Hoodz franchise financing options

Overall costs for HOODZ run anywhere from $32,200 to $114,475. See how the costs break down and what funding options might be right for your new venture into the franchise foray.

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 fees

HOODZ franchise fees total around $57,400, which is more than the $37,000 average for the 200 largest franchises.

Franchise	Cost
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 fees

Equipment fees total $15,038 for HOODZ. This is less than the $180,023 average for the top 200 franchises.

Equipment	Cost
Initial package fee	$7,300 to $19,900
Computer system	$0 to $2,875
Estimated total	$7,300 to $22,775

Real estate fees

Real estate will set you back $600 for HOODZ, thought it's less than the average of $788,376 for the top 200 franchises.

Real estate	Cost
Leasehold improvements	$0 to $1,200
Estimated total	$0 to $1,200

Licenses and permits costs

HOODZ 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

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 2021.

How to finance

Since the estimated total for HOODZ is on the more costly side, we recommend following these steps to get fully financed:

1. Go to the HOODZ franchising website and review its financial requirements, including cash-on-hand requirements.
2. Reach out to HOODZ about in-house financing for franchisees.
3. 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.
4. Compare lenders based on amounts, interest rates and what types of personal and business credit history they accept.
5. Once you settle on a lender, gather all required documents, including account statements and assets.
6. 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.

Also check if HOODZ 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

You 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.

How HOODZ stacks up

Compare 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 line

HOODZ 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.