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Renew Crew franchise financing options
Compare costs, fees and where to get financing for a Renew Crew.
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 Renew Crew franchise may result in higher or lower fees.
Franchise feesRenew Crew franchise fees total around $60,000, which is more than the $37,000 average for the 200 largest franchises.
|Franchise fee||$60,000 to $60,000|
|Royalty||6% of gross sales.|
|Estimated total||$60,000 to $60,000|
Equipment feesEquipment fees total $6,750 for Renew Crew. This is less than the $180,023 average for the top 200 franchises.
|Vehicle||$1,500 to $5,000|
|Signage||$3,000 to $4,000|
|Estimated total||$4,500 to $9,000|
Training feesRenew Crew initial training costs total $3,000, which comes in under the nationwide average of $9,788.
|Training expenses||$2,000 to $4,000|
|Estimated total||$2,000 to $4,000|
Marketing costsAdvertisement and marketing costs total up to $15,000 for Renew Crew, which is more than the nationwide average of $9,938.
|Grand opening advertising||$15,000 to $15,000|
|Local advertising||Up to 10% of gross sales per month.|
|Estimated total||$15,000 to $15,000|
Insurance costsInitial insurance costs for Renew Crew run $3,500. This means you'll be paying less than the overall nationwide average of $6,311.
|Insurance||$2,000 to $5,000|
|Estimated total||$2,000 to $5,000|
Administrative feesRenew Crew administrative fees total up to $2,500 — which comes in under the overall nationwide average of $6,761.
|Technology fee||$2,500 to $2,500|
|Call center fee||$140 per week or 1% of gross sales, whichever is greater, up to $290 per week.|
|Audit||All costs and expenses associated with audit.|
|Estimated total||$2,500 to $2,500|
Other expensesMiscellaneous expenses for Renew Crew total $22,250 — less than the nationwide average of $69,970.
|Professional fees||$1,500 to $3,000|
|Three months' additional funds||$10,000 to $30,000|
|Estimated total||$11,500 to $33,000|
How to financeSince the estimated total for Renew Crew is on the more costly side, we recommend following these steps to get fully financed:
- Go to the Renew Crew franchising website and review its financial requirements, including cash-on-hand requirements.
- Reach out to Renew Crew 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 $113,000 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 Renew Crew — 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 Renew Crew 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 $97,500. 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 Renew Crew stacks upCompare how Renew Crew holds up against two similarly sized franchises.
|John Casablancas Modeling & Career Center||Renew Crew||All About People|
|Average Franchise fees||$45,000||$60,000||$48,500|
|Average Equipment fees||NA||$6,750||NA|
|Average Real estate fees||NA||NA||$2,500|
|Average Training fees||NA||$3,000||NA|
|Average Inventory fees||NA||NA||NA|
|Average Marketing fees||$13,250||$15,000||NA|
|Average Licenses and permits fees||$1,500||NA||NA|
|Average Insurance fees||$1,250||$3,500||$4,500|
|Average Admin fees||$6,470||$2,500||NA|
|Average Personnel fees||NA||NA||NA|
|Average Other fees||$39,750||$22,250||$157,500|
Bottom lineRenew Crew franchise costs run a total of $113,000. 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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