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Color Me Mine Franchise ProfileChildren’s Franchises > Art & Craft Programs |
What is the Initial Investment for a Color Me Mine Franchise?
To open a Color Me Mine franchise, you will need to prepare for an initial investment ranging from $178,950 to $350,700. This includes a franchise fee of $30,000, which is part of the overall costs. Additionally, you should consider the cash required, which aligns with the initial investment figures, and ensure that you meet the net worth requirement of $250,000 to $500,000. Understanding these financial commitments is crucial for aspiring franchisees.
What Are the Ongoing Fees for a Color Me Mine Franchise?
Color Me Mine franchisees are responsible for ongoing fees that include a royalty fee of 5% on gross sales and a marketing fee of 1%. These fees are essential for maintaining brand visibility and support from the franchisor. It's important to factor these costs into your financial projections when evaluating the potential profitability of your franchise location.
What is the Average Revenue Potential for a Color Me Mine Franchise?
On average, a Color Me Mine franchise unit generates annual revenues of approximately $443,436. The median annual revenue is slightly lower at $409,398, while the revenue range varies widely from $60,879 to as high as $1,167,073. This potential for revenue highlights the opportunity for franchisees to achieve significant financial success, provided they effectively manage their operations and marketing strategies.
How Long Does it Take to Break Even with a Color Me Mine Franchise?
Franchisees can expect to reach their breakeven point within about 18 months of opening their Color Me Mine location. With an investment payback period estimated at 12 months, this indicates a relatively quick return on investment, making it an appealing option for those looking to enter the franchise industry. Understanding these timelines can help set realistic expectations for new franchise owners.
Color Me Mine Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
The minimum total assets (minus liabilities) you must possess.
Net Worth Required:
The estimated period to recoup your total investment.
Investment Payback:
The initial fee paid to join the franchise system.
Franchise Fee:
Ongoing percentage of revenue paid to the franchisor.
Royalty Fee:
Regular contribution toward the franchise’s advertising fund.
Marketing Fee:
The estimated timeframe to recover your initial costs.
Breakeven Time:
The total amount required to launch the franchise.
Initial Investment:
The minimum liquid capital you must have on hand.
Cash Required:
The typical yearly revenue generated per franchise location.
Average Revenue:
The middle value of yearly revenue among franchise locations.
Median Revenue:
The largest reported annual revenue among franchisees.
Highest Revenue:
The smallest reported annual revenue among franchisees.
Lowest Revenue:
A broad sector defining similar types of franchise businesses.
Industry:
A more specific division within the broader industry.
Category:
The key individuals guiding the franchise’s strategy and growth.
Leadership:
The official business address of the franchisor’s headquarters.
Corporate Address:
Available financing options to help start the franchise.
Funding Year:
The main organization that owns the franchise brand.
Parent Company:
Color Me Mine Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 128 | 119 | 121 |
| Net Change YoY | -9 | 2 | |
| Franchised Units | 122 | 115 | 119 |
| Net Change YoY | -7 | 4 | |
| Corporate Units | 6 | 4 | 2 |
| Net Change YoY | -2 | -2 |
Franchise Overview
Color Me Mine is a leading franchise in the paint-your-own pottery industry, offering a creative and engaging experience for customers of all ages. With a focus on artistic expression, Color Me Mine allows guests to choose from a variety of ceramics and personalize them with paints and designs. The franchise has built a strong community presence through workshops, events, and birthday parties, making it a popular destination for family outings and creative gatherings.
Investment Details
The initial investment for a Color Me Mine franchise ranges from $178,950 to $350,700, which includes a franchise fee of $30,000. Franchisees are required to have a net worth of $250,000 to $500,000 and must maintain a cash reserve within the same range. These financial requirements are designed to ensure that franchisees are well-equipped to manage their business effectively and contribute to the brand's success.
Revenue Potential
Color Me Mine franchises have demonstrated strong financial performance, with an average annual revenue of $443,436 per unit. The median annual revenue is $409,398, while the highest reported revenue reaches $1,167,073. This potential for profitability is supported by a diverse customer base and various revenue streams, including pottery sales, classes, and special events.
Operational Costs
Franchisees can expect operating expenses to be approximately 59.3% of their revenue, with major costs including payroll, general administrative expenses, and marketing. The average annual payroll and payroll taxes amount to around $1,192,995, while general and administrative costs total approximately $993,025. Understanding these expenses is crucial for effective budgeting and maximizing profitability.
Royalty and Marketing Fees
Color Me Mine charges a royalty fee of 5% of gross sales, along with a marketing fee of 1%. These fees contribute to the overall support and growth of the franchise network, enabling franchisees to benefit from collective marketing efforts and brand development initiatives. Franchisees should factor these ongoing costs into their financial planning.
Growth and Expansion
Color Me Mine has shown consistent growth with a total of 119 franchised units in 2023, up from 115 in 2022 and 122 in 2021. The franchise also operates corporate units, although the number has decreased in recent years. This trend indicates a strategic focus on expanding the franchise model while optimizing corporate operations, providing a solid foundation for future growth opportunities for franchisees.
Frequently Asked Questions
The initial investment for a Color Me Mine franchise ranges from $178,950 to $350,700, which includes the franchise fee, equipment, and other startup costs.