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Color Glo costs and fees
The average cost to open one of the 200 biggest franchises in the US is $1,202,874 — see how Color Glo compares.
How COVID-19 affects franchising costsStrict 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 costsOur 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 feesColor Glo franchise fees total around $33,000, which beats out the $37,000 average for the 200 largest franchises nationwide.
|Initial franchise fee||$33,000 to $33,000|
|Estimated total||$33,000 to $33,000|
Equipment feesEquipment fees total $250 for Color Glo. This is less than the $180,023 average for the top 200 franchises.
|Equipment and supplies||$200 to $300|
|Estimated total||$200 to $300|
How to financeThe best way to finance Color Glo 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.
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How Color Glo stacks upCompare how Color Glo holds up against two similarly sized franchises.
|UFC GYM||Color Glo||HOODZ|
|Average Franchise fees||$35,000||$33,000||$57,400|
|Average Equipment fees||$190,250||$250||$15,038|
|Average Real estate fees||$200,000||NA||$600|
|Average Training fees||$3,500||NA||NA|
|Average Inventory fees||$14,000||NA||NA|
|Average Marketing fees||NA||NA||NA|
|Average Licenses and permits fees||$5,250||NA||$300|
|Average Insurance fees||$7,500||NA||NA|
|Average Admin fees||NA||NA||NA|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||NA||NA||NA|
Bottom lineColor Glo franchise costs run a total of $33,250. 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.
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