To start a Midas franchise in Canada, here’s a comprehensive overview of the requirements and other essential details:
Investment Requirements:
- Initial Franchise Fee:
- Typically around $30,000 (this amount can vary).
- Total Investment:
- The overall investment to start a Midas franchise ranges from $320,250 to $469,517. This includes the initial franchise fee, real estate, construction, equipment, and other necessary costs.
- Ongoing Fees:
- Royalty Fee: Midas franchisees are required to pay a royalty fee of 10% of their gross sales.
- Advertising Fee: Franchisees also contribute to advertising, which is part of the ongoing fees.
Franchise Agreement:
- Agreement Term: The typical term of a Midas franchise agreement is 20 years, with an option to renew.
- Renewal Fee: The renewal fee is 50% of the original franchise fee.
Training and Support:
- Initial Training: Franchisees undergo comprehensive training covering all aspects of business operations, including sales, customer service, mechanical services, tire changes, bookkeeping, and more.
- Ongoing Support: Midas provides continuous operational assistance, access to marketing resources, and support with supply chain management to help franchisees run their business smoothly.
Ideal Franchisee Profile:
- Midas is looking for franchisees who have business management experience and adequate financial capability. Previous automotive experience is not mandatory but would be beneficial.
- Franchisees should be motivated to run a business with strong customer service and operational excellence.
Disclaimer:
This information is provided for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy a franchise. Franchise offerings can only be made if Midas provides you with an appropriate Canadian disclosure document, as required in each Canadian province. Prospective franchisees should conduct thorough due diligence and consult with legal and financial advisors to ensure all information is accurate and to assess the full investment scope. No guarantee of accuracy is provided for any information listed.