- 2024 Franchise 500 Rank
-
N/R Ranked #442 last year
- Initial investment
-
$195K - $395K
- Units as of 2023
-
88 20.5% 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 |
210 Marshall Cir. St. Augustine, FL 32086-5204 |
| Social | Facebook, LinkedIn, Instagram, YouTube |
Business Overview
| Franchising Since | 2008 (16 years) |
|---|---|
| # of employees at HQ | 90 |
| Where seeking |
This company is offering new franchises throughout the US. |
| # of Units | 88 (as of 2023) |
|
|
|
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.
|
Initial Franchise Fee
|
$38,750 |
|---|---|
|
Initial Investment
|
$194,650 - $395,250 |
|
Cash Requirement
|
$120,000 |
|
Veteran Incentives
|
25% off franchise fee |
|
Royalty Fee
|
7% |
|
Ad Royalty Fee
|
1% |
|
Term of Agreement
|
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 |
Newsletter
Meetings & Conventions
Grand Opening
Online Support
Security & Safety Procedures
Lease Negotiation
Field Operations
Site Selection
Proprietary Software
Franchisee Intranet Platform
|
| Marketing Support |
Ad Templates
National Media
Regional Advertising
Social Media
SEO
Website Development
Email Marketing
Loyalty Program/App
|
Operations
Additional details about running this franchise.
| Is absentee ownership allowed? | No |
|---|---|
|
Can this franchise be run from home/mobile unit?
|
No |
|
Can this franchise be run part time?
|
No |
| # of employees required to run | 3-5 |
|
Are exclusive territories available?
|
Yes |
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.
Sign Up for Our Franchise Newsletter
Stay up to date on the latest news and trends affecting the franchise industry.
Related Franchises
Are you eager to see what else is out there? Browse franchises that are similar to The Spice & Tea Exchange.
Related Franchise Content
Catch up on the latest franchise news, trends, and more.
Franchising Is Not For Everyone. Explore These Lucrative Alternatives to Expand Your Business.
Not every business can be franchised, nor should it. While franchising can be the right growth vehicle for someone with an established brand and proven concept that's ripe for growth, there are other options available for business owners.
How Investing in This Unorthodox Business Strategy Can Produce Strategic Results
Going against the grain of conventional thinking can often lead to significant business wins. At Anago Cleaning Systems, leaning into one factor during economic downturns has proven a sucessful long-term strategy.
Transforming Your Passion Into Impact — Discover the Top 15 Franchises Shaping Children's Futures
Looking to make a real impact in kids' lives while running a successful business? Check out the top 15 children's franchises, according to the 2024 Franchise 500.
Are Franchises in the Clear After the Expanded Joint Employer Rule Was Struck Down? Industry Experts Answer 2 Critical Questions About What's Next.
Despite franchise industry successes in Congress and federal court, the expanded Joint Employer Rule is not completely dead. The IFA will outline its current status in a webinar on April 23.
'Fueled by a Hunger For New Challenges' — The 5 Types of Entrepreneurs You Want as Franchisees
Franchising is well known as a pathway to entrepreneurial success, offering individuals the opportunity to build their own business under the umbrella of an established brand.
I Built a $1 Million Business While Overcoming a Disability — Here's How I Did It
When facing struggles and setbacks, dream big, embrace your true self, and disregard any limits others impose on you. Ultimately, what truly counts is the effort you put into achieving your goals.
