Start a Idea Lab Kids Franchise in 2024

Franchise 500 Rank: N/R Not ranked last year

Initial investment: $163K - $465K

Units as of 2023: 16 15% over 3 years

IDEA Lab Kids may offer a unique approach to innovative education and the application of cutting-edge technology to the learning process. Their model exposes children's minds to STEAM fields by employing an interdisciplinary system that brings together social sciences and art through STEAM (Science, Technology, Engineering, Arts, and Maths). STEAM may offer children the opportunity to engage in thought-provoking subjects that teach them to develop practical solutions to modern problems.

Ghazal Qureshi, a computer engineer, started IDEA Lab Kids in 2012 to provide her children with an enriching after-school and summer experience. Qureshi began to host on-site camps and, by 2016, began to franchise the business across the world. IDEA Lab Kids has since grown to more than 10 franchises throughout the United States to go along with over 5 international locations.

Why You May Want to Start an IDEA Lab Kids Franchise

IDEA Lab Kids strives to offer many fun, educational, and enriching summer camps, after-school programs, preschool programs, workshops, and leagues throughout the year. Children can take game design, virtual reality, robotics, coding, and cooking classes. They also may get to play and interact with others.

An ideal franchisee should have a passion for helping children become knowledgeable and devise strategic solutions to modern problems.

IDEA Lab Kids may be a good franchise to open due to its reputation and ranking. IDEA Lab Kids has been ranked in Entrepreneur's Franchise 500 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.

What Might Make IDEA Lab Kids Franchise a Good Choice?

Opening an IDEA Lab Kids franchise may offer a more predictable outcome than investing in a completely new brand that could struggle to thrive in an already crowded and competitive industry.

The IDEA Lab Kids corporate team may help with site selection, lease negotiation, website development, the grand opening, advertising, and provide proprietary software. As a franchisee, you'll receive classroom and on-the-job training, as well as ongoing support you can lean on until your business is fully established.

How To Open an IDEA Lab Kids Franchise

To open an IDEA Lab Kids franchise, you will first need to find a location with the target market. Then, you'll need to ensure that the site possesses all the resources required, including a viable building with outdoor space. Ideally, you will staff your IDEA Lab Kids franchise with local staff.

To be part of the IDEA Lab Kids team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for the existence of ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set liquid capital requirements. A typical franchise agreement runs for ten years. Franchisees may be allowed to renew their agreement at the conclusion of the contract if they meet the IDEA Lab Kids requirements.

Before making any financial commitment or signing an agreement, you must perform your due diligence and establish if this is the right opportunity for you. As part of your due diligence, you may want to speak to existing franchisees and ask the IDEA Lab Kids franchising team questions.

Company Overview

About Idea Lab Kids

Industry	Children's Businesses
Related Categories	Children's Enrichment Programs: STEM, Children's Enrichment Programs: Miscellaneous, Tutoring, Children's Education/Enrichment
Founded	2012
Parent Company	Lyricos Learning LLC
Leadership	Devina Bhojwani, President
Corporate Address	4201 Main St., #200-164 Houston, TX 77002
Social	Facebook, Twitter, LinkedIn, Instagram, YouTube

Business Overview

Franchising Since	2016 (8 years)
# of employees at HQ	15
Where seeking	This company is offering new franchises in the following US states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, West Virginia, Wyoming This company is offering new franchises in the following international regions: Canada
# of Units	16 (as of 2023)

Information for Franchisees

Here's what you need to know if you're interested in opening a Idea Lab Kids 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.	$35,500
Initial Investment 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.	$163,000 - $465,000
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.	$300,000
Cash Requirement Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.	$150,000 - $500,000
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.	8%
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.	1%
Term of Agreement 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.	10 years
Is franchise term renewable?	Yes

Training & Support Offered

Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.

On-The-Job Training	30-50 hours
Classroom Training	35-65 hours
Ongoing Support	Newsletter Meetings & Conventions Grand Opening Online Support Security & Safety Procedures Field Operations Site Selection Proprietary Software Franchisee Intranet Platform
Marketing Support	Co-op Advertising Ad Templates Regional Advertising Social Media SEO Website Development Email Marketing

Operations

Additional details about running this franchise.

Is absentee ownership allowed?	No
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.	No
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.	No
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.	Yes