Frequently Asked Questions
What qualifications are necessary to own a More Space Place® Franchise?
A business or management background and strong people skills are beneficial. You must also have the required amount of capital, financial stability and a desire to succeed. No furniture experience is necessary.
Do I have to be involved in the day-to-day operation of my store?
Yes and No. A high percentage of our Franchisees own multiple locations so they have to be able to duplicate their efforts to make separate locations operate. Most successful owners though have developed a management team and a strong reporting network so they are aware of each stores activity.
Is training mandatory?
Absolutely. You, or an approved Manager, must successfully complete our training programs. The New Owner Training Program is included in your initial franchise fee (excluding your costs associated with lodging, travel, employee pay, etc.).
What are the financial requirements necessary?
Being properly financed is critical to your success. We shall perform background checks much as a financial lender will do. We have a 4.5% monthly royalty fee.
After your first store Initial Franchise Fee of $29,500, we discount your Franchise Fee to only $22,000 per store.
The estimated opening costs for your Initial Franchise store (including franchise fee) are:
- Initial personal/cash investment ranges between $40,000 to $60,000.
- Total Initial Single-Unit investment ranges from $133,000 to $203,000.
There are a number of factors which may affect your total cost including your; location, site conditions, local construction costs, local permit and government fees, your creditworthiness, when you open, and other factors outside of our control.
Do I get a protected territory? How does More Space Place® assist in site selection?
You and we will agree in the franchise license what territory you are going to service and you will receive a 10-year (renewable) License. We are only looking for approximately 200 MSP Stores within the Continental US.
We work with real estate developers and brokers who assist with location identification within your territory. We combine site selection tools with experience-based criteria and provide consultation regarding location, visibility, store size, demographics, product selection, and much more.
What about the design and set-up of the store?
Our Store Design Team will help you in designing your floor plan and with choosing the displays which offer a good selection of our product line.
How much money can I make?
As a Franchise company, we are regulated as to how an earnings claim can be communicated. At the correct time in our Discovery Process, we require that you speak with our existing Franchise Owners to get the information you need to make an informed decision. Numerous Franchisees have chosen to expand and build more stores with us, we view this as an important indicator of how their stores are performing and their potential of capturing additional markets.
Is financing available?
Yes. We offer third party financing recommendations. Although there are numerous variables involved, most SBA Lenders will require you to personally have approximately 30% liquid assets of the total start-up investment cost.
