Frequently Asked Questions
Frequently asked franchising questions
Now is your time to learn more about joining the elephant in the room!
As an Elephant in the Room franchisee, you can provide a first-class experience for the men of your community, while producing both time and financial freedom for your family. Listed below you will find answers to the most frequently asked questions from great potential franchisees like you. Certain exceptions may apply.
Additional info? call us today at (918) 877.2219
Q: WHAT IS THE MINIMUM REQUIREMENT NEEDED TO OPEN A ELEPHANT IN THE ROOM STORE?
A: To ensure that you will be successful as a franchisee and that you can insure the necessary financing we do require that you have at least a minimum of $200,000 liquid assets (cash and marketable securities) and a $400,000 net worth. This requirement may actually be more if construction costs exceed the national average in the area of the country in which you would like to open.
Q: WHAT IS THE total upfront investment cost?
A: Your initial investment will be a $25,000 franchise fee. This amount covers the fees for the first 3 franchises that you open. If you desire to have more than three franchises, any additional store will be $10,000 each.
Q: How much does it cost to open a store?
A: The cost to build a single store, which does include the franchise fee and the initial working capital you need will range between $175,000 and $300,000. A full line item list of the costs is provided in item 7 of the Franchise Disclosure Document. Although in most cases, the majority of the cost is financed, lenders will require an upfront cash contribution of 20% to 30% based on the lender’s qualifications.
Q: May I buy a single store?
A: Unless a unique situation arises franchisees are required to buy a minimum of three franchise licenses.
Q: What is a Multi-unit Franchisee?
A: A multi-unit franchisee is a business owner who operates multiple locations and units within the same franchise system.
Q: Do you provide discounts for veterans?
A: Yes we do. Qualifying veterans can receive a 5% discount off of their total franchise fee of $25,000.
Q: how many corporate stores do you have?
A: We have 3 stores in our designated territory. At Elephant in the Room we do feel strongly that a franchisor should operate 3 stores. We test new ideas to improve the system in our own stores before introducing new ideas to franchisees.
Q: how Long has Elephant in the Room been in business?
A: Our founders Clay Clark, and Jonathan Barnett have been operating Elephant in the Room since 2012.
Q: how Big is a typical Store?
A: A normal store location is between 1,000 and 1,500 square feet, and must have 10 chairs.
Q: Who is responsible to select location or the store?
A: The location must be recommended by you, then ultimately approved by our leadership team.
Q: What training does corporate provide during the first year and beyond?
A: After you sign the contracts and become an actual franchisee, you will begin a training process. At Elephant in the Room, we train franchisees on the following business systems, aspects of the business and more:
- Customer Service
- Team Recruitment, Hiring and Firing
- Elephant in the Room Operations and Systems
- Culture Development
- Real Estate
- Leadership and Team Mentorship
- Public Relations
- System Execution
**We also include on-going weekly coaching, accountability, and mentorship to all franchisees to ensure your success.
New franchisees will shadow the managers and assistant managers of an existing Elephant in the Room.
Q: Can you provide financial performance reports?
A: The Federal Trade Commission requires that all franchises provide this information in a very specific way in the Franchise Disclosure Document. You will receive that document from you development representative. Our item 19 will include gross sales averages for our stores and a more detailed layout of the expenses and revenues of our corporate owned locations.