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- 2022 Franchise 500 Rank
#437 Ranked #359 last year
- Initial investment
$185K - $299K
- Units as of 2022
191 3.2% over 3 years
Here’s what you need to know if you’re interested in opening a Tailored Living franchise.
Tailored Living opened its doors in 2006 and began franchising the same year. The company offers home and business owners high-quality storage and organization solutions. The company designs spaces in closets, garages, home offices, family rooms, pantries, and more. The team offers measuring, design, and installation services tailored to meet each client's specific needs.
Tailored Living has a wide breadth of offerings that has resulted in tremendous growth over the years, with more than 175 franchise units opened across the United States and Canada. The company has also received several awards, including the Best of Houzz badge for design. Out of the many expert companies on Houzz, only 3% reach this status.
Potential franchisees have an aptitude for sales and a passion for providing clients with top-notch organizational services.
Why You May Want to Start a Tailored Living Franchise
Tailored Living is a well-known business with proud franchisees. Franchisees help people in their community live a more organized life through innovative storage methods and other organizational solutions. As a franchisee, you'll be your own boss, with the opportunity to build a business. You can create your business to your preferred size either as a partnership, sole proprietorship, or family business with one or multiple territories. You are also given the opportunity to participate in absentee ownership.
Franchisees experience paid training at Tailored Living headquarters in Irvine, California and lifetime support in every area of their business. Tailored Living also arranges one year of business coaching by outside vendors, annual conventions, webinars, and helplines to offer support to new franchisees.
What Might Make a Tailored Living Franchise a Good Choice?
Tailored Living has ranked in Entrepreneur's Franchise 500 multiple times in the past few years. This ranking is 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.
Franchisees should prepare for financial investment. Franchisees will need to pay a franchise fee and brand royalties. Franchisees will also need to hit the minimum set net worth and cash requirement for franchising with Tailored Living.
As you make your decision concerning whether to open a franchise with Tailored Living, make sure you take time to explore the opportunity. Research the brand and your local area to see if a franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
How Do You Open a Tailored Living Franchise?
The franchising process will take time to complete. Be prepared for interviews with upper management, at which point you will review the Franchise Disclosure Document. After a successful interview, you may be invited to a discovery day to explore the opportunity further. You will also have time to speak with other franchisees to get their side of the franchise experience with Tailored Living.
Before you can open your Tailored Living franchise, you must attend a training at the home office in Irvine, California to learn how to operate your business. Tailored Living staff will be involved as you train and prepare to open your franchise.
About Tailored Living
- Franchising Since
- 2006 (16 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees throughout the US.
This company is seeking new franchisees in the following international regions: Canada
- # of Units
- 191 (as of 2022)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Tailored Living 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
- $185,220 - $298,675
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
- 15% off initial franchise and territory fees
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
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.
- In-House Financing
- Tailored Living offers in-house financing to cover the following: franchise fee
- Third Party Financing
- Tailored Living 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.
- Classroom Training
- 88.5 hours
- Additional Training
- Regional training
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineOnline SupportSecurity & Safety ProceduresField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Co-op AdvertisingAd TemplatesNational MediaRegional AdvertisingSocial 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 franchise ownership like Tailored Living? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where Tailored Living landed on this year’s Franchise 500 Ranking versus previous years.
Curious to know where Tailored Living 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 Tailored Living.
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