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- 2022 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$101K - $141K
- Units as of 2022
94 22.1% over 3 years
Here’s what you need to know if you’re interested in opening a iTrip Vacations franchise.
Founded in 2008, iTrip Vacations is a rental property management company. Vacation property owners founded the company because they were unsatisfied with obsolete ways of managing their properties. The company began franchising in 2015 and its headquarters are located in Brentwood, Tennessee.
iTrip Vacations gives franchisees the chance to build a lifestyle business at a location of their choice. Preferably, this will be a place where many people like to visit and spend their holidays. Each franchisee may earn a commission on rental bookings and income generated from rental fees charged to the guests.
As a franchisee, you'll provide a full-service rental management program to guests and homeowners on vacation. You'll manage the entire process, including adjusting pricing, preparing and listing properties, handling guest requests, and supervising cleaning and maintenance. You may also acquire more properties to grow your business. This entails presentations and meetings with homeowner associations, local real estate agents, and more in order to gain more clients.
Why You May Want to Start an iTrip Vacations Franchise
With over 80 franchises across the U.S., iTrip Vacations has a proven business model. Members of the iTrip Vacations headquarters' team will visit your market when you first open to help with operations, sales, and networking. You will not be left without support and guidance from the company.
There's no equipment or inventory to buy when franchising. All you need is a smartphone and a computer. The company's structure is virtual with automation and efficiencies that allow you to operate your business right from home without many expenses. With low startup costs, you may be in good shape to begin your own iTrip Vacations franchise. The vacation rental market has ignited, and iTrip Vacations is there to help you grow your franchise.
What Might Make an iTrip Vacations Franchise a Good Choice?
iTrip Vacations’ total investment includes a franchise fee and other startup costs. You will also need to meet a minimum net worth and have liquid capital. Be prepared to pay a monthly franchise royalty fee, as well. It would be wise to speak with your financial planner when you are ready to buy a franchise..
With many Americans wishing to take vacations, iTrip Vacations offers franchisees a chance to enter a growing business.
How Do You Open an iTrip Vacations Franchise?
An ideal franchisee is someone who has previous business experience, a strong work ethic, a desire to follow the iTrip Vacations model, and financial stability.
As you progress through the iTrip Vacations franchise process, you may receive an invitation for an interactive training program. Here, you will discuss the business model and what an investment may entail,among other aspects of the iTrip Vacations business model.
Franchisees will be assigned a support consultant who will guide them through the startup of the franchise location. Before franchisees open a franchise, they must also attend mandatory training in Brentwood, Tennessee. This will give franchisees an in-depth knowledge of managing the franchise's daily operations.
About iTrip Vacations
- Franchising Since
- 2015 (7 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees throughout the US.
- # of Units
- 94 (as of 2022)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a iTrip Vacations 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
- $10,000 - $30,000
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
- $101,400 - $140,625
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.
- Ad Royalty Fee
- to 1.5%
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
- 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.
- Third Party Financing
- iTrip Vacations has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs
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
- 28 hours
- Classroom Training
- 21 hours
- Ongoing Support
NewsletterMeetings & ConventionsGrand OpeningOnline SupportSecurity & Safety ProceduresField OperationsProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Co-op AdvertisingAd TemplatesSocial MediaSEOWebsite DevelopmentEmail Marketing
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.
Curious to know where iTrip Vacations 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 iTrip Vacations.
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