Idea Lab provides STEAM-based educational programs for children, offering one-time workshops and multi-week courses. The franchise focuses on helping children develop skills in science, technology, engineering, arts, and math through fun, hands-on activities and lessons.
Key Insights
- The Idea Lab business originated from a passion for fostering innovation and hands-on learning, growing from a single location to a recognized network of learning centers dedicated to empowering young minds through creative exploration and problem-solving.
- Operations involve providing engaging, project-based learning experiences in areas like coding, robotics, 3D printing, and digital media, utilizing specialized equipment and curriculum designed to cultivate critical thinking and digital literacy.
- The franchise operates within the rapidly expanding educational technology and enrichment sector, a market driven by increasing parental demand for supplementary learning opportunities that prepare children for future careers.
Franchise Fee and Costs to Open
Exploring the financial picture of Idea Lab gives insight into both the upfront commitment and the potential revenue opportunity. According to FDD Item 7, opening this franchise typically involves an investment in the range of $163,000 - $465,000, along with a franchise fee of $35,500 - $35,500.
Financial Performance and Revenue
Yearly gross sales of $107,505 and estimated earnings of $12,901 - $16,126 show the potential financial performance of this franchise. These figures are crucial for prospective franchisees as they help to project revenue and profitability. They offer insight into the business's ability to generate income and can be used to compare its performance against other investment opportunities. The Franchise Payback Period of 22.1-24.1 provides an estimation of the time it might take for an owner to recover their initial investment. This metric is a key consideration for anyone evaluating the financial viability of a franchise, as it relates directly to the speed at which the business can become profitable. A shorter payback period can indicate a faster return on capital, which is a significant factor in making an informed decision about a franchise investment.
Training and Resources
Idea Lab provides comprehensive training for new franchisees. This initial program offers a detailed curriculum covering operations and curriculum delivery. The training is approximately two weeks long and is held at Idea Lab's corporate headquarters. Resources are also provided to support ongoing business development.
Legal Considerations
Legal considerations for a Idea Lab franchisee are outlined in the Franchise Disclosure Document (FDD) and the Franchise Agreement. Note that this franchise discloses lawsuits and/or bankruptcy information in its FDD, which may impact your evaluation. Subscribe now to access more details and be sure to consult a qualified attorney before proceeding.
Challenges and Risks
A franchisee entering the Education & Children sector with an Idea Lab model might navigate local market competition, requiring distinct program offerings. Operational complexity demands efficient management of diverse activities and instructor scheduling. Reliance on specific educational materials and equipment presents supply chain considerations, impacting program continuity and resource availability.
Franchise Datasheet
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