How much does it cost to open an Uptown Cheapskate franchise?
Including a $25,000 franchise fee and working capital of $51,900-$75,000, we estimate that it will cost between $227,900-$335,000.
Where do I get the money to open?
We work with a number of lenders and will assist you in preparing a business plan to obtain SBA guaranteed or other financing. For those that qualify, SBA financing is available for up to 70% of the initial investment. Uptown doesn’t currently offer in-house financing.
How much cash will I need to get financed?
Usually about $70,000; having more cash will reduce your risk.
What rights do I receive when I buy an Uptown franchise?
As an Uptown Cheapskate franchisee you have the right to operate an Uptown Cheapskate store for a period of 10 years in a designated territory. No other Uptown Cheapskate store may operate within your protected trade area.
How much money can I make?
As with any small business, there is no guarantee that you will make any money. Your potential profits will be affected by your location, expenses, work ethic, and other factors.
How do I fill my store with fashionable new and like-new inventory?
During our 11-day training program we’ll teach you how to use IMAP (our proprietary buying software) to evaluate and price teen and young adult clothes. You’ll spend about eight weeks buying clothes from your local community before you have your Grand Opening. We’ll also provide you with suggested new product orders to supplement your used offering.
What ongoing fees will I have to pay?
Our royalty fee is 5% of gross sales, exclusive of sales tax. In addition, you pay ½ of 1% of gross sales to the Marketing Fund which is used to develop marketing materials for the system. An additional $100/month is paid for computer upgrades, $100/month is paid for training expenses, and $100/month is paid for fixture upgrades. These monies are held in trust by Uptown to offset these expenses when they arise.
Why should I buy a franchise?
Franchising is truly a partnership—our success is a reflection of your success as a store owner. We have developed, and are always working to improve, tools and systems designed to improve store performance. Prior to opening your store you will receive training in the following subjects:
• Business Planning
• Site Selection
• Inventory Management
• Human Resources
Can I operate this business part time?
Not at first. For the first 6 months of operation, you (or a vested partner) must work full-time in the store. After that time you can turn the day-to-day operations of the store over to a manager, but our most successful owners stay actively involved even with a management team in place.
What type of people are best suited to own an Uptown Cheapskate franchise?
To be a successful Uptown Cheapskate® owner you must be properly funded, hard working and organized. And you’ll need to make the commitment to master and follow the latest fashion trends.
This business is not for everyone, and while we are committed to providing top notch service and making things simple for you, we also want you to know that it won’t be easy. But, for the right individual owning an Uptown Cheapskate® franchise can be highly rewarding.