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CMIT Solutions franchise financing options
Compare costs, fees and where to get financing for a CMIT Solutions.
Estimated initial costs
Our cost estimates are accurate as of 2021 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 |
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:- Go to the CMIT Solutions franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to CMIT Solutions about in-house financing for franchisees.
- 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.
- Compare lenders based on amounts, interest rates and what types of personal and business credit history they accept.
- Once you settle on a lender, gather all required documents, including account statements and assets.
- 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.
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.
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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.More guides on Finder
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