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Engineering for Kids franchise financing options
Compare costs, fees and where to get financing for a Engineering for Kids.
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 Engineering for Kids franchise may result in higher or lower fees.
Franchise feesEngineering for Kids franchise fees total around $16,750, which beats out the $37,000 average for the 200 largest franchises nationwide.
|Initial franchise fee||$11,250 to $22,250|
|Royalty fees||The greater of: (a) the Applicable Royalty Rate(s) multiplied by the Gross Sales for the Period, or (b) a Minimum Royalty, which will be $200 per month beginning in the 7th month after the franchisee signs the Franchise Agreement.|
|Estimated total||$11,250 to $22,250|
Equipment feesEquipment fees total $8,675 for Engineering for Kids. This is less than the $180,023 average for the top 200 franchises.
|Furniture, fixtures and equipment||$5,000 to $7,500|
|Office equipment and supplies||$1,150 to $3,700|
|Estimated total||$6,150 to $11,200|
Real estate feesReal estate will set you back $24,000 for Engineering for Kids, thought it's less than the average of $788,376 for the top 200 franchises.
|Rent||$7,500 to $15,000|
|Leasehold improvements||$10,000 to $15,000|
|Utility deposits||$0 to $500|
|Estimated total||$17,500 to $30,500|
Training feesEngineering for Kids initial training costs total $1,200, which comes in under the nationwide average of $9,788.
|Training expenses||$900 to $1,500|
|Estimated total||$900 to $1,500|
Inventory costsInitial inventory for Engineering for Kids shakes out to $7,000. This is less than the nationwide average of $53,119.
|Opening inventory and supplies||$5,000 to $9,000|
|Estimated total||$5,000 to $9,000|
Licenses and permits costsEngineering for Kids initial licenses and permits will set you back $125. This comes out to less than $18,770 — the overall nationwide average.
|Licenses and permits||Cost|
|Business licenses||$50 to $200|
|Estimated total||$50 to $200|
Other expensesMiscellaneous expenses for Engineering for Kids total $8,250 — less than the nationwide average of $69,970.
|Professional fees||$500 to $2,000|
|Three months' additional funds||$4,000 to $10,000|
|Estimated total||$4,500 to $12,000|
How to financeSince the estimated total for Engineering for Kids is on the more costly side, we recommend following these steps to get fully financed:
- Go to the Engineering for Kids franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to Engineering for Kids 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 $66,000 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?Consider one of the following options for covering a portion of the costs to open a Engineering for Kids.
- Online loan. For a turnaround that's faster than a bank, an online business loan could be the way to go. Credit requirements are often more flexible than those of traditional bank loans, too.
- Credit card. Using a business credit card allows you to spend up to your preapproved limit. This means if extra expenses pop up, you can likely cover them without having to take out another type of financing.
- Bank loan. If you have stronger credit — typically a score of 670 or higher — a traditional bank loan may get you a more favorable interest rate than a credit card or online loan.
- SBA loan. Qualifying for an SBA loan is easier than a traditional bank loan, but it typically comes with fees and higher interest rates.
Compare small business lendersYou may not need financing to cover the estimated $45,350. 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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How Engineering for Kids stacks upCompare how Engineering for Kids holds up against two similarly sized franchises.
|Camp Bow Wow||Engineering for Kids||Wayback Burgers|
|Average Franchise fees||$41,250||$16,750||$35,000|
|Average Equipment fees||$8,000||$8,675||$126,500|
|Average Real estate fees||$510,500||$24,000||$149,750|
|Average Training fees||NA||$1,200||$5,500|
|Average Inventory fees||NA||$7,000||$13,250|
|Average Marketing fees||NA||NA||$5,000|
|Average Licenses and permits fees||NA||$125||NA|
|Average Insurance fees||NA||NA||$2,750|
|Average Admin fees||NA||NA||NA|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||$32,000||$8,250||NA|
Bottom lineEngineering for Kids franchise costs run a total of $66,000. 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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