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Miracle Method Surface Refinishing franchise financing options
Compare costs, fees and where to get financing for a Miracle Method Surface Refinishing.
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 Miracle Method Surface Refinishing franchise may result in higher or lower fees.
Franchise feesMiracle Method Surface Refinishing franchise fees total around $51,500, which is more than the $37,000 average for the 200 largest franchises.
|Initial franchise fee||$45,000 to $58,000|
|Royalty||The greater of 5.5% of gross revenues in the territory or the minimum royalty based on the size of the territory.|
|Estimated total||$45,000 to $58,000|
Equipment feesEquipment fees total $11,122 for Miracle Method Surface Refinishing. This is less than the $180,023 average for the top 200 franchises.
|Computer hardware and software||$1,000 to $2,000|
|Vehicle||$4,364 to $8,729|
|Office equipment and supplies||$1,150 to $5,000|
|Estimated total||$6,514 to $15,729|
Training feesMiracle Method Surface Refinishing initial training costs total $9,040, which comes in under the nationwide average of $9,788.
|Training expenses||$4,310 to $13,770|
|Estimated total||$4,310 to $13,770|
Marketing costsAdvertisement and marketing costs total up to $12,500 for Miracle Method Surface Refinishing, which is more than the nationwide average of $9,938.
|Initial marketing program||$10,000 to $15,000|
|Estimated total||$10,000 to $15,000|
Licenses and permits costsMiracle Method Surface Refinishing initial licenses and permits will set you back $2,750. This comes out to less than $18,770 — the overall nationwide average.
|Licenses and permits||Cost|
|Business licenses and permits||$2,500 to $3,000|
|Estimated total||$2,500 to $3,000|
Other expensesMiscellaneous expenses for Miracle Method Surface Refinishing total $8,859 — less than the nationwide average of $69,970.
|Professional fees||$1,000 to $2,000|
|Three months' additional funds||$4,176 to $10,542|
|Estimated total||$5,176 to $12,542|
How to financeSince the estimated total for Miracle Method Surface Refinishing is on the more costly side, we recommend following these steps to get fully financed:
- Go to the Miracle Method Surface Refinishing franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to Miracle Method Surface Refinishing 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 $95,771 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 Miracle Method Surface Refinishing.
- 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 $73,500. 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 Miracle Method Surface Refinishing stacks upCompare how Miracle Method Surface Refinishing holds up against two similarly sized franchises.
|Fresh Coat||Miracle Method Surface Refinishing||Skyhawks Sports Camps|
|Average Franchise fees||$44,900||$51,500||$22,750|
|Average Equipment fees||$3,500||$11,122||$900|
|Average Real estate fees||$500||NA||$375|
|Average Training fees||$1,000||$9,040||$1,500|
|Average Inventory fees||NA||NA||NA|
|Average Marketing fees||NA||$12,500||NA|
|Average Licenses and permits fees||NA||$2,750||$1,500|
|Average Insurance fees||$4,000||NA||$2,000|
|Average Admin fees||NA||NA||NA|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||NA||$8,859||$1,500|
Bottom lineMiracle Method Surface Refinishing franchise costs run a total of $95,771. 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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