How Do I Finance My Window Genie Franchise?
Window Genie calls for small investment, offers big opportunity
Funding your own business is not as daunting as you might think, and with a mobile home-based franchise like Window Genie, you will have several financing options. Among them, Window Genie franchise owners have used conventional loans, SBA loans, retirement loans and home equity loans, as well as more unconventional funding sources.
Like most franchise systems, Window Genie has minimum financial requirements. We require franchise candidates to have a net worth of at least $150,000, as well as liquid assets — or available cash — of $50,000 or more.
Our average investment is $85,000-$150,000, and our franchise fee is between $32,000 and $57,000, depending on how large the territory is. There’s a start-up package of $26,000, and there is also the separate purchase of our signature Geniemobile, which costs around $26,000. To preserve capital, we encourage new owners to finance their van at a cost of about $450 a month rather than buying it outright.
Window Genie’s simple, scalable business model offers investors a modest entry-level cost into business ownership. Since our investment opportunity is so accessible, we don’t have in-house financing available.
Here’s a closer look at some of the ways you can fund your Window Genie franchise:
Small Business Administration Loans. Window Genie is included in the SBA Registry, a list of franchises whose Financial Disclosure Documents and operations have been vetted by the Small Business Administration. Our inclusion in the SBA Registry will allow franchisees to skip several steps in the typical SBA lending process.
401(k) or IRA. Tapping into your retirement fund is a popular way to fund a business. There are a number of advantages, and there are no financial penalties if you do it right. By creating a C corporation and corporate retirement account and moving corporate stocks, you can, in effect, loan money to yourself. This is always a popular financing option.
Cash. While Window Genie only requires a minimum liquidity of $50,000, you may have more capital you could use to get started. If you have the liquidity, cash is always a great way to invest. Your savings could be the key to unlocking a richly rewarding investment without the hassle of third parties, tax penalties or interest rates.
Home refinance or equity line of credit. As the housing market rebounds, you might have more equity in your home. Often potential franchisees are able to refinance their homes, thanks to low interest rates, and pull enough capital out to purchase a franchise. We often suggest that you check with your local or community bank; often they are willing to work with customers. You might also be able to secure a line of credit based on a portion of your home equity which can help with ramp-up costs.