Do I need experience in the digitization industry or in retail, or in business?
No. When we started our affiliate business, Memories to Digital, we were new to the world of digitization services. And when we opened our first store, we’d never worked retail. But we’ve gained a mountain of experience in our 14 years running a digitization services business, and we’ll pass it all on to you in the initial training program so that even if you’ve never scanned a photo, you’ll feel well equipped to run your MemoryWise store.
What is very important is that you (or you and a partner) are passionate about family memories, a bit techie, a results driven problem-solver, persnickety about details and quality, and a people-person.
We can teach you the rest.
What support does MemoryWise provide to help me get started?
Our philosophy is that if you succeed, we succeed. With that at heart, our goal is to support you every step of the way as you work to open and grow a thriving MemoryWise store. After signing the Franchise Agreement, our initial training sessions will give you the tools to locate, lease, develop, outfit and open your MemoryWise store. Our store opening team is there to help, and will be by your side as you open your doors. The remainder of our training program is designed to teach you the skills and help you build the expertise needed to run a successful retail digitization services business. Our support doesn’t stop when you’ve completed your training--you have continuous access to our online operations manual and our dedicated ongoing support team will be available to provide advice and guidance as you operate your business. The founders, Gwen & Eric, have operated a similar digitization services business for 14 years, and their experience is the foundation of our training and support programs.
When you are further along the in the application process, we will provide you with our FDD which discloses the support we provide before and after opening, outlines the details of our training program, and provides the table of contents for our operations manual.
How much does a MemoryWise franchise cost? What is the estimated initial investment to open a MemoryWise store?
The estimated initial investment to open a single MemoryWise store is $135,000 to $250,000. This range includes our Initial Franchise Fee for a single store of $40,000. A three store investment is estimated at $360,000 to $645,000 based on an estimated average of $120,000 to $215,000 per Store. The estimated three store investment includes Initial Franchise Fees of $90,000 (an average of $30,000 per store), comprised of $60,000 due with the FA, and an additional $15,000 per store for the additional two stores due on the dates specified in the MUDA. Our estimated initial investment covers the expenses to get a store open during the 5-8 month pre-opening period plus the estimated expenses for the first 3 months of business.
Are there benefits to owning more than one Store?
Yes. We provide a discount on the Initial Franchise Fee if you open three stores instead of one. You will pay a $40,000.00 Initial Franchise Fee to open one Franchised Business, or you may choose to invest in three Stores for an Initial Franchise Fee of $90,000.00 combined for all three stores, or an average of $30,000 per store. If your additional location(s) are close enough to your first store to share resources, your Initial Investment and ongoing costs may be slightly lower for the additional location(s) because we expect that closely located additional stores will not need all of the same equipment as a single store and may be able to operate with a slightly smaller premises.
Does MemoryWise offer financing?
No. However, if you are interested in applying for a loan through the Small Business Administration (SBA), let us know and we will apply to have our FDD reviewed and listed on the SBA Franchise Registry, a step which facilitates the financing process through the SBA and makes it quicker and easier for you to get a loan.
How much working capital do I need?
We look for applicants with a minimum net worth of $400,000 and minimum liquid capital of $100,000. You may need additional funds.
How do your royalties and marketing fees work?
Our royalty is 6% of Gross Sales and we have a 2% National Advertising Fund Fee.
How long before I can open?
It takes approximately 5-8 months to open a MemoryWise Store. However, each location is different, and the amount of time before you can open may vary depending on a variety of factors.
When is the best time to open?
You can open your MemoryWise Store in any month. Customers have memories projects to digitize year-round.
How complex is the build out for a MemoryWise store?
Developing a MemoryWise store location is relatively simple compared with many other retail concepts, and our store layout can be adapted to fit a variety of retail location sizes and types.
Will you help me with the build out?
You are responsible for constructing and remodeling the site you choose in accordance with our specifications to meet our MemoryWise store standards. However, we are here to assist. In the initial training session, our Site Development team will provide you with our specifications and criteria, along with checklists and timelines designed to make the site development process as easy and turn-key as possible. And while you will work with local contractors that you hire, our Site Development team is available to provide advice and guidance throughout the process. Remember, if you succeed, we succeed. Our goal is to help you get to opening day as quickly and easily as possible after signing the Franchise Agreement.
What marketing and promotional assistance do you provide?
Before joining Eric in his entrepreneurial venture to start a digitization services business, Gwen had a career in marketing. Her marketing know-how has helped grow their business, and she’ll share what she knows with you in the basic initial training program. You’ll start your business equipped with information on how to market digitization services, with marketing plans, and with our talented Marketing team managing the National Advertising Fund in support of your local advertising efforts. As part of your initial investment, you'll purchase a Start-Up Marketing Materials Kit containing an initial inventory of all of the printed materials and marketing collateral you need to get started. At your request, we will assist in the planning and execution of your Grand Opening advertising to get you off to the best start possible. Even after your Grand Opening advertising, you’re not on your own as you put local advertising in place to drive your business--our marketing team’s advice and guidance is always only a phone call or email away.
When you are further along the in the application process, we will provide you with our FDD which discloses our advertising requirements and the related support we provide.
How much money will I make?
Our FDD contains certain financial disclosures to help you assess the financial aspects of a MemoryWise business. Your results may vary from these. We are also prohibited by federal and state franchise sales laws from providing you with financial information not already contained in our FDD.
Will I have a protected territory?
Absolutely--no other franchised location will be permitted to open or market within your defined territory.
Where can I open a store? What territories are open in my area? Are good locations still available?
Great locations are available in all states where we are offering franchises: Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Iowa, Kansas, Louisiana, Maine, Massachusetts, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, West Virginia, Wyoming.
We are not currently offering franchises in the following states: California, Hawaii, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington and Wisconsin.
If you live in a state where we are not currently offering franchises, and are interested in the MemoryWise franchise opportunity, please let us know about your interest and we will initiate the process of registering and/or filing there, and contact you when we are offering franchises in your state.
What’s it really like to work in this business?
It’s a fun mix of working with people and working with technology. It's never boring--your clients will entertain you with their fascinating stories and memories, the variety of projects will amaze you (there is always something new walking in the door), technical gremlins will fine-tune your problem solving skills, and at the end of each day, you will sleep well knowing your work is deeply meaningful to the people who bring their precious memories through your door.
I’m interested. What is the next step?
If you think you have what it takes to be MemoryWise, fill out our contact form. A member of our team will quickly get back to you.