Answers to common questions about the fast-growing resale clothing franchise
How much does an Uptown Cheapskate franchise cost?
Uptown Cheapskate has a franchise fee of $25,000 which is included in the initial costs to open an Uptown Cheapskate retail clothing franchise. According to our 2020 franchise disclosure document (FDD), start-up costs will range between $301,579 and $491,579. To assist you in getting off on the right foot, our team is on-hand every step of the way to guide you to the best resources for funding and store build-out.
For a more detailed look at cost and investment information, please visit the Initial Investments and Startup Costs page.
What are the financial requirements for franchising with Uptown Cheapskate?
In order to qualify for financing you will need roughly $50,000 to $100,000 in liquid assets.
How much can I make as an Uptown Cheapskate franchise owner?
How much you make as an Uptown Cheapskate franchise owner depends on a variety of factors, from geographic location to access to inventory. According to our 2020 Franchise Disclosure Document Item 19, our top 25% of stores in sales volume boasted average sales of $1,350,933 and an average net income of $304,781. The second 25% saw average sales of $962,824 and an average net income of $158,988. As you can see, our franchises boast exciting earning potential.
Do I Need to Have Retail Experience?
Absolutely not. While retail experience is certainly helpful, our proven business model and exceptional ongoing support will help you thrive in business, provided that you’re driven to follow our system and processes and have the passion to make your business a success.
How Do I Obtain My Starting Inventory?
After you have signed a franchise agreement, obtained financing, leased or purchased a building, and completed training, you will install the fixtures and open an empty store to begin acquiring inventory. We have developed a software program that shows you what to pay and how to accurately price the items people bring to your store to sell. It’s called the Inventory Management & Appraisal Program (IMAP) computer program. You will learn how to operate IMAP during your training. After buying and accumulating inventory for about 10 to 12 weeks, you will be ready to hold your grand opening. Usually hundreds of people show up for the event–many of them will be vendors who–when they were selling you inventory–saw other items they wanted to buy.
I’ve never owned a business before. Do you offer training and support??
Yes. Our main focus is to help entrepreneurs unlock their full potential through business ownership, and this commitment has led us to establish one of the best training and ongoing support platforms in the entire industry.
Click here to read exactly how we will support you in your business.
What charities does Uptown Cheapskate support? Can I support my own charities as well?
On a national level, Uptown Cheapskate, alongside our sister-brand, Kid to Kid, has supported buildON since 2015. We’ve raised more than $500,000 to build more than 14 schools in developing countries such as Mali, Burkina Fason, Senegal, Haiti, Nepal, Malawi, and Nicaragua. The money is raised bi-annually at our Fill A Bag events, which allow shoppers to buy as many items as they can fit in a bag for a flat fee of $15 per bag.
On a local level, we highly encourage you to give back to your community and choose the charities in your local area to support.