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- 2023 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$254K - $1.2M
- Units as of 2022
45 542.9% over 3 years
WaveMax Laundry is a coin-only laundromat franchise providing self-serve and wash-dry-fold service options for clients. With more than 20 units across multiple states, the company is more aggressively pursuing its growth strategy by seeking franchisees to take their brand to more markets. Seeing a shortage of clean, well-equipped, and effectively managed laundromats in Jacksonville, Florida, the founder saw a need for the WaveMax Laundry concept and eventually developed it into a franchise brand.
WaveMax Laundry was officially launched in 2012 but did not begin franchising until 2016. WaveMax Laundry aims to be a breath of fresh air in the laundry market with its innovative approach toward improving customer experience.
Why You May Want To Start a WaveMax Laundry Franchise
WaveMax Laundry is offering franchise opportunities to those experienced in business. If you are good with developing and executing business plans and are results-oriented, a team player, able to manage your finances, and have a decent credit history with enough assets to start and maintain the business, WaveMax Laundry could be an opportunity worth taking a look at.
As a franchisee, you will receive training and all forms of support, be it in sales development, marketing, customer service, and financials. After completing a multiple-day training at corporate headquarters in Jacksonville, Florida, WaveMax Laundry will train you at your franchise location for another few days. During this time, the franchisor will handle all the aspects of your business so you can ease into your operations when you are ready to handle them yourself.
What Might Make a WaveMax Laundry Franchise a Good Choice
WaveMax Laundry attempts to differentiate itself by using modern equipment that lets customers use coins to operate the machine, accumulate value on a contactless card system, or pay for laundry with the WaveMax Laundry app. With this level of technical use, and considering that laundromats make up an industry worth millions of dollars in the U.S., owning a WaveMax Laundry could be your next move.
To be part of the WaveMax Laundry team, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. You should also prepare yourself for the existence of ongoing fees that will include royalty fees and potential renewal fees. Franchisees will also need to meet the company’s set net worth and liquid capital requirements.
How To Open a WaveMax Laundry Franchise
As you make your decision to franchise with WaveMax Laundry, make sure you take time to explore the opportunity. Research the brand and your local area to see if a WaveMax Laundry franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
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 WaveMax Laundry franchising team questions.
About WaveMax Laundry
- Services (Other)
- Related Categories
- Dry Cleaning & Laundry Services
- Parent Company
- WaveMax Franchise LLC
- Mike Roberts, CEO
- Corporate Address
929 McDuff Ave. S., #107
Jacksonville, FL 32065
- Franchising Since
- 2016 (7 years)
- # of employees at HQ
- Where seeking
This company is offering new franchisees throughout the US.
This company is offering new franchisees worldwide.
- # of Units
- 45 (as of 2022)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a WaveMax Laundry 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.
- Initial Investment
- $254,455 - $1,201,250
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.
- 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.
- Cash Requirement
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
- Veteran Incentives
- 5% off franchise fee
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
- 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.
- Term of Agreement
- 10 years
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?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- In-House Financing
- WaveMax Laundry offers in-house financing to cover the following: startup costs, equipment, inventory
- Third Party Financing
- WaveMax Laundry has relationships with third-party sources which offer financing to cover the following: startup costs, equipment, inventory, accounts receivable, 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
- 16 hours
- Classroom Training
- 12 hours
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Co-op AdvertisingAd TemplatesSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Additional details about running this franchise.
- Is absentee ownership allowed?
Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations.
- 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
- 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.
Interested in ownership opportunities like WaveMax Laundry? Request a free consultation with a Franchise Advisor now.
Are you eager to see what else is out there? Browse franchises that are similar to WaveMax Laundry.
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