Start a Miracle-Ear Franchise in 2024

Franchise 500 Rank: N/R Not ranked last year

Initial investment: $120K - $353K

Units as of 2024: 1,591 4.9% over 3 years

Listen up! Miracle-Ear could be the sound investment you've been waiting for. The first Miracle-Ear hearing aids were manufactured in 1948 by Dahlberg Electronics. After beginning to franchise in 1983, Miracle-Ear has grown to be one of the highest-selling hearing aids in the United States. Headquartered in Minneapolis, Minnesota, Miracle-Ear usually provides free testing and consultation service, and their hearing aids typically come with special deals and warranties. The hearing aids are generally produced by Amplifon, a multinational company in Italy.

Miracle-Ear helps people with hearing disabilities hear better by amplifying sounds. The company has more than 1,400 locations throughout the United States.

Why You May Want to Start a Miracle-Ear Franchise

When you open a Miracle-Ear franchise, you may have the opportunity to manage your own business, and you just might receive access to all the resources and help needed to operate that business successfully. As you will find yourself in the hearing aid business, you may also get the opportunity to make a difference in people's lives by improving their quality of life.

The products are designed to help people who have a hearing disability. These hearing aids usually come with frequent checkups to see how the hearing aids perform and if they need any improvement or repairs. This means that running your Miracle-Ear franchise could be a continuous process of upkeep, potentially providing you with a revolving door of clients.

To open a Miracle-Ear franchise, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. It is also important to remember that ongoing fees, including advertising fees and royalty fees, will be part of your life as a Miracle-Ear franchisee.

What Might Make Miracle-Ear a Good Choice?

Many times in the past several decades, Miracle-Ear has been ranked in Entrepreneur’s Franchise 500 based on an evaluation of more than 150 data points. These include areas in costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.

There are currently more than 40 million people living in the United States with some degree of hearing loss. This may result in many consumers needing a place to purchase and maintain their hearing aids.

With current technology, more and more hearing aids are being made for less. Miracle-Ear has been making hearing aids since 1948 and has data and knowledge to share about this industry. They use this data to provide their franchisees with the help they need to function efficiently in their new business. The company usually offers services including business workshops, store location, marketing teams, best insurance deals and assistance, sales training, and more.

How to Open a Miracle-Ear Franchise

Many franchisees find that starting their own Miracle-Ear franchise is relatively straightforward, especially for those who meet all the requirements. During the process, a Miracle-Ear representative will usually send you all the requirements, as well as plans available for you. A franchise agent is often assigned to work closely with applicants as they go through the process of opening a Miracle-Ear franchise.

Is it time for you to help others experience the miracle of hearing?

Company Overview

About Miracle-Ear

Industry	Health & Wellness
Related Categories	Miscellaneous Health Products, Miscellaneous Health Services, Hearing Aids
Founded	1948
Parent Company	Amplifon
Leadership	Marco Casale, SVP & GM
Corporate Address	150 S. 5th St., #2300 Minneapolis, MN 55402
Social	Facebook, LinkedIn, YouTube

Business Overview

Franchising Since	1983 (41 years)
# of employees at HQ	150
Where seeking	This company is offering new franchises throughout the US.
# of Units	1,591 (as of 2024)

Information for Franchisees

Here's what you need to know if you're interested in opening a Miracle-Ear 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.	$30,000
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.	$119,500 - $352,500
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.	$75,000
Cash Requirement Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.	$25,000
Veteran Incentives Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.	10% off franchise fee
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.	$48.80/aid
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.	$75/aid
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.	5 years
Is franchise term renewable?	Yes

Financing Options

Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.

In-House Financing	Miracle-Ear offers in-house financing to cover the following: accounts receivable
Third Party Financing	Miracle-Ear has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment

Training & Support Offered

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

Classroom Training	34 hours
Ongoing Support	Purchasing Co-ops Newsletter Meetings & Conventions Toll-Free Line Grand Opening Online Support Security & Safety Procedures Lease Negotiation Field Operations Site Selection Proprietary Software Franchisee Intranet Platform
Marketing Support	Co-op Advertising Ad Templates National Media Social Media SEO Website Development Email Marketing Loyalty Program/App

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
# of employees required to run	2
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