26 Nov CPR – Cell Phone Repair Business Review of the CPR Franchise Opportunity
CPR- Cell Phone Repair is a business opportunity that allows you to start a franchise for repairing cell phones. Starting a new business from scratch is not an easy job and for most people, a franchise is always an easier and a better option. However, knowing which franchise business opportunity is worth your money and which one should be avoided can be a tough task. The complete review that has been provided here will make it easier for you to decide. The CPR- Cell Phone Repair Business review here will give you all the basic information necessary for you to make an informed decision.
CPR- Cell Phone Repair Business Review
CPR is one of the most reputed, well known and oldest brand in the industry of mobile phone repairs. Almost every single person today owns a mobile phone and these cell phones break down quite easily. The industry of mobile phone repairs is here to stay for a long time since the use of cell phones is increasing at a rapid pace. This is a good business opportunity for anyone who wishes to tap into the lucrative market that offers a good earning potential. Starting a franchise of CPR is definitely an option to be considered. The market is still in its early growth stage and it will still take several years for it to saturate. As a franchise, you would be providing complete repair services with a respected and trusted brand name. You will also be receiving complete support and training from the company.
CPR- Cell Phone Repair Business Review- Operations, Support and Training
Before you make any decisions, it would be necessary for you to consider other important factors like support, training and operations. You would require around 2 to 4 employees in order to run the franchise. The training would be provided at your location for a period of four weeks. You will also receive support through webinars and phone. The company also has extended protocols for training for the franchisees. As part of its ongoing support, the company updates its members about the latest in the industry through internet, webinars, phone support, forum and newsletters. It also provides support in the form of part solutions, purchasing cooperatives, field evaluations and operations, safety and security procedures and a grand opening.
Cost for Starting the Franchise
In order to qualify for the franchise, you will be required to have a net worth of $100K and should have $50 to $85K of cash liquidity. You would also be required to have some amount of experience and basic customer service and computer skills. The franchise fee for this business opportunity is $25K and there is an ongoing royalty fee of 8%. You will also have to pay 2% towards the National Marketing Fund.
The stringent requirements that you will have to qualify for, the high royalty rate of 8% and the cash liquidity required in order to start this business is not really affordable for everyone. Most people who would be considering starting a franchise would not really have a net worth of $100K. The additional 2% that has to be paid annually towards the National Marketing Fund can also cause a serious dent in your pocket.
To conclude this CPR- Cell Phone Repair Business Review, it can be said that although this business opportunity does offer several good benefits and has a good demand nationally, the qualification requirements are quite stringent. The high royalty fee and the investment needed are also quite high so may want to consider these points before you make a firm decision.
By Joseph Marfoglio