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.
How COVID-19 affects franchising costs
Strict sanitation and employee protection measures during the coronavirus outbreak add to the typical costs you face when opening a new franchise. Paired with the unusually heavy amount of promotions that may be required by the franchise, you may not see as much in the way of profits starting out. For more information on what support is out there, read our guide to
loans for businesses affected by the coronavirus.
Estimated initial costs
Our cost estimates are accurate as of 2019 from
https://www.franchisedirect.com and include opening fees and expenses only. Your location 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.
| 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.
| 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 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.
| 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.
| 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.
| 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.
| 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 2019.
How to finance
The best way to finance CMIT Solutions comes down to your personal financial situation. What assets you have available will largely determine how much you need to borrow, and which option suits you best. Potential solutions include:
- Bank loan. Your personal credit plays a large role in getting a business term loan from a bank. Typically this type of funding is for larger amounts.
- Online loan. Credit requirements may be more flexible for an online loan than a bank loan, but amounts may max out at a lower amount — typically around $1 million.
- SBA loan. The good part about SBA loans is that they top out at $5 million, but your business has to meet a number of requirements.
- Credit card. Small costs that aren't fixed, such as stray inventory and supply purchases, may be better off on a business credit card. Just make sure you can pay it off quickly to avoid high APRs.
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
How CMIT Solutions stacks up
Compare how CMIT Solutions holds up against two similarly sized franchises.
| 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.
