Teamlogic IT Franchise Startup Cost, Revenue and Profit Margin
Seeking an IT franchise to invest in? TeamLogic IT is a brand you can trust. This company is seeking to open franchise units across the world and your strategic alliance will be mutually beneficial.
Founded in 2004, TeamLogic IT began franchising the following year.
From its humble beginnings, it has grown today into the highest-rated technology franchise according to Franchise Business Review.
TeamLogic IT provides businesses with their IT needs. Essentially, it’s a franchise that operates in the B2B space leveraging on technology to assist businesses to operate more efficiently thus increasing their profitability. This franchise has over 200 locations across several states.
It hopes to expand this number significantly through its franchising arm.
TeamLogic Start-Up Costs
For prospective franchisee applications to be considered, investors must meet up with the franchisor’s start-up cost requirements. TeamLogic has two operational franchise models each having different start-up costs. These include launching a new franchise or converting an existing business.
In the case of former (launching a new business), franchisees will incur a start-up cost starting from $143,300. On the other hand, the start-up cost for converting an existing business starts from $104,750. Prospective franchisees must also pay a franchise fee of between $40,000 to $45,000, have liquid $50,000 cash and a net worth of $300,000.
The franchise fee gives the franchisee the right to use of TeamLogic’s brand, as well as qualifies for a week of intensive training at the TeamLogic IT University. There’s a need for marketing your new franchise.
Hence, part of the franchise fee is channeled into funding the first three months of local marketing. This allows franchisees to focus on other areas of their operations.
A local website is built for your business, in addition to the creation of a vetted list of about 1,500 to 2,000 businesses within your territory which checks all the boxes for an ideal client. The franchise fee also gives you full access to TeamLogic’s proprietary software system.
Honorably discharged veterans are honored for their service to the country through a discount of about $5,000 off the franchise fee. This is made possible through its partnership with VetFran. This discount makes it more affordable for veterans interested in joining this IT franchise opportunity.
Start-Up Costs Breakdown
Having discussed the areas covered by the franchise fee, which is part of the start-up costs, it will be necessary to give a cost breakdown of the start-up costs.
It includes a software fee starting from $2,100 to $3,500 which is subject to change. Access to QuickBooks Online starts at $100 to $150 per month, Vehicle lease and graphics package starts at $0 to $3,000 while initial equipment ranges from $3,000 to $5,000.
There are other additional expenses like the real estate leasehold improvements which are a monthly rent of about $750 to $1,500. Last but not least are additional funds of about 6 to 8 months starting at $58,700 to $84,800.
This is provided by way of marketing, and ongoing support. For ongoing support, TeamLogic IT franchisees get support covering areas of operation like site selection, online support, grand opening ceremony, newsletter publications, and security & safety procedures.
Others include the use of its franchisee intranet platform, field operations and use of its proprietary software.
Marketing support includes website development, email marketing, social media advertising, access to ad templates, SEO and national media advertising.
To get started as a prospective franchisee, you’ll need to first signify your interest. This is done by filling out its online form which includes sections where you provide your contact details. TeamLogic IT contacts you through a representative for a discussion. This discussion includes introducing you to the franchise as well as a conversation about your interest in TeamLogic.
All questions you may have are fully addressed during this session going forward.
Having discussed with the franchisor on phone, a Request for Consideration (RFC document) is sent. What is this document for? The RFC document simply seeks to assess your financial eligibility for the franchise. By filling the form, you are under no obligation.
Rather, you’re simply expressing an interest to join the TeamLogic IT franchise.
This is followed by a web conference where you get to speak live to TeamLogic management. Here, you are provided a detailed insight into the franchisor’s operational model, corporate training as well as knowing your goals. Any questions you have at this point are answered.
The Franchise Disclosure Document
This is the legal document you receive from the franchisor after submitting the RFC to move forward with the application. TeamLogic’s franchise disclosure document contains everything you need to know about the franchise.
In addition to understanding your role as a franchisee concerning the franchisor.
Being a legal document, the FDD contains a lot of legal languages. Therefore, it will be best to seek legal help in interpreting some of its contents. The franchisor is also happy to assist you in fully understanding its terms of business.
TeamLogic offers you the opportunity to contact existing franchisees to sample their opinion of what they think about the franchise. That way, you get to hear firsthand from people who have been in the business.
Key areas to ask will include financial performance, business model, their strategies for success as well as performance tips among other things. Most prospective franchisees will relish this opportunity.
Discovery day is the day you eventually make the final commitment by visiting TeamLogic’s corporate headquarters in L.A, California. You will be meeting one-on-one with its corporate team in addition to being welcomed to the franchise. The franchise agreement is signed and training is scheduled.
If you feel this is the best franchise opportunity for you, then you need not waste time any longer. TeamLogic IT franchise offers growth opportunities for all its partners. There’s also a greater chance to succeed with your franchise due to its supervision and useful tips provided.