Qualifications/Financing/Ownership
Qualifications
Q: What qualifications does Wine Kitz seek in a prospective franchisee?
Following is a list of ideal qualifications for a person suited to be a franchisee:
- You need to love wine! However you do not need to be a Sommelier.
- Enjoy being part of a team. Our core strength comes from the commitment of all of our franchisees to our high standards of operations.
- Love Customer Service
- Enjoy sales, promoting and marketing
- Enjoy being active
- Comfortable with computers
- Have access to at least $50,000 in unencumbered cash and the necessary financial qualifications to secure financing from your bank of choice
- Community oriented
- Well organized
- Ability to lift 55lbs. This is the weight our 23 Litre Wine Kits.
Financing
Q: Is there any financing available?
Wine Kitz does not offer any financing. Currently one of the most popular forms of financial assistance is the Canada Small Business Financing Act (CSBFA). This is a government guaranteed loan program that is offered by all of the major financial institutions. The CSBFA is well suited to our Franchise business in that the loan amount can be up to 90% of the cost of eligible purchases. A further benefit to the CSBFA is that the maximum amount of your respective personal guarantee is limited to 25% of the original loan. For more information about the CSBFA, please click here.
As noted, the CSBFA is a very popular financing source for new franchisees, however there are many other forms of financing available and after further review may present a better option than the CSBFA. Whichever financing option you choose, you should confirm that your bank offers a simplified application process and quick turnaround times. We will be happy to assist you with the process as required.
Q: What is working capital and why do I need it?
Working capital is the amount of extra money that you will need to live and keep your Wine Kitz franchise operating until it becomes profitable. The amount of working capital required is completely dependant on the financial performance of the store. We suggest you have a minimum of $50,000 in cash reserves available.
Ownership
Q: Do I need to actually work in my store(s)?
Yes. Unless you already have an experienced QSR organization, you must be willing to work in your store and remain continuously involved in the day-to-day operation of your business.
Please see our Testimonials section for comments from happy and successful Wine Kitz Franchisees.
