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Description

How to Open an Uptown Cheapskate Franchise?

To start your journey as an Uptown Cheapskate franchisee, you will first submit an ownership application. Upon approval, you will review the franchise's operational guidelines and financial requirements. This includes an initial franchise fee of $25,000 and other startup costs totaling between approximately $150,000 to $250,000. After several interviews and training sessions, you will be ready to open your store, which specializes in buying and selling gently used clothing targeting teens and young adults.

What Makes an Uptown Cheapskate Franchise a Smart Investment?

Before committing to the Uptown Cheapskate franchise, it’s essential to conduct thorough research to determine if this opportunity aligns with your business goals. The franchise offers a unique position in the resale market, catering primarily to a young demographic seeking affordable and trendy clothing. It's crucial to assess local market demand and competition. The franchise provides significant operational support, including site selection, training, and marketing assistance, which can enhance your chances of success.

Why Choose to Become an Uptown Cheapskate Franchisee?

Uptown Cheapskate stands out in the retail landscape by promoting sustainable fashion through resale. Their business model not only appeals to eco-conscious consumers but also capitalizes on the growing trend of thrift shopping among younger generations. If you are passionate about fashion and sustainability, this franchise provides the perfect platform to engage your community while running a profitable business. The franchise also offers ongoing training and support to ensure you have the necessary tools for success.

Is an Uptown Cheapskate Franchise Right for You?

The franchise environment is competitive, particularly in the resale sector. Uptown Cheapskate began franchising in October 2022 and has quickly established a presence in the market. Each franchisee operates within a protected territory of five miles from their location, minimizing direct competition from other franchise units. If you have a strong entrepreneurial spirit and a keen interest in fashion retail, this could be a rewarding endeavor that aligns with your personal and financial goals.

Uptown Cheapskate Franchise Financial Requirements

Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.

A broad sector defining similar types of franchise businesses.

Industry

Retail Franchises
A more specific division within the broader industry.

Category

Clothing Stores
Available financing options to help start the franchise.

Funding Year

2008
The main organization that owns the franchise brand.

Parent Company

BaseCamp Franchising
The key individuals guiding the franchise’s strategy and growth.

Leadership

Zach Gordon
The official business address of the franchisor’s headquarters.

Corporate Address

39 East Eagle Ridge Drive, #100, North Salt Lake, Utah 84054
The total amount required to launch the franchise.

Initial Investment

$345,959 - $575,334
The initial fee paid to join the franchise system.

Franchise Fee

$25,000
Ongoing percentage of revenue paid to the franchisor.

Royalty Fee

5.0%
Regular contribution toward the franchise’s advertising fund.

Marketing Fee

0.50%
The minimum liquid capital you must have on hand.

Cash Required

$345,959 - $575,334
The minimum total assets (minus liabilities) you must possess.

Net Worth Required

$500,000 - $1,000,000
The typical yearly revenue generated per franchise location.

Average Revenue

$134,929
The middle value of yearly revenue among franchise locations.

Median Revenue

$475,000
The smallest reported annual revenue among franchisees.

Lowest Revenue

$70,000
The largest reported annual revenue among franchisees.

Highest Revenue

$1,102,157
The estimated timeframe to recover your initial costs.

Breakeven Time

12 Months
The estimated period to recoup your total investment.

Investment Payback

24 Months

Uptown Cheapskate Franchise Unit Growth Summary

A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.

The overall number of operating franchise locations.

Total Units

113
The number of locations owned by independent franchisees.

Franchised Units

99
The number of locations owned and run by the franchisor.

Corporate Units

14
Units 2021 2022 2023
Total Units 85 96 113
Net Change YoY 11 17
Franchised Units 79 83 99
Net Change YoY 4 16
Corporate Units 6 13 14
Net Change YoY 7 1

Company Background

Uptown Cheapskate is a trendy retail franchise specializing in buying and selling gently used clothing and accessories for a fashion-forward audience. Founded in 2009, this eco-friendly business model promotes sustainability by encouraging customers to recycle their wardrobes while providing a curated selection of affordable, stylish apparel. With locations across the United States, Uptown Cheapskate has established itself as a go-to destination for budget-conscious shoppers seeking high-quality fashion without the environmental impact of fast fashion.

Franchise Opportunity

Investing in an Uptown Cheapskate franchise offers a unique business opportunity for entrepreneurs passionate about fashion and sustainability. With a low initial investment compared to traditional retail models and a strong support system from the corporate team, franchisees can capitalize on the growing demand for second-hand clothing. The franchise provides comprehensive training, marketing assistance, and operational support, ensuring that franchisees are equipped to successfully manage their stores and thrive in the competitive retail landscape.

Corporate Structure

Uptown Cheapskate is operated by the parent company, Franchise Group, Inc., which was established to support and expand the Uptown Cheapskate brand. The corporate office, located in Salt Lake City, Utah, oversees franchise operations and provides resources for franchisees, including ongoing training and development programs. The company is committed to maintaining a strong community among its franchisees, fostering collaboration and sharing best practices to enhance the overall success of the brand.

Royalties

Franchisees pay a royalty fee of 6% of gross sales, which contributes to the ongoing support and development provided by Uptown Cheapskate. Additionally, franchisees are required to contribute 2% of gross sales towards the national advertising fund, which helps promote the brand and drive customer traffic to all locations. These fees are designed to ensure that franchisees benefit from a well-established brand presence while gaining insights from corporate marketing initiatives.

Company Mission

Uptown Cheapskate's mission is to create a sustainable fashion community that empowers individuals to express their style while reducing their environmental footprint. By providing a platform for buying and selling pre-owned clothing, the company aims to promote conscious consumerism and encourage eco-friendly shopping habits. Uptown Cheapskate is dedicated to delivering an enjoyable and rewarding shopping experience, where customers can find unique pieces that reflect their personal style.

Brand Story

The Uptown Cheapskate journey began with a vision to change the way people think about fashion. Founded by a group of entrepreneurs in 2009, the brand was inspired by the growing trend of thrift shopping and the desire to make stylish clothing accessible to everyone. By combining a contemporary retail experience with the benefits of second-hand shopping, Uptown Cheapskate quickly gained popularity among consumers looking for quality fashion at affordable prices. Today, the brand continues to expand, bringing its unique approach to sustainable retail to new markets and fostering a community of savvy, eco-conscious shoppers.

Frequently Asked Questions

The initial investment for an Uptown Cheapskate franchise typically ranges from $120,000 to $300,000. This amount includes the franchise fee, real estate improvements, inventory, and other startup costs.