Financing a Jim’s Group franchise
How to become a Jim's franchisee
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Jim's Group is the largest franchise in Australia, with over 3,000 franchises, and it is the largest home franchise business in the world.
The company was founded by Jim Penman in 1982 as a lawn care business, became a franchise in 1989, and now offers franchises in over 50 service industries.
If you're looking to become a franchisee with Jim's Group, find out how it works and learn about your funding options below.
What is a Jim's Group franchise?
A Jim's Group franchise is an option for those looking to operate a small business without having to build it from scratch. You can purchase a Jim's franchise in a range of service-based industries and then pay an ongoing franchise fee in return for support from the franchise group. You choose how and when you work and are responsible for running the business yourself.
Each division is a semi-autonomous business that is part of Jim's Group, but comes with its own uniforms, logo, training and marketing.
There are over 50 franchise options available, including the following:
- Real estate
- Window cleaning
- Pool care
- Traffic control
- Building inspections
- Computer services
- Interior design
- Pest control
How much does a Jim's franchise cost?
Given the wide range of service industries offered as part of Jim's franchising, the costs will vary depending on the franchise you choose. If you want to open a franchise in a particular industry, you can apply for a quote through the Jim's Group website to get an idea of the cost of that specific franchise.
Along with the initial franchise purchase price, which will generally be in the tens of thousands of dollars, you will have to pay a flat monthly franchise fee as well as a small fee for every job lead you receive through Jim's.
Jason wants to purchase a Jim's Mowing franchise. He will need to pay an upfront franchise fee of $38,000* to cover equipment, training, uniforms and the franchise itself.
He will also need to pay a flat monthly fee, as well as a weekly franchise fee. He is also charged $9-12 for each lead he receives from the Jim's Mowing franchisor, even if it does not lead to a job.
*Figures are taken from Jim's Mowing website and are accurate at time of writing. Costs will vary depending upon your location and the specific franchise you wish to purchase.
How to apply for a Jim's franchise
Once you have decided on the franchise you wish to open, you can apply for a quote on the Jim's Group website. The application process will vary depending on the type of franchise you apply for.
For example, you will need to follow the steps below to apply for a Jim's Mowing franchise:
- Register on the Jim's Mowing website to receive a franchise information kit.
- Book a one-on-one consultation with the franchisor.
- pend a day on the job with an existing Jim's Mowing Franchise.
- Discuss your business options with the franchisor.
- Complete the training course in Melbourne.
- Organise an ABN, bank account, PO Box and police check.
- Arrange for documents to be issued on the business you want to purchase.
- Sign up and start your business.
How to compare finance options
If you want financing to help purchase your Jim's franchise, you may be able to use a business loan. When comparing your options, you should consider the following:
Loan amount. Make sure the loan you are applying for will cover the amount you need. As well as the initial franchise purchase price, you may need finance to fund any additional equipment, training or other costs associated with setting up the franchise business that are not covered by Jim's. However, it is important that you do not borrow more than you need to ensure you don't have to pay unnecessary interest.
Interest rate. The rate you receive on your loan will help determine the size of your repayments. As with any loan product, you should compare a range of options to find the one that is best suited to your needs. You should also consider any additional fees or charges that you may have to pay as part of the loan.
Type of loan. You can choose either a secured or unsecured business loan. A secured business loan requires you to use an asset, generally your property, as security against the loan. You will usually receive a lower rate than on an unsecured business loan, but the lender may be able to take ownership of the asset if you fail to repay the loan. If you are not approved for a business loan, you may be able to use a personal loan to finance your franchise, although this will depend on the lender. You may also be able to use a business line of credit to cover the costs of starting your franchise.
What to consider before applying for finance
Is a Jim's franchise right for me?
While opening a franchise may be a good idea for those with little experience running a business, you should always consider both the benefits and drawbacks of a franchise before making a decision. Opening a franchise can offer more support and help streamline the process, but you will have less control over how you run your business compared to opening your own small business, and you will have to pay upfront and ongoing franchise fees. You should research your franchise options and look into starting your own business to see which suits you better.
Can I afford the loan?
When applying for a loan, you should always make sure you have a plan for how you will pay it back. While a franchise may promise regular work and contracts, you should also take into account any potential cash flow issues when working out how to repay your loan.
Compare finance options
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