What is the estimated cost for the CR Software Implementation Fee for an Extreme Art Studio, and when is it due?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
INVESTMENT
| Type of Expenditure (1) | Amount | Method of Payment | When Due | To Whom Payment is to be Paid(1) | |
|---|---|---|---|---|---|
| Low | High | ||||
| Initial Franchise | $45,000 | $45,000 | Lump sum | Upon signing Franchise | Us |
| Fee(1) | Agreement | ||||
| Furniture, Fixtures, | $9,500 | $15,000 | As Incurred | As Incurred | Approved |
| and Equipment(2) |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 18–23)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio FDD, the estimated cost for the CR Software Implementation Fee is $500. This is a fixed lump sum amount that must be paid to Extreme Art Studio upon signing the Franchise Agreement.
This fee covers the setup and launch of the CR Software, which Extreme Art Studio requires franchisees to use. It's important to note that this is a one-time implementation fee, separate from the ongoing monthly license fees for the CR Software itself, which range from $35 to $535 per month.
Prospective franchisees should budget accordingly for this upfront cost, as it is due at the time of signing the agreement. Understanding the costs associated with software implementation is crucial for assessing the overall financial investment required to start an Extreme Art Studio franchise.