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Hoodz franchise financing options
Compare costs, fees and where to get financing for a Hoodz.
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 HOODZ franchise may result in higher or lower fees.
Franchise feesHOODZ franchise fees total around $57,400, which is more than the $37,000 average for the 200 largest franchises.
|Initial franchise fee||$24,900 to $89,900|
|Royalty||- 10% of gross sales of up to $999,999.99 for each calendar year - 9% of gross sales exceeding $1,000,000.00 in any given calendar year - 8% of gross sales exceeding $2,000,000.00 in any given calendar year If franchisees fail to achieve the minimum gross sales, the franchisor may collect a minimum royalty|
|Estimated total||$24,900 to $89,900|
Equipment feesEquipment fees total $15,038 for HOODZ. This is less than the $180,023 average for the top 200 franchises.
|Initial package fee||$7,300 to $19,900|
|Computer system||$0 to $2,875|
|Estimated total||$7,300 to $22,775|
Real estate feesReal estate will set you back $600 for HOODZ, thought it's less than the average of $788,376 for the top 200 franchises.
|Leasehold improvements||$0 to $1,200|
|Estimated total||$0 to $1,200|
Licenses and permits costsHOODZ initial licenses and permits will set you back $300. This comes out to less than $18,770 — the overall nationwide average.
|Licenses and permits||Cost|
|Licenses and permits||$0 to $600|
|Estimated total||$0 to $600|
How to financeSince the estimated total for HOODZ is on the more costly side, we recommend following these steps to get fully financed:
- Go to the HOODZ franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to HOODZ 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 $73,338 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 HOODZ.
- 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 $32,200. 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 HOODZ stacks upCompare how HOODZ holds up against two similarly sized franchises.
|Color Glo||HOODZ||Unishippers Global Logistics|
|Average Franchise fees||$33,000||$57,400||NA|
|Average Equipment fees||$250||$15,038||$6,750|
|Average Real estate fees||NA||$600||NA|
|Average Training fees||NA||NA||NA|
|Average Inventory fees||NA||NA||NA|
|Average Marketing fees||NA||NA||NA|
|Average Licenses and permits fees||NA||$300||NA|
|Average Insurance fees||NA||NA||NA|
|Average Admin fees||NA||NA||$4,000|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||NA||NA||NA|
Bottom lineHOODZ franchise costs run a total of $73,338. 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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