What Are The Startup Costs For a TeamLogic IT Franchise?
Low-Cost Investment with Long-Term Growth Potential
TeamLogic IT exists to help as many entrepreneurs thrive in business as possible, with no previous tech or IT experience required! This commitment is reflected in our low barrier to ownership. A new TeamLogic IT franchise is an affordable service franchise that costs much less than the average cost to open a franchise. These costs include access to our proven and time-tested business model, a robust support platform, and ongoing coaching from visionary leadership passionate about your future.
Because we believe that U.S. veterans are uniquely qualified for business ownership, we’re proud to offer $9,500 off the initial franchise fee through our partnership with VetFran. This offer helps to make the top-rated TeamLogic IT franchise 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.
Cost and Fees Breakdown
The total investment cost to invest in a TeamLogic IT franchise is broken up into three categories:
Our standard franchise fee is $49,500
If you are a veteran, you qualify for a $9,500 VETFRAN discount and the fee is $40,000
Costs to Start Up
You will need an additional $10,925 to $20,200 to create your business entity, secure insurance, buy equipment, lease a space, travel to training, and start pre-launch marketing. These fees are detailed in our Franchise Disclosure Document, which we share with all candidates after our initial interview call.
Working Capital After You Launch
Once you are ready to open for business, you’ll need working capital to launch and ramp up the business. We estimate this range to be $60,500 – $78,000, and will help you cover payroll and other marketing costs as you acquire your first clients and scale the business. It is important to understand that any business you start won’t be profitable on day one. The startup costs for TeamLogicIT are very reasonable. The actual amount of working capital will vary depending on your personal situation, other sources of income during your first year, etc.
The above costs are for items such as these:
- Six days of intensive training at TeamLogic IT University
- The creation of marketing, advertising, and collateral material, a local website for your business, and other marketing programs
- Access to a list of up to 2,000 businesses within your territory that match the criteria for a target client
- Access to our Business Management Software System for accessing a library of technical and business knowledge
- Access to other TeamLogic IT owners and technicians for troubleshooting support
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. This will provide you the financial base to get your 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 here to begin a conversation.
TeamLogic IT franchises have relatively low startup costs and low overhead, which makes our business model 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—we can help you through the process. Several TeamLogic IT owners have worked with financing companies to tap their retirement accounts to start their 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.
Take a Deeper Dive
To understand the investment breakdown further, please see the Item 7 section of our Franchise Disclosure Document (FDD). To obtain one, please download our franchise information report and start a conversation with us so we can formally share our FDD documentation.
Learn More about the Cost of a TeamLogic IT Franchise
To learn more about the cost and fees associated with starting a TeamLogic IT franchise, we invite you to start a conversation with our franchise team by filling out our inquiry form here. We’ll be in touch with a complimentary copy of our Franchise Information Report, containing more information about the TeamLogic IT franchise opportunity, as well as answer any questions you may have.