ColorTyme
Rent-to-own electronics/furniture/appliancesBackground
Founded: 1979 Franchising since: 1982
In the late 1970s, electronics manufacturer Curtis Mathis Co. established ColorTyme as a distributor for its line of televisions. Willie Talley purchased the company in 1981 and began franchising the concept the following year. ColorTyme stores offer a complete line of home electronics, appliances and furnishings. All products are sold "rent-to-own," with customers making weekly or monthly payments on their purchase.
Franchisor is a publicly-held company with 20 employee(s); 1 employee(s) in franchise department.
Franchise Growth
Where Seeking Franchisees
In the U.S. Alaska, Alabama, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Missouri, Mississippi, Montana, Nebraska, North carolina, North dakota, New jersey, New mexico, Nevada, New york, Ohio, Oklahoma, Pennsylvania, Rhode island, South carolina, South dakota, Tennessee, Texas, Utah, Virginia, Washington, West virginia, Wyoming
Exclusive territories available.
Territory size: Varies
Special Programs
ColorTyme supports Kids Across America, a camp for inner-city children.
In the late 1970s, electronics manufacturer Curtis Mathis Co. established ColorTyme as a distributor for its line of televisions. Willie Talley purchased the company in 1981 and began franchising the concept the following year. ColorTyme stores offer a complete line of home electronics, appliances and furnishings. All products are sold "rent-to-own," with customers making weekly or monthly payments on their purchase.
ColorTyme is owned by Rent-A-Center Inc.
|
5501 Headquarters Dr. Plano, Texas 75024 |
Phone: (972)403-4905 |
Franchisor is a publicly-held company with 20 employee(s); 1 employee(s) in franchise department.
Franchise Growth
| Year | U.S. Franchises | Canadian Franchises | Foreign Franchises | Company Owned |
| 2009 | 203 | 0 | 0 | 0 |
| 2008 | 214 | 0 | 0 | 0 |
| 2007 | 214 | 0 | 0 | 0 |
| 2006 | 284 | 0 | 0 | 0 |
| 2005 | -- | -- | -- | -- |
Where Seeking Franchisees
In the U.S. Alaska, Alabama, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Missouri, Mississippi, Montana, Nebraska, North carolina, North dakota, New jersey, New mexico, Nevada, New york, Ohio, Oklahoma, Pennsylvania, Rhode island, South carolina, South dakota, Tennessee, Texas, Utah, Virginia, Washington, West virginia, Wyoming
Exclusive territories available.
Territory size: Varies
Special Programs
ColorTyme supports Kids Across America, a camp for inner-city children.
Costs and Fees
|
Total investment: $402K-627K Franchise fee: $7.5K-25K |
Ongoing royalty fee: 5% Term of agreement: 5-10 years, renewable |
Type of Financing Available
| In-House | Third Party | |
| Franchise Fee | Yes | Yes |
| Startup Costs | Yes | Yes |
| Equipment | Yes | Yes |
| Inventory | Yes | Yes |
| Accounts Receivable | Yes | Yes |
| Payroll | Yes | Yes |
Qualifications
Net worth requirement: $350K
Cash liquidity requirement: $120K-160K
Business Experience:
- Industry experience
- General business experience
- Marketing skills
Operations
- 85% of all franchisees own more than one unit
- Number of employees needed to run franchised unit: 5
- Absentee ownership of franchise is allowed. (75% of current franchisees are owner/operators)
Training and Support
Training
Ongoing Support
Marketing Support
Other marketing support
- Available at headquarters: 2 weeks
- At franchisee's location: 2-4 weeks
Ongoing Support
- Newsletter
- Meetings
- Grand opening
- Internet
- Field operations/evaluations
- Purchasing cooperatives
Marketing Support
- Co-op advertising
- Ad slicks
Other marketing support
- Direct mail, local radio and TV commercials, POS