Difficulty: Moderately Challenging
Step1
Fill out a personal data sheet online at Midas' website and submit it electronically, through the mail or by faxing it to the company to see if you qualify. Request an information packet on franchising opportunities.
Step2
Fulfill Midas' requirements. You are required to have a net worth of $250,000, cash liquidity of $75,000 and general business experience to be eligible.
Step3
Understand that you will need a total investment of $243,000 to $329,000 to start your franchise and you must pay an initial franchise fee of $20,000. You must pay Midas a 10% royalty on top of the $10,000 annual franchise fee.
Step4
Apply for a business loan from the Small Business Administration (SBA) if you don't have access to that amount of money. The SBA reports that out of the 47 loans for Midas stores taken out through the SBA, 4.26% have failed to pay back the loan. The SBA has not completely charged off anyone who has received such a loan.
Step5
Hire approximately 9 employees to help you run the store.
Step6
Receive training at Midas' headquarters for three weeks before opening your store. Also receive one to two weeks of training at your franchise location.
Step7
Receive ongoing support from Midas in the way of newsletters, company meetings, a toll-free help phone line, a grand opening and field operators. You also will learn the company's security and safety procedures. Midas franchise owners can access co-op advertising and receive national media exposure.
