How much does it cost to build an iDropped Franchise?
Repair Centers should be between 200 – 1400 square feet, and be located in a high traffic town, strip center, or mall. iDropped Designed Kiosks start out at 25K, while storefronts could cost 50K for build outs. This amount will vary depending on the size and layout of the unit or structure and the geographical area. Please review the Franchise Disclosure Document for more information and our current incentive program which may reduce the Initial Investment that typically ranges from$58,000 to $120,000 and includes $5,000 for Grand Opening Advertising.
What is the standard franchise fee?
The initial US franchise fee is $30,000 for one unit for a standard iDropped location. A Multi-Unit franchise is $75,000 for 3 iDropped locations.
What is the royalty?
Royalty is a – new tiered system the greater of: (i) 6% of Gross Sales up to $499,000, 5% of Gross Sales between $500,000 to $749,999, or 4% of Gross Sales of $750,000 and above; or (ii) $200 each week (the”Minimum Royalty”)
What are the marketing and advertising fees?
iDropped requires that a minimum of 2% of gross monthly sales be spent by each franchisee for marketing purposes in any media or medias you deem most beneficial. iDropped also requires that 2% of gross sales goes towards the national marketing initiatives.
** **iDropped Franchise Disclosure Document includes more detailed information regarding marketing and advertising fees.
What are the minimum financial requirements?
Depending upon the number of units you wish to open, you must have a minimum financial qualification of $75,000 liquid and $125,000 net worth in order to be considered for an iDropped franchise. The ability to obtain financing up to $100,000. Please refer to the Requirements & Fees section for more information.
Does iDropped provide training?
Yes, we provide initial training for the owner/operator. This training is held at our corporate headquarters in Scranton, PA. The course will span 7-10 days and cover topics from iDropped franchise management to repair technician training. We also offer a training program that is 7 -10 days on-site at your location for those who cannot make the trip to Pennsylvania.
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