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Plato’s Closet franchise financing options
Compare costs, fees and where to get financing for a Plato's Closet.
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 Platou2019s Closet franchise may result in higher or lower fees.
Franchise feesPlatou2019s Closet franchise fees total around $25,000, which beats out the $37,000 average for the 200 largest franchises nationwide.
|Initial franchise fee||$25,000 to $25,000|
|Estimated total||$25,000 to $25,000|
Equipment feesEquipment fees total $78,650 for Platou2019s Closet. This is less than the $180,023 average for the top 200 franchises.
|Fixtures and supplies||$35,000 to $50,000|
|Signs||$8,000 to $11,000|
|Security cameras||$1,000 to $5,000|
|Point-of-sale system||$20,700 to $26,600|
|Estimated total||$64,700 to $92,600|
Real estate feesReal estate will set you back $50,000 for Platou2019s Closet, thought it's less than the average of $788,376 for the top 200 franchises.
|Leasehold improvements||$12,000 to $20,000|
|Build-out||$18,000 to $50,000|
|Estimated total||$30,000 to $70,000|
Inventory costsInitial inventory for Platou2019s Closet shakes out to $72,500. This is more expensive than the nationwide average of $53,119.
|Opening inventory||$65,000 to $80,000|
|Estimated total||$65,000 to $80,000|
Licenses and permits costsPlatou2019s Closet initial licenses and permits will set you back $9,000. This comes out to less than $18,770 — the overall nationwide average.
|Licenses and permits||Cost|
|Deposits and business licenses||$1,000 to $17,000|
|Estimated total||$1,000 to $17,000|
Other expensesMiscellaneous expenses for Platou2019s Closet total $71,500 — more than the nationwide average of $69,970.
|Miscellaneous pre-opening expenses||$25,000 to $55,000|
|Three months' additional funds||$30,000 to $33,000|
|Estimated total||$55,000 to $88,000|
How to financeSince the estimated total for Platou2019s Closet is on the more costly side, we recommend following these steps to get fully financed:
- Go to the Platou2019s Closet franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to Platou2019s Closet 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 $306,650 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?You have several options when it comes to financing a Platou2019s Closet — even if the cost is on the heavier side. What assets you have available will largely determine how much you need to borrow, and which option suits you best.
- Online loan. A number of online business lenders offer amounts up to $1 million, with some extending up to $5 million.
- Bank loan. Your personal credit will typically need to at least be good — 670 or higher — when it comes to getting a bank loan large enough to cover a significant portion of Platou2019s Closet opening costs.
- SBA loan. While your personal credit score doesn't need to be as good to qualify for an SBA loan, they usually cost more than standard term loans from banks or online lenders.
Compare small business lendersYou may not need financing to cover the estimated $240,700. 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 Platou2019s Closet stacks upCompare how Platou2019s Closet holds up against two similarly sized franchises.
|Pet Supplies Plus||Platou2019s Closet||Golden Corral|
|Average Franchise fees||$49,900||$25,000||$50,000|
|Average Equipment fees||$180,750||$78,650||$735,730|
|Average Real estate fees||$292,500||$50,000||$3,675,000|
|Average Training fees||$6,000||NA||$126,625|
|Average Inventory fees||NA||$72,500||$60,000|
|Average Marketing fees||$25,000||NA||$12,500|
|Average Licenses and permits fees||NA||$9,000||NA|
|Average Insurance fees||NA||NA||$45,000|
|Average Admin fees||$15,500||NA||$100,000|
|Average Personnel fees||$22,500||NA||NA|
|Average Other fees||$90,000||$71,500||$64,500|
Bottom linePlatou2019s Closet franchise costs run a total of $306,650. 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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