Your Investment
The initial fee for becoming a Geek Retreat franchisee is just £4,000 (plus VAT). This fee is to reserve your territory while we work with you to open your store and is refundable, minus any costs we incur, should you decide not to proceed at any point during the process. You will also be able to claim the VAT element back later once your store is trading.
Of course, you will also need to invest in setting up your new store and buying your initial stock. The total investment required is approximately £75,000 (including a franchise fee of a further £10,950 plus VAT), however we have experience in accessing government funded business loans and can assist you with this application process to secure all or part of the funding you require.
Typically, successful Geek Retreat franchises are owned by partnerships of two to three people, either as active or silent partners, having enough partners ensures that the business can access the required level of funding.
Help raising funds
While Geek Retreat does not provide financing directly, there are a number of attractive options to help you with your investment.
For example, it may be possible to obtain funding from most major high street banks for some of the amount. Franchising is one of the safest and most secure ways of starting your own business, so many lenders rightfully see it as a much lower risk than a completely new start-up, and may be much more inclined to lend you money against your investment..
There are also some government funded loans which could be available, and we would be happy to point you in the right direction for more information.
Ongoing Costs
Becoming a Geek Retreat franchisee is all about being your own boss, and growing your own business, so the majority of the money you make stays with you, of course. However, there are certain costs involved in maintaining our partnership.
We charge an ongoing franchise fee of 8% of your gross monthly turnover.
Earning Potential
Exactly how much you can expect to earn from your franchise can vary a great deal, of course, depending on a variety of factors such as location and the local market, as well as the effort you put into promoting your store and building a rapport with customers.
We would be happy to share more detailed financial modelling with you as part of the due diligence and investigation procedures that form part of our recruitment process.
