
The Spice & Tea Exchange
Spices, teas, olive oils, honeys, kitchen accessories, related products- 2023 Franchise 500 Rank
-
#442 Ranked #379 last year
- Initial investment
-
$195K - $395K
- Units as of 2022
-
82 22.4% over 3 years
The Spice & Tea Exchange is a spice and tea retail brand founded in 2008. The company strives to "create and share a more flavorful life" by selling high-quality, diverse products. Allowing customers to smell each product before they purchase it makes their shopping experience incredibly sensory and educational. This is partly why The Spice & Tea Exchange has become a nationwide name. With over 70 stores across several states, the brand is looking to expand its reach in all 50 states.
Why You May Want to Start a The Spice & Tea Exchange Franchise
The Spice & Tea Exchange might be a good option for franchisees enthusiastic about customer experience, tea, and a supportive corporate team.
As a franchisee, the company will likely provide you with ongoing support from the beginning of your discovery process. This includes POS and back-end support, a biennial franchise conference, advisors, a field operations team, marketing, and virtual training sessions. Furthermore, you typically won't have to establish new relationships with tea and spice vendors as a franchisee. The company already has hundreds of distributors who are constantly developing new products to stock your shelves.
The Spice & Tea Exchange holds a high standard for its products, sourcing from organic and fair trade vendors whenever possible. They are also organic and Kosher certified. The Spice & Tea Exchangechooses its Grade A spices and loose leaf teas based on aroma, volatility, freshness, and sustainability. They also focus on safety, using rigorous testing to increase allergen awareness.
What Might Make a The Spice & Tea Exchange Franchise a Good Choice?
The Spice & Tea Exchange is conveniently part of two industries—spices and tea. Not only that, but the store will likely appeal to many Millenials, with whom tea is increasingly popular. This means you may have a younger generation to carry your future sales.
Outside of its retail component, The Spice & Tea Exchange franchises are typically cafes, as well. The Tea Bar, a recent addition to the brand concept, sells over 45 different types of hot and cold teas to-go. The Spice & Tea Exchange also offers various incentives, including a quarterly bonus when customers set your store as their home store for eCommerce sales.
How to Start a The Spice & Tea Exchange Franchise
You should make sure you're financially ready for an initial investment that will include a franchise fee and other startup costs. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
Researching your options with The Spice & Tea Exchange is equally as important. As you make your decision to open a franchise of the brand, make sure you take time to explore your local area to see if a franchise would do well in your community.
If you successfully make it through the franchising process, you'll likely attend Spice UniversiTEA at company headquarters in Palm Harbor, Florida. This may also be the time to network with the community. Once everything is set to go, you can open the doors to your new franchise and start spicing up people's lives!
Company Overview
About The Spice & Tea Exchange
- Industry
- Food
- Related Categories
- Miscellaneous Food/Beverage Businesses, Miscellaneous Retail Businesses
- Founded
- 2008
- Parent Company
- The Spice & Tea Exchange Holdings LLC
- Leadership
- Amy Freeman, CEO
- Corporate Address
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2708 Alt. 19 N., #500
Palm Harbor, FL 34683
Business Overview
- Franchising Since
- 2008 (2023-2008 years)
- # of employees at HQ
- 86
- Where seeking
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This company is offering new franchisees throughout the US.
- # of Units
- 82 (as of 2022)
Information for Franchisees
Here's what you need to know if you're interested in opening a The Spice & Tea Exchange 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.
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Initial Franchise Fee
Information Circle - $38,750
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Initial Investment
Information Circle - $194,650 - $395,250
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Cash Requirement
Information Circle - $120,000
-
Veteran Incentives
Information Circle - 25% off franchise fee
-
Royalty Fee
Information Circle - 7%
-
Ad Royalty Fee
Information Circle - 1%
-
Term of Agreement
Information Circle - 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
- The Spice & Tea Exchange has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, 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
- 68-105 hours
- Classroom Training
- 29-62 hours
- Ongoing Support
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NewsletterMeetings & ConventionsGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
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Ad TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- No
-
Can this franchise be run from home/mobile unit?
Information Circle - No
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Can this franchise be run part time?
Information Circle - No
- # of employees required to run
- 3-5
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Are exclusive territories available?
Information Circle - Yes
Interested in ownership opportunities like The Spice & Tea Exchange? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where The Spice & Tea Exchange landed on this year's Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where The Spice & Tea Exchange ranked on other franchise lists? Find out below.
Ranked #442 in 2023
Entrepreneur’s 44th annual Franchise 500® ranking shines a light on the unique challenges and changes that have shaped the franchise industry over the last year—and how franchisors have adapted and evolved to meet them.
Ranked #4 in Miscellaneous Food/Beverage Businesses in 2022
Our annual list of the top restaurant and other food franchises, divided up by category, is the perfect place to start if you’re craving a food-based business opportunity.
Ranked #141 in 2022
Our ranking of the top 150 franchises offering incentives and other programs to help veterans become franchisees.
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