what are the initial costs?
This will vary from site to site but on average you should budget on approximately $450,000 to set up a brand new Price Attack. The biggest component of this initial amount is the shop-fit which is about $2,500/m2. This amount also includes the initial franchise fee, training, stock (think 6,000 different hair and beauty products!), legals, point of sale equipment and marketing materials. You will not need to have all this money upfront, however you should have a minimum of $200,000 in equity.
are there any ongoing costs?
Price Attack franchisees pay an ongoing royalty of 5% of gross sales. Franchisees also contribute 3% of gross sales into a national advertising fund.
do I have to work in the business?
Yes. We believe (and history has shown) that Price Attack stores are more successful and profitable when the franchisee is actively involved in the operation of the business.
can I own more than one Price Attack?
Definitely. Price Attack has a number of very special franchisees who manage to successfully operate multiple Price Attack stores. It is not an easy feat to accomplish and we are very careful in who we approve as multi-unit franchisees. If you are keen to take over the world, one Price Attack at a time, we love your enthusiasm! But we will also need to review your very detailed business plan that explains exactly how you are going to do it.
do I need any hair or beauty experience?
Nope. Our franchisees come from all sorts of backgrounds and currently more than 50% are not hairdressers. Our most important criteria for new franchisees is a positive, people-person attitude. Our comprehensive training and ongoing support will give you the rest of the tools you need to run a successful Price Attack.
four weeks training?! are you negotiable on that?
No way. Too many people enter a new business without adequate skills and knowledge to make a success of their new venture. It doesn’t matter if you have hairdressing experience or have previously owned a business – all new franchisees are to receive four weeks training. If you don’t think you have anything left to learn.. you are not the right franchisees for us.
how long does the whole process take?
Depending upon how long it takes to get any finance approved, the process can take 8 weeks or more.
Got more questions? Send us an enquiry here.
