Start a Prism Specialties Franchise in 2024

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
Leadership	Chris Ring, President & CEO
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	13
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 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.	$50,000 - $85,000
Initial Investment 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.	$149,954 - $322,377
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.	$500,000
Cash Requirement Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.	$150,000
Veteran Incentives Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.	$2,000 off franchise fee
Royalty 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.	7%
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.	2%
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.	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

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? 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.	No
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.	No
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.	No