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Plato’s Closet franchise financing options

Compare costs, fees and where to get financing for a Plato's Closet.

Overall costs for Platou2019s Closet run anywhere from $240,700 to $372,600. 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 Platou2019s Closet franchise may result in higher or lower fees.

Franchise fees

Platou2019s Closet franchise fees total around $25,000, which beats out the $37,000 average for the 200 largest franchises nationwide.
Franchise Cost
Initial franchise fee $25,000 to $25,000
Estimated total $25,000 to $25,000

Equipment fees

Equipment fees total $78,650 for Platou2019s Closet. This is less than the $180,023 average for the top 200 franchises.
Equipment Cost
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 fees

Real 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.
Real estate Cost
Leasehold improvements $12,000 to $20,000
Build-out $18,000 to $50,000
Estimated total $30,000 to $70,000

Inventory costs

Initial inventory for Platou2019s Closet shakes out to $72,500. This is more expensive than the nationwide average of $53,119.
Inventory Cost
Opening inventory $65,000 to $80,000
Estimated total $65,000 to $80,000

Licenses and permits costs

Platou2019s 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 expenses

Miscellaneous expenses for Platou2019s Closet total $71,500 — more than the nationwide average of $69,970.
Other Cost
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
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 Platou2019s Closet is on the more costly side, we recommend following these steps to get fully financed:
  1. Go to the Platou2019s Closet franchising website and review its financial requirements, including cash-on-hand requirements.
  2. Reach out to Platou2019s Closet 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 $306,650 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?

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.
Also check if Platou2019s Closet 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 $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.
Name Product Filter Values Min. Amount Max. Amount Requirements
Fora Financial business loans
$5,000
$500,000
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.
Lendio business loans
$500
$5,000,000
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
OnDeck short-term loans
$5,000
$250,000
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
National Funding business loans
$5,000
$500,000
Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.
Working capital loans and equipment financing, some high-risk industries may be eligible.
Fundbox lines of credit
$1,000
$150,000
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.
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How Platou2019s Closet stacks up

Compare 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 line

Platou2019s 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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