Start-Up Costs and Fees |
||
| HomeVestors of America | The Closet Factory | |
| Investment | 70000 - 426250 | 208500 - 356000 |
| Franchise Fee | 0 | 0 |
| Royalty Fee | Varies | 5.75% |
| Advertising Fee | Varies | |
| Year Founded | 1989 | 1983 |
| Year Franchised | 1996 | 1986 |
| Term Of Agreement | ||
| Term Of Agreement | ||
| Renewal Fee | ||
Business Experience Requirements |
||
| HomeVestors of America | The Closet Factory | |
| Experience | General business experience | General business experience Marketing skills People skills |
Financing Options |
||
| HomeVestors of America | The Closet Factory | |
| Franchise Fees | No | No |
| Start-up Costs | No | No |
| Equipment | No | No |
| Inventory | Yes | No |
| Receivables | No | No |
| Payroll | No | No |
Training & Support |
||
| HomeVestors of America | The Closet Factory | |
| Training | 1 week initial training | |
| Support | Newsletter, Meetings, Internet, Field operations/evaluations, Purchasing cooperatives, ongoing mentoring support in each market | Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives |
| Marketing | Co-op advertising, Ad slicks, Regional advertising | Co-op advertising, Ad slicks, National media, Regional advertising |
| Operations | Less than 5% of all franchisees own more than one unit Number of employees needed to run franchised unit: 2 Absentee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators) | International franchisees required to buy multiple units/master licenses; 30% of all franchisees own more than one unit Number of employees needed to run franchised unit: 6 Absentee ownership of franchise is allowed. (90% of current franchisees are owner/operators) |
Expansion Plans |
||
| HomeVestors of America | The Closet Factory | |
| US Expansion | Nationwide, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming | |
| Canada Expansion | ||
| International Expansion |
Start-Up Costs and Fees Mobile |
|
| Investment | |
| HomeVestors of America | |
| The Closet Factory | |
| Franchise Fee | |
| HomeVestors of America | |
| The Closet Factory | |
| Royalty Fee | |
| HomeVestors of America | Varies |
| The Closet Factory | 5.75% |
| Advertising Fee | |
| HomeVestors of America | Varies |
| The Closet Factory | |
| Year Founded | |
| HomeVestors of America | 1989 |
| The Closet Factory | 1983 |
| Year Franchised | |
| HomeVestors of America | 1996 |
| The Closet Factory | 1986 |
| Term Of Agreement | |
| HomeVestors of America | 5 years |
| The Closet Factory | 5 years |
| Renewal Fee | |
| HomeVestors of America | |
| The Closet Factory | $7K |
Business Experience Requirements |
|
| Experience | |
| HomeVestors of America | General business experience |
| The Closet Factory | General business experience Marketing skills People skills |
Financing Options |
|
| Franchise Fees | |
| HomeVestors of America | No |
| The Closet Factory | No |
| Start-up Costs | |
| HomeVestors of America | |
| The Closet Factory | |
| Equipment | |
| HomeVestors of America} | |
| The Closet Factory | |
| Inventory | |
| HomeVestors of America | |
| The Closet Factory | |
| Receivables | |
| HomeVestors of America | |
| The Closet Factory | |
| Payroll | |
| HomeVestors of America | |
| The Closet Factory | |
Training & Support |
|
| Training | |
| HomeVestors of America | 1 week initial training |
| The Closet Factory | |
| Support | |
| HomeVestors of America | Newsletter, Meetings, Internet, Field operations/evaluations, Purchasing cooperatives, ongoing mentoring support in each market |
| The Closet Factory | Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives |
| Marketing | |
| HomeVestors of America | Co-op advertising, Ad slicks, Regional advertising |
| The Closet Factory | Co-op advertising, Ad slicks, National media, Regional advertising |
| Operations | |
| HomeVestors of America | Less than 5% of all franchisees own more than one unit Number of employees needed to run franchised unit: 2 Absentee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators) |
| The Closet Factory | International franchisees required to buy multiple units/master licenses; 30% of all franchisees own more than one unit Number of employees needed to run franchised unit: 6 Absentee ownership of franchise is allowed. (90% of current franchisees are owner/operators) |
Expansion Plans |
|
| US Expansion | |
| HomeVestors of America | Nationwide, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming |
| The Closet Factory | |
| Canada Expansion | |
| HomeVestors of America | |
| The Closet Factory | |
| International Expansion | |
| HomeVestors of America | |
| The Closet Factory | |