- 2023 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$119K - $353K
- Units as of 2021
1,516 5.2% over 3 years
Listen up! Miracle-Ear could be the sound investment you've been waiting for. The first Miracle-Ear hearing aids were manufactured in 1948 by Dahlberg Electronics. After beginning to franchise in 1983, Miracle-Ear has grown to be one of the highest-selling hearing aids in the United States. Headquartered in Minneapolis, Minnesota, Miracle-Ear usually provides free testing and consultation service, and their hearing aids typically come with special deals and warranties. The hearing aids are generally produced by Amplifon, a multinational company in Italy.
Miracle-Ear helps people with hearing disabilities hear better by amplifying sounds. The company has more than 1,400 locations throughout the United States.
Why You May Want to Start a Miracle-Ear Franchise
When you open a Miracle-Ear franchise, you may have the opportunity to manage your own business, and you just might receive access to all the resources and help needed to operate that business successfully. As you will find yourself in the hearing aid business, you may also get the opportunity to make a difference in people's lives by improving their quality of life.
The products are designed to help people who have a hearing disability. These hearing aids usually come with frequent checkups to see how the hearing aids perform and if they need any improvement or repairs. This means that running your Miracle-Ear franchise could be a continuous process of upkeep, potentially providing you with a revolving door of clients.
To open a Miracle-Ear franchise, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. It is also important to remember that ongoing fees, including advertising fees and royalty fees, will be part of your life as a Miracle-Ear franchisee.
What Might Make Miracle-Ear a Good Choice?
Many times in the past several decades, Miracle-Ear has been ranked in Entrepreneur’s Franchise 500 based on an evaluation of more than 150 data points. These include areas in costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
There are currently more than 40 million people living in the United States with some degree of hearing loss. This may result in many consumers needing a place to purchase and maintain their hearing aids.
With current technology, more and more hearing aids are being made for less. Miracle-Ear has been making hearing aids since 1948 and has data and knowledge to share about this industry. They use this data to provide their franchisees with the help they need to function efficiently in their new business. The company usually offers services including business workshops, store location, marketing teams, best insurance deals and assistance, sales training, and more.
How to Open a Miracle-Ear Franchise
Many franchisees find that starting their own Miracle-Ear franchise is relatively straightforward, especially for those who meet all the requirements. During the process, a Miracle-Ear representative will usually send you all the requirements, as well as plans available for you. A franchise agent is often assigned to work closely with applicants as they go through the process of opening a Miracle-Ear franchise.
Is it time for you to help others experience the miracle of hearing?
|Industry||Health & Wellness|
|Related Categories||Miscellaneous Health Products, Miscellaneous Health Services, Hearing Aids|
|Parent Company||Amplifon USA Inc.|
|Leadership||Alessandro Bonacina, Executive VP Americas|
150 S. 5th St., #2300
Minneapolis, MN 55402
|Social||Facebook, LinkedIn, YouTube|
|Franchising Since||1983 (40 years)|
|# of employees at HQ||200|
This company is offering new franchisees throughout the US.
|# of Units||1,516 (as of 2021)|
Information for Franchisees
Here's what you need to know if you're interested in opening a Miracle-Ear 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
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
|$119,000 - $352,500|
Net Worth Requirement
Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company
What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
|10% off franchise fee|
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
Term of Agreement
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
|Is franchise term renewable?||Yes|
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
|In-House Financing||Miracle-Ear offers in-house financing to cover the following: accounts receivable|
|Third Party Financing||Miracle-Ear has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
|Classroom Training||34 hours|
Meetings & Conventions
Security & Safety Procedures
Franchisee Intranet Platform
Additional details about running this franchise.
|Is absentee ownership allowed?||No|
Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
|# of employees required to run||2|
Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Franchise 500 Ranking History
Compare where Miracle-Ear landed on this year's Franchise 500 Ranking versus previous years.
Are you eager to see what else is out there? Browse franchises that are similar to Miracle-Ear.
- Medical/nonmedical home care, medical staffing
- Vitamins, minerals, supplements, sport nutrition products
Related Franchise Content
Catch up on the latest franchise news, trends, and more.
From yummy beverages and meal delivery kits to sports and science, these are the hottest franchise categories.
To become Floor Coverings International top franchisee, Jeffrey Bell had to learn to delegate.
The New Joint Employer Rule Will Crush Franchising As We Know It. Here's What You Can Do to Protect Your Business.
Here's how the NLRB's new Joint Employer Rule redefines the franchisor-franchisee relationship and will alter the $825 billion franchising landscape.
She Was Afraid of Her Company Becoming the 'McDonald's of Mental Healthcare' Until She Realized This
Erin Pash discovered that franchising offered the best of both worlds for therapy practices.
He Opened a Pizza Restaurant to Serve the Native American Community. It Was So Successful He's Opening 20 More.
Dennis Johnson thought that Bemidji, Minnesota needed a place for the surrounding tribes to work, and hang out. He was right.
Based on the trends, we're predicting which categories will be all the rage in 2024. Check out the list.