- 2024 Franchise 500 Rank
-
N/R Ranked #467 last year
- Initial investment
-
$150K - $322K
- Units as of 2023
-
156 9.1% over 3 years
Prism Specialties is a national company that has been in business for over 25 years. Founded in 1993 and franchising since 2012, they work to provide quality restoration and recovery services for electronics, appliances, art, documents, and textiles.
These items are subject to damage from fire (including smoke and soot), water, and power surges or lightning. Understanding the critical role they play in personal and commercial lives, Prism Specialties has worked to become a trusted source people can turn to for help. The company offers a wide range of services for residential and industrial clients. These services include helping restore appearances, functionality, and data.
There are Prism Specialties franchises located throughout the United States.
Why You May Want to Start a Prism Specialties Franchise
Prism Specialties values quality, communication, honesty, and respect for timely work. When trouble arises, they want to help you get back on your feet as soon as possible by being available 24/7. Emergencies don't have limited hours, and neither does Prism Specialties.
Prism Specialties has been ranked in Entrepreneur's Franchise 500 based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
Opening a Prism Specialties franchise may offer a more predictable outcome than investing in a completely new brand that could struggle to thrive in an already crowded and competitive industry.
What Might Make a Prism Specialties Franchise a Good Choice?
With a vision of being "the expert of choice for specialty restoration services," Prism Specialties is committed to restoring and recovering electronics, appliances, art, documents, and textiles after a disaster occurs. They work on projects of all sizes, whether it be residential or commercial. The company provides a range of services, from restoring a child's favorite stuffed animal to recovering data on an individual's personal computer.
Prism Specialties uses a proven business model and works with state-of-the-art technology. They provide initial startup training as well as ongoing training and support. The company doesn't leave franchisees on their own. They assist in a handful of ways, including with marketing and via operation guides.
How To Open a Prism Specialties Franchise
To be part of the Prism Specialties team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
Prism Specialties has partnered with third-party financial lenders that may help cover the costs of the franchise fee, startup, equipment, inventory, and accounts receivable.
Before making any financial commitment or signing an agreement, you must perform your due diligence and establish if this is the right opportunity for you. As part of your due diligence, you may want to speak to existing franchisees and ask questions to the Prism Specialties franchising team.
Company Overview
About Prism Specialties
Industry | Maintenance |
---|---|
Related Categories | Restoration Services, Cleaning/Restoration |
Founded | 1993 |
Parent Company | Restoration Specialties Franchise Group LLC |
Leadership | Chris Ring, President |
Corporate Address |
11731 Levan Rd. Livonia, MI 48150 |
Social | Facebook, Twitter, LinkedIn, Instagram, YouTube |
Business Overview
Franchising Since | 2012 (12 years) |
---|---|
# of employees at HQ | 17 |
Where seeking |
This company is offering new franchises throughout the US. |
# of Units | 156 (as of 2023) |
|
Information for Franchisees
Here's what you need to know if you're interested in opening a Prism Specialties franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
Initial Franchise Fee
|
$50,000 - $85,000 |
---|---|
Initial Investment
|
$149,999 - $322,297 |
Net Worth Requirement
|
$500,000 |
Cash Requirement
|
$150,000 |
Veteran Incentives
|
$2,000 off franchise fee |
Royalty Fee
|
7% |
Ad Royalty Fee
|
2% |
Term of Agreement
|
10 years |
Is franchise term renewable? | Yes |
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
Third Party Financing | Prism Specialties has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll |
---|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
On-The-Job Training | 12-20 hours |
---|---|
Classroom Training | 68-84 hours |
Ongoing Support |
Newsletter
Meetings & Conventions
Toll-Free Line
Security & Safety Procedures
Field Operations
Proprietary Software
Franchisee Intranet Platform
|
Marketing Support |
Ad Templates
National Media
Regional Advertising
Social Media
SEO
Website Development
Email Marketing
|
Operations
Additional details about running this franchise.
Is absentee ownership allowed? | No |
---|---|
Can this franchise be run from home/mobile unit?
|
No |
Can this franchise be run part time?
|
No |
Are exclusive territories available?
|
No |
Franchise 500 Ranking History
Compare where Prism Specialties landed on this year's Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where Prism Specialties ranked on other franchise lists? Find out below.
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