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- 2022 Franchise 500 Rank
#215 Ranked #350 last year
- Initial investment
$87K - $99K
- Units as of 2022
291 21.8% over 3 years
Here’s what you need to know if you’re interested in opening a Fibrenew franchise.
Fibrenew is a professional restoration service specializing in leather, vinyl, and plastic restoration and upholstery. After getting its start in Alberta, Canada in 1985, Fibrenew began franchising in 1987. Since then, it has spread on a global level. Currently, there are more than 290 different locations in 6 countries. In the U.S. alone, there are over 200 franchises, all of which are operated by franchisees.
Why You May Want to Start a Fibrenew Franchise
Fibrenew is a restoration franchise that has been around for more than three decades. Fibrenew has maintained a spot at the top of its respective service area throughout its history. Since its founding, throughout all the economy's rises and falls, the company has continued to grow in franchise units. Fibrenew is a service that is highly unlikely to be replaced or outsourced by technology and robots because it requires a certain level of craftsmanship.
When clients call up Fibrenew, a specialized employee drives to their location to restore and fix damaged products. Fibrenew takes care of various furniture and products, including residential furniture service, marine restoration, commercial furniture repair, aviation interior maintenance, and light upholstery repair.
The company prides itself on saving time and money by restoring its customers’ products instead of replacing them entirely. Also, their work prevents leather, plastic, and other materials from being thrown out as waste.
What Might Make a Fibrenew Franchise a Good Choice?
There is a high demand for Fibrenew's service, and heads keep turning towards this franchise. They provide an alternative to completely renovating and replacing couches and other furniture, saving customers time and money. Since the business offers different streams in the restoration market, you can create growth in your franchise.
Multiple times in the past several years, Fibrenew was 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.
Fibrenew is an essential business needed almost everywhere. One advantage of owning a Fibrenew franchise is that it's been an active company with established relationships. This will allow you to harness the power of its brand in your marketing.
How Do You Start a Fibrenew Franchise?
To be part of the Fibrenew team, you should make sure you’re financially ready for an initial investment that will include a franchise fee and other startup fees. You should also be prepared for ongoing fees, including royalty, and renewal fees. The term of agreement for a franchise with Fibrenew typically lasts for 5 years, with the option to renew for a small sum at the conclusion of the contract if both parties wish to continue working together. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
If you're ready to get started, you can begin by filling out a franchise inquiry form. As you progress through the process of opening a Fibrenew franchise, you will be given a Franchise Disclosure Document to review and sign. Then, you'll undergo an intensive training program in order to ensure that you are best set up for success. The Fibrenew team will work with you for multiple weeks before sending you out on your own. It won't be long before you're opening the doors to your Fibrenew franchise, giving new life to some of the things your customers care about most.
- Franchising Since
- 1987 (35 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees throughout the US.
This company is seeking new franchisees worldwide.
- # of Units
- 291 (as of 2022)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Fibrenew 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
- $86,871 - $99,465
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
- 10% 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
- 5 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.
- Third Party Financing
- Fibrenew has relationships with third-party sources which offer financing to cover the following: franchise fee, 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
- Classroom Training
- 70 hours
- Additional Training
- Field training, weekly workshops, annual seminars
- Ongoing Support
NewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresField OperationsProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Ad TemplatesNational MediaSocial 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.
Franchise 500 Ranking History
Compare where Fibrenew landed on this year’s Franchise 500 Ranking versus previous years.
Curious to know where Fibrenew ranked on other franchise lists? Find out below.
Are you eager to see what else is out there? Browse more franchises that are similar to Fibrenew.
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