What Are The Startup Costs For a TeamLogic IT Franchise?
Top-rated IT franchise is a low cost investment with long-term growth potential
Owning a top-rated IT franchise doesn’t have to break the bank. TeamLogic IT’s low startup costs is the reason why Forbes Magazine ranked us as the 4th best franchise to buy in the low investment category in its 2019 list of Best Franchises to Buy.
The total costs to invest in a TeamLogic IT franchise range from $111,218 to convert an existing business to $145,309 to launch a new franchise.
This includes a $40,000 to $45,000 franchise fee that pays for the rights to operate as part of the brand, as well as a host of other benefits, including:
- 6 days of intensive training at TeamLogic IT University
- The creation of marketing, advertising and collateral material, as well as radio scripts; the creation of a local website for your business
- Access to a vetted list of 1,500-2,000 businesses within your territory that match the criteria for an ideal client
- Access to our Business Management Software System for accessing a library of technical and business knowledge, and reaching out to other TeamLogic IT owners and technicians for troubleshooting support.
TeamLogic IT also uses part of the fee to fund the first three months of local marketing for your business, which gives you time to focus on operations during your startup phase.
Because our veterans have already proven their capacity for leadership and following systems and processes, TeamLogic IT is pleased to offer, through our partnership with VetFran, $5,000 off the initial franchise for any honorably discharged or retired military veteran who desires to fulfill their dream of entrepreneurship. This offer helps to make TeamLogic IT an especially affordable opportunity for our country’s brave men and women, who have given so much in the way of service to our nation.
What are the minimum requirements for ownership?
To start a TeamLogic IT franchise, you should have at least $50,000 in liquid capital and $300,000 in net assets. That will provide you the financial base to get the business started and support yourself through the ramp-up period. If you have any questions or would like to discuss your options, please fill out an application on this website to begin a conversation.
Want to take a deeper dive into the cost & fees associated with owning a TeamLogic IT Franchise?
Here is a look at other startup costs, as outlined in the Item 7 section of our Franchise Disclosure Document:
|Investment||Amount||Method of Payment||When Due||To Whom Payment is Made|
|Initial Franchise Fee||$40,000 to $45,000||Lump sum||Upon execution of the franchise agreement||Us|
|Advertising Cooperative Association Fee||Ranges from $0 - $500 monthly. Determined by local Advertising Cooperating Association||Defined by local ACA||We cannot form, change or dissolve an ACA without a majority vote of the ACA's members.|
|Marketing||$2,000 to $5,000||Monthly, paid to various vendors||After the first 12-Month Marketing Program, you are required to spend a minimum of $2,000 per month on local advertising. Paid to Various vendors|
|Help Desk Service Fee||$1,200 (subject to change by vendor)||One-time set up / on-boarding fee||One time set-up fee if no lapse in use||Pay Vendor directly|
|E-Mail Hosting||Ranges from $3.36 to $16.80 per email user||Monthly||Payable to approved outside vendor|
|Software Fee||$2,100 to $3,500
(subject to change)
|Monthly Lump Sum||Prior to Opening for Business||Us & Approved Outside Vendors|
||$100 - $150 per month||Per Vendors Direction||Prior to Opening for Business||Pay Vendor Directly
|Vehicle Lease and Graphics Package (Optional)||$0 to $350 (lease)/ $100 to $3,000 (graphics)||Lease payment/ Lump sum||As agreed||Approved outside vendor|
|Initial Equipment||$4,425 to $7,000||Lump sum||Prior to Opening for Business||Various outside suppliers|
|Real Estate Leasehold Improvements||$750 - $1,500||As incurred||As agreed||Lessor|
|Additional Funds 10 to 12 months||$60,540 - $78,092||As incurred||As agreed||Various|
|Total Estimated Initial Investment||$111,218 to $145,309|
How Do You Finance a TeamLogic IT Franchise?
TeamLogic IT franchises have relatively low startup costs and low overhead, which makes them much easier to finance than many other franchise concepts. Here’s a look at some of the financing options that are available.
Retirement account rollovers
You can tap retirement funds penalty-free to start a business, as long as you do it the right way. The process can be tricky — it involves forming a corporation and a special type of retirement account, then rolling over your old 401(k) or IRA — but it’s no problem for an expert. Several TeamLogic IT owners have worked with financing company Benetrends to tap their retirement accounts to start the business.
TeamLogic IT is an approved franchise on the SBA National Registry. The registry offers a list of franchises that have had their Financial Disclosure Documents vetted by the Small Business Administration, and inclusion on the list saves several steps in the SBA lending process, which allows franchisees to access funds more quickly.
Home equity loans
Thanks to the housing recovery, which has pushed up the value of homes, many homeowners can once again tap into the value of their homes to finance a business. A home equity line of credit may be the least expensive way for you to finance your business.