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Mr. Handyman franchise financing options
Compare costs, fees and where to get financing for a Mr. Handyman.
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 Mr. Handyman franchise may result in higher or lower fees.
Franchise feesMr. Handyman franchise fees total around $59,900, which is more than the $37,000 average for the 200 largest franchises.
|Initial franchise fee||$59,900 to $59,900|
|Estimated total||$59,900 to $59,900|
Equipment feesEquipment fees total $14,675 for Mr. Handyman. This is less than the $180,023 average for the top 200 franchises.
|Initial package fee||$5,500 to $5,500|
|Vehicle expenses for three months||$1,950 to $3,900|
|Computer hardware package||$3,500 to $6,000|
|Tools and equipment to equip one van||$1,000 to $2,000|
|Estimated total||$11,950 to $17,400|
Real estate feesReal estate will set you back $1,875 for Mr. Handyman, thought it's less than the average of $788,376 for the top 200 franchises.
|Three months' real estate costs and utility deposit||$750 to $3,000|
|Estimated total||$750 to $3,000|
Training feesMr. Handyman initial training costs total $3,500, which comes in under the nationwide average of $9,788.
|Training expenses, including travel, food and lodging||$3,000 to $4,000|
|Estimated total||$3,000 to $4,000|
Licenses and permits costsMr. Handyman initial licenses and permits will set you back $550. This comes out to less than $18,770 — the overall nationwide average.
|Licenses and permits||Cost|
|Permits and licenses||$100 to $1,000|
|License fee||7% of Gross Sales except for material revenue, subcontractor revenue, and roll in sales. In addition, minimum license fees apply. In the case of material revenue and subcontractor revenue, license fee shall be 3.5% of Gross Sales.|
|Estimated total||$100 to $1,000|
Insurance costsInitial insurance costs for Mr. Handyman run $2,300. This means you'll be paying less than the overall nationwide average of $6,311.
|Three months' prepaid insurance premiums||$1,800 to $2,800|
|Estimated total||$1,800 to $2,800|
How to financeSince the estimated total for Mr. Handyman is on the more costly side, we recommend following these steps to get fully financed:
- Go to the Mr. Handyman franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to Mr. Handyman 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 $82,800 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 Mr. Handyman.
- 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 $77,500. 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 Mr. Handyman stacks upCompare how Mr. Handyman holds up against two similarly sized franchises.
|Mosquito Squad||Mr. Handyman||AdvantaClean|
|Average Franchise fees||$35,000||$59,900||$19,950|
|Average Equipment fees||$18,863||$14,675||$42,700|
|Average Real estate fees||NA||$1,875||$3,000|
|Average Training fees||$750||$3,500||NA|
|Average Inventory fees||$3,850||NA||NA|
|Average Marketing fees||$7,500||NA||$3,750|
|Average Licenses and permits fees||NA||$550||$4,000|
|Average Insurance fees||$2,550||$2,300||$3,250|
|Average Admin fees||$3,480||NA||$1,250|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||$5,000||NA||NA|
Bottom lineMr. Handyman franchise costs run a total of $82,800. 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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