investment opportunity that specializes in indoor parties and plays centers for kids. These are filled with inflatable play structures, party and game rooms, obstacle courses, jumps, slides and much more.
The franchise is seeking new franchise units across the United States.
Monkey Joe’s was founded in 2004 and commenced franchising operations a year later.
Monkey Joe’s franchise provides comprehensive training covering a variety of areas. Franchisees earn a “degree” from Monkey Joe’s University. This onsite classroom training lasts 21 hours as well as a 42-hour training at its headquarters.
Curriculum to be covered include customer service skills, Point-of-Sale (POS) operation, walk-in & party check-in procedures as well as opening and closing duties.
Other training courses include scheduling & hosting a birthday party, recruiting, interviewing, hiring & staff training, and scheduling & labor management.
The franchise training curriculum also includes accounting procedures, developing a market plan, and setting up your back office. These are explained in detail to franchisees to arm them with the right knowledge to commence smooth operations.
Not only are these provided, but support is also made available. This takes us to our next point.
Monkey Joe’s franchise provides support to franchisees in multiple ways. This helps ensure franchisees are getting the right guidance and direction on how to go about running a profitable business. Support creates a win-win situation as both franchisees and franchisors benefit from a thriving business.
Such support comes in 2 main ways; marketing and ongoing support.
Marketing And Public Relations Support
Marketing support provides lots of assistance in promoting and increasing sales. This consists of grand opening planning assistance, local store marketing tactical plans, ad templates, social media marketing, and Search Engine Optimization marketing (SEO).
Others are local website development for each franchisee, email marketing, and loyalty programs. This helps promote your business presence in addition to increasing sales significantly.
Monkey Joe’s offers quite an impressive support for its new and existing franchisees. Major areas covered include access to its franchisee intranet platform, periodic newsletter releases, meetings & conventions as well as the grand opening ceremony.
Additional areas of ongoing support include online support, security & safety procedures, field operations, and site selection. Site selection support is provided in partnership with your real estate broker. A real estate director from Monkey Joe’s helps with a review of your market feasibility study, demographic information, site economics, and trade area maps.
After identifying an ideal site for your Monkey Joe’s unit(s), your real estate broker and the franchisor’s real estate director provide guidance and feedback on-site acceptance.
Additional areas include lease negotiation, construction processes as well as the letter of intent.
Having signed your lease, the next phase begins immediately. This has to do with the planning and eventual construction of the franchise unit. Now, experts from Monkey Joe’s who are specialized in this area help out with the build-out and set-up.
Consultation is provided by the franchisor for construction-related tasks such as completing the initial space layout using CAD files. Other areas covered by this consultation includes working with your team of real estate experts to ensure the project’s work letter is sufficient. This helps to lower or completely avoid excessive build-out costs.
A revision of the franchisee’s architect modifications to the franchisor’s base plans, as well as the finalization of the completed site specification plans. The final drawing of the building plans by your architect is subject to approval by the franchisor.
Vendors are recommended for exterior signage, equipment, and carpet required for the franchise.
Monkey Joe’s offers financing through its partnership with partners skilled in the provision of such services. Financing helps franchisees foot the cost of other expenses.
Expenses covered under Monkey Joe”s financing arrangement includes the franchise fee, equipment, start-up costs, accounts receivable, payroll and inventory.
Veterans aren’t left out of Monkey Joe’s financing arrangement. As a way to reward them for their sacrifice and service to the nation, the franchisor has provided a discount of 10% off the franchise fee.
However, only honorably discharged veterans get to benefit from this financing arrangement.
Financial requirements for owning a Monkey Joe’s franchise varies by location, size among other factors. This includes the initial investment, the net-worth requirement, liquid cash requirement, and franchise fee as well as royalty fees.
To better understand these costs, we’ll consider them one after the other.
The initial investment amount required to qualify for this franchise opportunity starts from $699,425 to $1,484,129. This is the total amount needed to open the franchise. It includes a franchise fee of $40,000 plus other start-up expenses. These include equipment, working capital, real estate, business licenses, and supplies.
Prospective franchisees interested in owning a Monkey Joe’s franchise must have a net worth of $500,000. For the sake of clarity, the net-worth is the value of all assets owned by the franchisee. Assets will include cash, stocks, requirement accounts and real estate among others.
Liabilities cannot be included when calculating assets. So, what constitutes a liability? Items like credit card debt, mortgages and car payments are liabilities.
Liquid Cash Requirement
Prospective franchisees must meet the franchisor’s liquid cash requirement threshold of $150,000. By showing proof of this liquid cash amount you are demonstrating a level of financial stability needed to operate the franchise successfully.
Ongoing fees include royalty and ad royalty fees of 5 and 2% respectively.
To get your application started, you’ll need to fill and submit Monkey Joe’s online form. As with most franchises, you are contacted via phone by a representative from the franchisor who holds discussions and asks questions about your specific needs. You also get to ask any pressing questions you have about the franchise.
From hereon, the process is quite easy as you are taken through the entire process without difficulties. You only need to have met the set requirements for the process to move smoothly.