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Uptown Cheapskate FAQ

We know that launching your own business is an important decision and that you likely have a lot of questions. We have compiled a list of Frequently Asked Questions (FAQs) that will help you in your discovery process. We also encourage you to reach out to our franchise development team, who will be excited to share more information about Uptown Cheapskate and the path to ownership.

Frequently Asked Questions

I’m interested in becoming a franchisee of Uptown Cheapskate, how do I apply?

Your journey to franchise ownership with Uptown Cheapskate can start right here on our website! Once you have submitted your information through our online form, someone from our franchise development team will reach out to schedule an introductory call. From there, we have designed our process to be both straightforward and transparent, and include our guidance every step along the way.

We’re proud of our comprehensive training and support, which means that individuals with a diverse set of backgrounds can be successful owning and operating one of our stores. In fact, most of our franchise owners don’t have any prior retail or business ownership experience.

Most of our franchise owners have something in common: they embrace the opportunity to own an Uptown Cheapskate, motivate their team, and build a strong customer experience in their store. They are also highly determined and consistently exhibit a willingness to work hard and put in long hours to achieve their goals. Given the fast-paced environment in our stores, our owners are typically also highly organized with an ability to prioritize and multi-task. They also embrace the mindset that “we are better together” and take advantage of the far-reaching benefits of our franchise systems and community.

Owning and operating an Uptown Cheapskate isn’t a side hustle – if you aren’t ready to be in your store for an extended period of time, owning an Uptown might not be for you. In general, new franchisees should expect to work long hours – well beyond your typical 9-5 job – and be in their store full-time for at least their first full year of operations.

Based on results from Uptown Cheapskate store openings over the past several years, we expect a total investment for new franchisees of $345,959 – $575,334 (midpoint of $460,647). Store startup costs will ultimately be influenced by a number of factors, including the square footage of the store and its buildout requirements.
Our initial franchise fee is $25,000. We also charge a $10,000 software installation fee. Throughout the life of your franchise, you will be responsible for a 5% monthly royalty fee and a 0.5% monthly marketing fee.

Yes! We strongly support our veterans and offer a 20% discount off of our franchise fee. Veterans are often natural leaders, which can make them excellent owners and operators. If you are a veteran, we thank you for your service and would be excited to meet you!

After you sign a franchise agreement, finish construction on your leased space, and complete training, you will open your store to start acquiring inventory from your surrounding community. We call this phase “Open to Buy”. During Open to Buy, you will leverage our proprietary Inventory Management & Appraisal (IMAP) software program to ensure you are buying the right inventory, in the right quantities, and at the right price. You will learn more about the buying process, including how to operate IMAP, during training. Once you have accumulated a sufficient level of inventory, which typically takes 8-10 weeks, you will be ready to hold your Grand Opening! Hundreds of people will typically show up for your Grand Opening – many of whom will have been your vendors during Open to Buy.
As stated in our current Franchise Disclosure Document (FDD), our average store generates >$1.2MM of sales and >$170K of net income. Those metrics increase to >$1.8MM of sales and >$290K of net income for our top quartile stores. Ultimately, the most important ingredients for success are hard work and dedication, although the performance of our existing Uptown Cheapskate franchisees illustrates the power of our business model.
While every store has a different ramp period, we typically see Uptown Cheapskate stores turn profitable within the first 12-18 months, sometimes sooner. With that said, we condition our new franchisees to expect that they will not take a material amount of income out of their business in the first year of operations.
While every situation is unique, franchisees typically use Small Business Administration (SBA) loans or other debt financing to fund 80% or more of their total investment. Our in-house finance team will assist you in developing a business plan, guide you through applying for loans, and leverage our banking relationships to support your new venture.

We require that franchise candidates have a minimum of $100K of cash available to invest, as well as at least $200K of net worth. These parameters typically align with SBA requirements and are designed to ensure that you have the foundation you need to start, build, and grow a strong enterprise.

Yes! There are several dozen multi-unit franchisees across the Uptown system. With territories still available across nearly every market, the opportunity remains to scale your enterprise and open multiple stores over time.

The secondhand apparel market is both massive ($43BN) and growing rapidly (10%+ expected annual growth through 2028). When you combine these industry tailwinds with the strong underlying financial profile of our stores, there has never been a better time to become an Uptown Cheapskate franchisee.

Let’s Get Started!

Want to learn more about franchise ownership with Uptown Cheapskate? Take the first step to launch your business by getting in touch with our team today.
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