N-HANCE WOOD RENEWAL Franchise Startup Cost, Profit & Opportunities
N Hance franchise began operations in 2001 with specializations in wood, floor and cabinet refinishing. With a strong brand name build over the years, this franchise opportunity has grown to become formidable in the furniture sector.
With its corporate headquarters located at West Logan, Utah, Dan Tarantin as its current CEO and HRI as its parent company, the N Hance franchise launched its franchising arm open in 2003, two years after it was founded.
This franchise opportunity uses state-of-the-art equipment in wood refinishing. Some of these include instant curing of wood using U.V (Ultra-Violet) process for kitchen cabinets and hardwood floors.
Financial Requirements of N Hance Franchise
The financial requirements set by the franchisor must be met by all prospective franchisees in order to benefit from operating under the N Hance franchise brand name and logo, using the business secrets and a working and successful model for easy replication and profits.
How much does it cost to open a N-hance store?
Is N-hance a franchise that is expensive? What is the average N-hance franchise fees? Some of the following are the financial requirements prospective franchisees must meet; an Initial Investment within the range of $26,677 to $154,742, a Net-Worth requirement of $80,000 and a Liquid Cash requirement of $50,000. These requirements are mandatory to all interested investors.
N Hance Franchise Training and Support
All new N Hance franchisees are required to go through a mandatory period of training which lasts for 7 days at the franchisors corporate headquarters. This is compulsory to enable them efficiently and successfully manage their new franchises.
This training process is a time of skill transfer, where new franchisees are taught the secrets and the skills of delivering top quality jobs, using state-of-the-art equipment and proprietary tools and techniques.
The training process does not just end in at the franchisors corporate headquarters, but also, franchisees enjoy support in certain areas that include meetings, provision of internet services and periodic newsletter releases. Others include field operations and a toll free line.
The franchisor also makes available marketing support, assisting the franchisees in efficiently marketing their services and products. The channels used for the marketing support includes the use of national media and regional media.
N Hance Franchise Coverage
The coverage area of this franchise opportunity is nationwide, as such; prospective franchisees stand a chance of benefiting from doing business with a national brand, renowned for excellence.
The N Hance franchise has plans of further expanding its operations to cover areas like Washington, Wyoming, Utah, Oregon, Nevada, Minnesota, New Mexico, Idaho, California and Arizona.
The N Hance franchise has a huge profit potential, however, this depends on several factors which may include the business location. Also, other factors include the organization of the business consisting of reducing expenditure or operational costs, while increasing efficiency and services delivery through the provision of superior services.
These operational costs may include supplies for products, payments of mortgage, royalty fees and payment of utilities among several others. Whatever the case, balance needs to be achieved to ensure profitability.
By cutting down operational costs to its barest minimum, by ensuring that only the most necessary expenditures are allowed, the profits realized at the end will certainly outstrip the running costs.
Financing Options/Veteran Incentives
There is a financing option enjoyed by all N Hance franchisees. The available financing option is in the form of an in-house financing arrangement the franchisor provides, that covers the inventory, equipment and the franchise fee.
This ensures the quick and easy commencement of business for all its new and existing franchisees. Under its veteran incentives program, the N Hance franchise honours veterans who have diligently served their country by 10% discount off the franchise fee down payment.
Franchise Term Renewal
The franchise term renewal is usually subject to the terms of the contract, captured in the Franchise Disclosure Document (FDD). Information regarding N Hance’s franchise term renewal is not disclosed, but it is believed will be fully disclosed during the process of buying into the franchise.
Typically, term renewal is only considered only after meeting certain conditions set forth by the franchisor. Still yet, it may not necessarily need a condition, but depend on the franchisee to make that decision. The franchisee decides if he wants to continue owning the franchise or not. In the event of the sale of the franchise, the franchise reserves the right to be involved in the procedure.
How to Open N Hance Franchise?
To own an N Hance franchise, the procedures for joining need to be carefully followed. These include; visiting the franchisors website and carefully filling the online application form made available for interested prospective franchisees.
This form should be submitted after filling. All applications go through a screening process where they are vetted. Qualified applicants are contacted by the franchisor through a representative for further business discussions.
During the process, the Franchise Disclosure Document (FDD) is given to the prospective franchisee for a period of 10 days as required by law, where he/she is expected to return it with proof of having gotten legal counsel, or personally decided not to seek legal counsel. But it is highly advised that the franchisee seeks the services of a franchise lawyer for proper legal guidance.
This article has provided details on the N Hance wood refinishing franchise opportunity, with the guidelines to take while registering with the franchisor. All the information provided at the time of writing this piece are accurate, but it is advised that the franchisors website should be checked for any updates to its rules of doing business.