FAST-FIX Jewelry and Watch Repairs
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FAST-FIX Jewelry and Watch Repairs began in 1984 with one location in Pittsburgh, PA. Today, FAST-FIX is the world’s largest franchisor of dedicated jewelry and watch repair services and operates more than 160 stores worldwide. FAST-FIX kiosks and in-line stores are located in regional malls where high visibility and high traffic combine to create a proven sales-generating atmosphere.
Jewelry and watch repair is a year-round, multi-billion dollar business, but most jewelry stores primarily engage in retail sales, meaning customers may wait a week a more for repairs. FAST-FIX is the only international chain of stores dedicated to eliminating this wait by offering quick same-day service and even completing many repairs in front of the customer within minutes. This unparalleled convenience and the professional quality of repairs has made FAST-FIX an exceptionally strong brand.
| |
Operating Units |
12/31/2008 |
12/31/2009 |
12/31/2010 |
|---|
| | Franchised |
150 | 150 | 150 |
| | % Change | -- |
0.0% | 0.0% |
| | Company-Owned |
2 |
1 | 1 |
| | % Change | -- |
-50.0% |
0.0% |
| | Total |
152 |
151 | 151 |
| | % Change | -- |
-0.7% |
0.0% |
| | Franchised as % of Total |
98.7% |
99.3% |
99.3% |
Investment Required
The fee for a FAST-FIX Jewelry and Watch Repairs franchise is $40,000.
FAST-FIX Jewelry and Watch Repairs provides the following range of investments required to open your initial franchise. The range assumes that all items are paid for in cash. To the extent that you choose to finance any of these expense items, your front-end investment could be substantially reduced.
| |
Item |
| Established Low Range | Established High Range |
| |
Initial Franchise Fee | $40,000 | $40,000 |
| | Administrative Processing Fee | $250 | $250 |
| | In-line Store Construction |
$148,500 |
$208,500 |
| | Inventory, Equipment and Trade Fixtures |
$57,800 |
$62,800 |
| | Opening Advertising (including website program) | $6,200 | $6,200 |
| | Initial Lease Payments |
$5,000 |
$10,000 |
| | Sub-Lease Security Deposit |
$10,000 |
$10,000 |
| | Security and Utility Deposits |
$350 |
$350 |
| | Licensing |
$300 |
$300 |
| | Insurance |
$350 |
$350 |
| |
Expenses While Training | $0 | $3,000 |
| |
Additional Funds (6 Months) | $20,000 | $20,000 |
| |
Total Initial Investment | $166,325 | $202,325 |
Ongoing Expenses
FAST-FIX Jewelry and Watch Repairs franchisees pay royalty fees equal to 6% of gross sales and advertising fees equal to a minimum of 2% of gross sales.
What You Get–Training and Support
New franchisee orientation and training takes place for 10 days at the FAST-FIX University School, located in South Florida. The training program covers every aspect of the business including hiring, training, marketing and merchandising. The multi-tiered classroom and on-site approach to training ensures that franchise owners with absolutely no experience in the jewelry industry can succeed under the FAST-FIX business model.
FAST-FIX supports franchisees in every facet of building. The FAST-FIX training team accompanies the franchisee prior to and during the opening of a new store to ensure a smooth start, and the franchisee has access to the 24/7 FAST-FIX support center for any questions that arise post-opening.
Territory
FAST-FIX Jewelry and Watch Repairs grants exclusive territories within enclosed malls.
Note: The tables and information regarding the number of operating units, investment required, on-going expenses, training and territory grants were taken from the company’s 2011 FDD. The 2011 write-ups will be incorporated into the 2012 Edition of Bond’s Top 100 Franchises publication.
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