- Franchise 500 Rank
-
N/R Not ranked last year
- Initial investment
-
$163K - $465K
- Units as of 2023
-
16 15% over 3 years
IDEA Lab Kids may offer a unique approach to innovative education and the application of cutting-edge technology to the learning process. Their model exposes children's minds to STEAM fields by employing an interdisciplinary system that brings together social sciences and art through STEAM (Science, Technology, Engineering, Arts, and Maths). STEAM may offer children the opportunity to engage in thought-provoking subjects that teach them to develop practical solutions to modern problems.
Ghazal Qureshi, a computer engineer, started IDEA Lab Kids in 2012 to provide her children with an enriching after-school and summer experience. Qureshi began to host on-site camps and, by 2016, began to franchise the business across the world. IDEA Lab Kids has since grown to more than 10 franchises throughout the United States to go along with over 5 international locations.
Why You May Want to Start an IDEA Lab Kids Franchise
IDEA Lab Kids strives to offer many fun, educational, and enriching summer camps, after-school programs, preschool programs, workshops, and leagues throughout the year. Children can take game design, virtual reality, robotics, coding, and cooking classes. They also may get to play and interact with others.
An ideal franchisee should have a passion for helping children become knowledgeable and devise strategic solutions to modern problems.
IDEA Lab Kids may be a good franchise to open due to its reputation and ranking. IDEA Lab Kids 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.
What Might Make IDEA Lab Kids Franchise a Good Choice?
Opening an IDEA Lab Kids 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.
The IDEA Lab Kids corporate team may help with site selection, lease negotiation, website development, the grand opening, advertising, and provide proprietary software. As a franchisee, you'll receive classroom and on-the-job training, as well as ongoing support you can lean on until your business is fully established.
How To Open an IDEA Lab Kids Franchise
To open an IDEA Lab Kids franchise, you will first need to find a location with the target market. Then, you'll need to ensure that the site possesses all the resources required, including a viable building with outdoor space. Ideally, you will staff your IDEA Lab Kids franchise with local staff.
To be part of the IDEA Lab Kids 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 the existence of ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set liquid capital requirements. A typical franchise agreement runs for ten years. Franchisees may be allowed to renew their agreement at the conclusion of the contract if they meet the IDEA Lab Kids requirements.
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 the IDEA Lab Kids franchising team questions.
Company Overview
About Idea Lab Kids
| Industry | Children's Businesses |
|---|---|
| Related Categories | Children's Enrichment Programs: STEM, Children's Enrichment Programs: Miscellaneous, Tutoring, Children's Education/Enrichment |
| Founded | 2012 |
| Parent Company | Lyricos Learning LLC |
| Leadership | Devina Bhojwani, President |
| Corporate Address |
4201 Main St., #200-164 Houston, TX 77002 |
| Social | Facebook, Twitter, LinkedIn, Instagram, YouTube |
Business Overview
| Franchising Since | 2016 (8 years) |
|---|---|
| # of employees at HQ | 15 |
| Where seeking |
This company is offering new franchises in the following US states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, West Virginia, Wyoming This company is offering new franchises in the following international regions: Canada |
| # of Units | 16 (as of 2023) |
|
|
|
Information for Franchisees
Here's what you need to know if you're interested in opening a Idea Lab Kids 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
|
$35,500 |
|---|---|
|
Initial Investment
|
$163,000 - $465,000 |
|
Net Worth Requirement
|
$300,000 |
|
Cash Requirement
|
$150,000 - $500,000 |
|
Royalty Fee
|
8% |
|
Ad Royalty Fee
|
1% |
|
Term of Agreement
|
10 years |
| Is franchise term renewable? | Yes |
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 | 30-50 hours |
|---|---|
| Classroom Training | 35-65 hours |
| Ongoing Support |
Newsletter
Meetings & Conventions
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
Site Selection
Proprietary Software
Franchisee Intranet Platform
|
| Marketing Support |
Co-op Advertising
Ad Templates
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?
|
Yes |
Franchise 500 Ranking History
Compare where Idea Lab Kids landed on this year's Franchise 500 Ranking versus previous years.
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