Frequently asked questions about Midas franchising
- Will I run my own business?
Yes. Midas will be there to assist you, but you will own and operate the business.
- Do I need mechanical experience?
No. As the franchise owner you will employ people to do the mechanical work for you. Some mechanical or automotive industry experience would be an asset, but it’s not essential.
- What do I get from my franchise fee?
A turn-key Midas operation that is ready to operate, including the right to the Midas name and business system for the term of the franchise (10 years). You’ll be given an exclusive trading area from which to draw your customer base, free from competition from other Midas franchises.
- What are the ongoing fees?
A monthly royalty fee of 7.5% of turnover and a contribution to the advertising fund of 5% of turnover.
- Do I have to own real estate?
No. Most locations are leased by Midas and the franchisee has a license to occupy from Midas.
- How much should I invest in stock?
Usually in the range of $10,000.
- Can I choose my own staff?
Yes. It is integral that you choose the right people for your team.
- Can I speak to other franchise owners before I make a commitment?
Yes. In fact, we encourage this.
- What benefits do I receive when I sell my Midas franchise?
Subject to an approved purchaser you will enjoy any profits generated as a result of a future sale of your franchise. Unlike many other franchise systems Midas does not take a percentage of the selling price.