How Much Does a College HUNKS Franchise Cost?
Owning Our Franchise Costs Less Than You May Think
College HUNKS Hauling Junk & Moving® is a low-cost franchise with tremendous growth potential. In fact, average franchise revenue grew by a whopping 337% in the past 7 years, from $442,000 to $1,311,000 last year (2020) as our existing franchise owners matured and we continued to expand our market share in the fragmented junk-hauling and moving industries. The cost to start a College HUNKS franchise varies depending on whether you intend to offer both junk removal and moving, or just one service.
The total investment necessary to begin operation of a College HUNKS franchise is $108,700 to $273,200. This includes at least $40,000 to $60,000 for the Franchise Fee, and working capital to cover expenses during the first six months of operations. The cost may be higher if you choose to launch the junk-hauling and moving concepts simultaneously, since the truck requirements are different and would vary depending on whether or not you leased or purchased your trucks with other variables. Full information is available in our current Franchise Disclosure Document.
Most junk removal franchise owners finance the startup costs. If you have at least $75,000 in liquid capital (cash, home equity, 401(k) or IRAs, sellable assets like extra vehicles, etc.) and a net worth of $200,000, you can probably start a College HUNKS Hauling Junk & Moving franchise.
Financing Your Franchise
There are many ways to fund a franchise, and College HUNKS Hauling Junk & Moving franchise owners have tapped a variety of sources to get their businesses started. Generally, if you have $75,000 in liquid assets and a net worth of $200,000, there’s a good chance you will be able to finance a College HUNKS Hauling Junk & Moving franchise. Keep in mind, if you have more than enough cash to get started, it may make sense to conserve some of your cash for the startup phase of your business.
More Ways To Finance
You may have more liquid assets than you realize. In addition to what you have in your checking and savings accounts, you may have an extra car in your driveway or a boat in your garage that can be sold to help get your business started. We’re happy to help you explore your options—just fill out the form to download our free franchise report, and we’ll set up a call.
Some common ways people finance their business include:
- Home equity loans — If you have owned your home or other real estate property for several years, you may have equity that can be easily tapped to start a College HUNKS franchise. Home equity loans are generally the least expensive way to finance a small business, and the loans can be advantageous at tax time thanks to the ability to deduct interest payments from your tax bill.
- SBA Loans — These are one of the most common tools for financing a new business. The U.S. Small Business Administration will ask for extensive documentation about your proposed business, as well as your financial information. The SBA will also ask you to provide some collateral for the loan. College HUNKS Hauling Junk & Moving offers a big advantage for people who are seeking an SBA loan—we are part of the SBA Franchise Registry. The SBA created the registry in 1998 to streamline the process banks use to determine franchise owners’ eligibility for SBA loans. Inclusion in the registry allows banks to skip several steps in the approval process, which makes the lending process faster.
- Tap retirement funds without penalty — If you have a 401(k) or an IRA, you may not need a loan at all. You can roll your savings over into a self-directed IRA that can then be used to start a business. The process can be tricky, but a skilled financial advisor should be able to help you tap into your retirement funds without incurring any early withdrawal penalties.