CMIT Solutions franchise financing options

Overall costs for CMIT Solutions run anywhere from $94,470 to $124,850. See how the costs break down and what funding options might be right for your new venture into the franchise foray.

Estimated initial costs

Our cost estimates are accurate as of 2022 from Franchise Direct and include opening fees and expenses only. The location you choose for your CMIT Solutions franchise may result in higher or lower fees.

Franchise fees

CMIT Solutions franchise fees total around $53,825, which is more than the $37,000 average for the 200 largest franchises.

Franchise	Cost
Initial fee and territory fee	$49,950 to $57,700
Royalty	6% of gross professional services (GPS) revenue, subject to a minimum royalty, which starts 12 months after franchisees complete the initial training program if they are a new franchisee.
Estimated total	$49,950 to $57,700

Equipment fees

Equipment fees total $1,635 for CMIT Solutions. This is less than the $180,023 average for the top 200 franchises.

Equipment	Cost
Initial business package, including laptop	$1,270 to $2,000
Estimated total	$1,270 to $2,000

Training fees

CMIT Solutions initial training costs total $3,100, which comes in under the nationwide average of $9,788.

Training	Cost
Training fee and training expenses	$2,200 to $4,000
Estimated total	$2,200 to $4,000

Marketing costs

Advertisement and marketing costs total up to $13,075 for CMIT Solutions, which is more than the nationwide average of $9,938.

Marketing	Cost
Initial marketing package	$4,000 to $7,150
Three months' of marketing commitment	$7,500 to $7,500
Estimated total	$11,500 to $14,650

Licenses and permits costs

CMIT Solutions initial licenses and permits will set you back $1,025. This comes out to less than $18,770 — the overall nationwide average.

Licenses and permits	Cost
Business licenses and prepaid expenses	$550 to $1,500
Estimated total	$550 to $1,500

Personnel costs

Uniforms, name tags and the like make up personnel costs, and for CMIT Solutions it will run you $12,000. The nationwide average cost of personnel fees comes in at $22,818, which means you'll be paying less to outfit your employees.

Personnel	Cost
Technical staffing personnel	$9,000 to $15,000
Estimated total	$9,000 to $15,000

Other expenses

Miscellaneous expenses for CMIT Solutions total $25,000 — less than the nationwide average of $69,970.

Other	Cost
Three months' additional funds	$20,000 to $30,000
Estimated total	$20,000 to $30,000

All costs were found using the 200 largest franchises nationwide using Franchise Direct's list of more than 300 franchises, and are accurate as of 2022.

How to finance

Since the estimated total for CMIT Solutions is on the more costly side, we recommend following these steps to get fully financed:

1. Go to the CMIT Solutions franchising website and review its financial requirements, including cash-on-hand requirements.
2. Reach out to CMIT Solutions about in-house financing for franchisees.
3. If in-house financing isn't available, look for online loans, bank loans and SBA loans to help meet the $109,660 estimated opening costs.
4. Compare lenders based on amounts, interest rates and what types of personal and business credit history they accept.
5. Once you settle on a lender, gather all required documents, including account statements and assets.
6. Apply for financing online or in person as required by the lender.

What types of financing is available?

You have several options when it comes to financing a CMIT Solutions — even if the cost is on the heavier side. What assets you have available will largely determine how much you need to borrow, and which option suits you best.

• Online loan. A number of online business lenders offer amounts up to $1 million, with some extending up to $5 million.
• Bank loan. Your personal credit will typically need to at least be good — 670 or higher — when it comes to getting a bank loan large enough to cover a significant portion of CMIT Solutions opening costs.
• SBA loan. While your personal credit score doesn't need to be as good to qualify for an SBA loan, they usually cost more than standard term loans from banks or online lenders.

Also check if CMIT Solutions franchise financing is available. You may be able to get some of the costs covered for less than you would with other traditional funding options.

Compare small business lenders

You may not need financing to cover the estimated $94,470. But if you need funds for other business ventures, select the loan amount, your time in business and revenue and your personal credit score to compare a selection of lenders.

How CMIT Solutions stacks up

Compare how CMIT Solutions holds up against two similarly sized franchises.

	Adventures in Advertising	CMIT Solutions	Kiddie Academy
Average Franchise fees	$30,000	$53,825	$135,000
Average Equipment fees	$3,100	$1,635	$379,750
Average Real estate fees	NA	NA	$62,500
Average Training fees	$3,000	$3,100	$6,500
Average Inventory fees	NA	NA	NA
Average Marketing fees	$8,750	$13,075	$35,000
Average Licenses and permits fees	NA	$1,025	$3,000
Average Insurance fees	NA	NA	$6,250
Average Admin fees	NA	NA	$32,500
Average Personnel fees	NA	$12,000	NA
Average Other fees	$13,500	$25,000	$87,500

Bottom line

CMIT Solutions franchise costs run a total of $109,660. Before you decide to become a franchisee, compare the total costs against industry averages. And to learn more about financing read our guide to franchise financing.