Starting a Mathnasium franchise involves several key steps and financial considerations. Here’s an overview:
Initial Investment:
- Total Investment: The estimated total investment to open a new Mathnasium franchise ranges from $112,936 to $149,616.
Breakdown of Costs:
- Initial Franchise Fee: Approximately $49,000.
- Expenses During Training: Between $3,500 and $4,000.
- Base Royalty Fee: A monthly fee of $500 for the first center.
- Technology Fee: Around $110 per month.
- Rent: Costs for the first and last month’s rent, estimated between $6,000 and $14,000.
- Tenant Improvements: Expenses for painting, carpeting, and other improvements range from $2,500 to $10,000.
- Furniture, Signs, Equipment, and Supplies: Estimated between $10,000 and $15,000.
- Insurance: Annual costs between $2,000 and $3,500.
- Business License and Registration: Approximately $250 to $1,000.
- Professional Services: Legal and accounting services estimated between $1,500 and $2,000.
- Utilities: Monthly costs for phone and utilities between $500 and $1,000.
- Video Surveillance Equipment: Costs between $1,500 and $5,000.
- Pre-Opening Advertising: Approximately $4,000.
- Additional Funds: Between $32,000 and $44,000 for the first four months of operation.
Ongoing Fees:
- Royalty Fee: 10% of monthly gross revenue, plus a base royalty fee of $500 per month for the first center.
- Marketing Fee: 2% of monthly gross revenue, plus $250.
- Technology License Fee: Currently $110 per month, subject to change.
- Additional Technology Fee: Currently $45 per month per center, subject to change.
- Annual Convention Fee: Currently $225 per franchisee.
- Late Payment Administrative Fee: $100 every two weeks until payment is made.
- Late Report Submission Fee: $100 every two weeks until reports are submitted.
- Non-Compliance Fine: $300 per month for each non-complying incident.
- Returned Check Service Charge: $60 per check returned by the bank for non-sufficient funds.
- Shipping Costs: Actual cost of shipping only.
- Payments for “Chargeable Items”: Prices determined by Mathnasium.
- Transfer Fee: $7,000.
- Training Fee: $3,000.
- Renewal Fee: $7,000.
- Initial Training Tuition for Additional Trainees: $750 per day per person.
- Additional Marketing Assessment: Pro rata amount to cover special advertising programs.
- Local or Regional Cooperative Advertising: As determined by the cooperative. All money spent on cooperative advertising will be a credit against the local advertising requirement.
- Reimbursement of Taxes: Amount of taxes assessed against Mathnasium due to the operation of the franchisee’s center.
Eligibility Criteria:
- Financial Qualifications: A net worth of over $149,000 and liquid assets of at least $112,750.
- Professional Experience: While prior experience in education or business is beneficial, it’s not mandatory.
- Cultural Fit: A passion for education and a commitment to following Mathnasium’s systems and methods.
Onboarding Process:
- Initial Inquiry: Contact Mathnasium to express interest and receive preliminary information.
- Application: Submit a formal application for franchise consideration.
- Discovery Day: Attend a Discovery Day at Mathnasium’s headquarters to learn more about the business model.
- Training: Complete the required training program to prepare for center operations.
- Center Setup: Secure a location, complete necessary build-outs, and prepare for opening.
- Launch: Open the center and begin operations with ongoing support from Mathnasium.
Disclaimer: This information is provided for general understanding and may not reflect the most current details. For the most accurate and up-to-date information, please contact Mathnasium directly.