How much does it cost to open a UBreakIFix Franchise? [Updated 2020]
UBreakIFix Franchise Review
Are you considering opening a UBreakIFix Franchise? If so, it will be essential to understand the costs & fees and how you will pay for those expenses. This article highlights some key expenses listed in the 2019 Franchise Disclosure Document. It also describes how you can fund those expenses using your retirement funds without paying tax or penalties.
2020 UBreakIFix Franchise Cost | UBreakIFix Franchise Fee
According to the 2019 UBreakIFix FDD Franchise Disclosure Document, the cost to start a UBreakIFix Franchise will include the following if you are opening your first single location:
- Total Investment: The total investment necessary to begin operation of a “UBREAKIFIX” franchise ranges from $55,400 – $236,250, excluding land.
- Initial Fees:
- Initial franchise fee: $40,000
- Initial training fee: $12,500
- If you have at least 2 years of prior experience as a manager or assistant manager at a UBreakIFix store, you be able to pay eligible to pay an initial franchise fee of $25,000 and not pay an initial training fee.
- Veteran Discount: UBreakIFix offers qualified veterans a 20% discount on the initial franchise fee.
- Royalty Fees: 7% of Non-recommerce Revenue; 4% of Recommerce Revenue
- Financing: Financing may be available if you are an existing franchisee and are opening a second or subsequent UBREAKIFIX business.
How can My Solo 401k Financial help me fund a UBreakIFix Franchise?
My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing including UBreakIFix franchises. We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.
Obtain an SBA Loan for a UBreakIFix Franchise
- Click HERE to learn more about the SBA Loan Criteria
- Learn how to use your retirement funds as a down payment to obtain an SBA Loan: SBA Loans and 401k Business Financing (ROBS) FAQs
- Take 2 minutes to determine if you are eligible for an SBA loan: Pre-Qualify for an SBA Small Business Loan
Use Your 401k to Start a UBreakIFix Franchise Business
If you an aspiring entrepreneur looking for financing to open a UBreakIFix franchise, you may want to consider using our 401k Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.
Benefits of Using Your 401k to Start a Business
- You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
- The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan). With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
- There is no credit check required to access your retirement funds.
- The funds are typically available for business financing in approximately 15 business days.
- Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.
Using Your 401k to Start a Business – Process
Step 1: File Articles of Incorporation with the Secretary of State.
Step 2: Obtain Corporation and 401k employer identification numbers (EIN).
Step 3: Open business bank account for the C-corporation.
Step 4: The C-corporation adopts new 401k plan.
Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.
Step 6: Fund the Corporation with the new 401k proceeds.