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£50,000 - £ 70,000
IT & Computers
About The iT Store
The iT Store was set up in 2014 by Neil Munro.
Today the company’s managing director, Neil has established an attractive retail outlet and specialist workshop in Canterbury, Kent that provides consistently good repairs, new and pre-owned products and training in all things Apple - everything from upgrades and data recovery to sales of Mac desktops, laptops and iPads to sessions on getting to know Apple hardware and software better.
Having proved the concept, The iStore is planning to expand UK wide via a combination of company-owned stores and franchised outlets.
How does The iT Store franchise model work?
This is a retail management franchise where franchisees operate in protected territories that contain in the region of 200,000 people.
The iT Store’s business model is based on offering customers a comprehensive range of Apple products, first-class customer service and product knowledge and fast and reliable repairs.
Franchisees leverage the company’s brand, tried-and-tested systems of operation and know-how developed in the company’s original store to build their own businesses.
They also have access to the company’s management software system, which streamlines the processes necessary to run a franchise operation of this nature, and a detailed operations manual, which acts as a reference guide to how to operate the franchise efficiently and supplements the training provided by the franchisor.
Key to a retail business’ success is location, which is why The iT Store assists franchisees to find a suitable site for their business in a high footfall area. Also critical is a retail franchise’s range of stock, which is why the franchisor provides all franchisees with a regular supply of equipment and accessories.
All engineers employed by The iT Store franchisees are Apple-certified and complete repairs in ESD antistatic conditions in air-purified environments using Apple tool kits and diagnostic tools.
Do I need any specific skills to become a The iT Store franchisee?
According to The iT Store, its ideal franchisee is someone who is interested in technology (particularly Apple products and services) and is driven and energetic. They must also have good attention to detail and be committed to running their own business with the backup and support of the franchisor.
What locations or territories is The iT Store looking to operate in?
This company has franchise opportunities throughout the UK.
Why is The iT Store a good investment?
This company sets itself apart from its competitors by providing a professionally branded, specialist retail offering exclusive to Apple consumers, providing peace of mind to
individuals who may have spent many hundreds - if not thousands - of pounds on valuable and highly desirable IT kit.
Another attraction for potential investors in The iT Store is the size of the sector in which it operates.
When it comes to sales, the company says that in the UK there are 45 million-plus Apple devices - and growing - while Apple has a 50 per cent market share in the mobile device sector.
On the repair front, The iT Store estimates 37 per cent of phones are damaged at least once every two years on average, resulting in £5bn being spent on restoring devices to working order.
Capturing just a small amount of this market could generate significant business for the right investor. Potential return on investment is impressive, too.
The iT Store provides the following financial projections, which are based on a single retail unit and the company’s experience in this particular part of the retail sector:
• Year one sales: £517,000. Pre-tax operating profit: £90,000.
• Year two sales: £657,000. Pre-tax operating profit: £142,000.
• Year three sales: £749,000. Pre-tax operating profit: £163,000.
How much does a The iT Store franchise cost?
The estimated start-up cost of the franchise is around £70,000, which doesn’t include VAT and working capital.
This comprises an initial franchise fee of £15,000, cost of shop fit of approximately £20,000 and additional costs for stock, etc of £35,000.
Does The iT Store charge franchisees any ongoing fees?
Yes. The company’s management fee is 10 per cent of a franchisee’s net turnover.
Franchisees are also required to pay a marketing fee of two per cent of their net turnover.
A management fee is commonly charged by franchisors and covers the cost of the support services it provides to its network of franchisees. A marketing fee is charged to pay for the advertising and promotional activity the franchisor undertakes on behalf of its franchisees to raise the profile of the brand and attract customers.
Where in the UK is The iT Store franchise based?
This company’s head office is in Canterbury, Kent.
What training and support do The iT Store franchisees receive?
Full training is provided by the franchisor in all aspects of running the business.
The iT Store also provides assistance with the completion of a business plan, on-site opening support and help with marketing the franchisee’s business.
Operational support is also available throughout the duration of the franchise agreement.
What are The iT Store franchise’s terms of agreement and renewal?
Franchisees sign up to an initial five-year franchise agreement and have an option to renew following this time period.
How can I get started on setting up my own The iT Store business?
Fill out our enquiry form on this page and your details will be sent directly to The iT Store. A member of the company’s franchise recruitment team will then be in touch to discuss the franchise in depth and answer any questions you may have about the opportunity.
All prospective franchisees are required to complete a detailed online questionnaire.
Request Free Information
Send a free enquiry to The iT Store for further information!