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Updated RecentlyGreat Minds Tutoring vs Idea Lab Kids Franchise Comparison
Below is an in-depth analysis and side-by-side comparison of Great Minds Tutoring vs Idea Lab Kids including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
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| Investment | $15,000 - And Up | $60,200 - $281,000 |
| Franchise Fee | $15,000 | $35,500 |
| Royalty Fee | 7-8% | 11%-9% |
| Advertising Fee | - | 1% |
| Year Founded | - | 1990 |
| Year Franchised | - | 2016 |
| Term Of Agreement | - | - |
| Term Of Agreement | - | - |
| Renewal Fee | - | - |
Business Experience Requirements |
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| Experience | - | Skills and abilities that we look for in a successful Idea Lab Kids® business owner. Are you genuinely interested in S.T.E.A.M? Do you understand the role S.T.E.A.M plays in today’s economy and society? Are you active in your community and hungry to make a positive impact in young minds? Are you self-directed, self-motivated and able to juggle through multiple priorities? Do you have a strong desire to learn, grow and have fun in the process? |
Financing Options |
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| In-House/3rd Party | In-House/3rd Party | |
| Franchise Fees | -/- | -/Yes |
| Start-up Costs | -/- | -/Yes |
| Equipment | -/- | -/Yes |
| Inventory | -/- | -/Yes |
| Receivables | -/- | -/- |
| Payroll | -/- | -/- |
Training & Support |
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| Training | - | On-The-Job Training: 50 hours Classroom Training: 30 hours |
| Support | - | Purchasing Co-ops Newsletter Meetings/Conventions Grand Opening Online Support Security/Safety Procedures Field Operations Site Selection Franchisee Intranet Platform |
| Marketing | - | Co-op Advertising Ad Templates National Media Regional Advertising Social media SEO Website development Email marketing Loyalty program/app |
| Operations | - | Our franchisee business partners will have the option of taking an active role in the business as the full-time General Manager or choose to hire a full-time Program Coordinator and serve as a consultant. Physical location is not required until 12-18 months in order to allow sufficient ramp up. |
Expansion Plans |
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| US Expansion | - | Yes |
| Canada Expansion | - | - |
| International Expansion | - | Yes |
Company Overviews
About Great Minds Tutoring
One System, Multiple Programs. The Whole Child Franchise
opportunity is unique. A business that makes a positive difference in
the lives of children, is inexpensive to run, and ultimately flexible to
develop the work-life balance you desire.
Any one of our stand alone franchise programs (Busy Bodies/Yo Yo Yoga/Great Minds) is attractively priced at $15,000. For a limited time we are offering a bundled option of all four franchise
programs for $29,500. The Whole Child is the only company in our sector that offers financing through our Flex-Financing program to exceptional candidates.
*Low startup cost
*Low overhead - No commercial location to maintain
*Extensive initial training in your territory and ongoing support
*Proven marketing system
*Comprehensive online franchise management tool
*Continuous curriculum development by our Educator Development Team
*The most innovative enrichment programs available
*Multiple disciplines offer maximum flexibility in the marketplace
The Power of Small
In this new economy retreat to the safety of a low cost, home managed business in the children's educational sector.
*Services are low cost, high value
*Affordable classes are successful across the socioeconomic spectrum
*Build a client/customer base enrolled in ongoing classes, creating consistent revenue
*High student retention rate - once children enroll they stay enrolled
*Seasonal and special event programs boost revenue
*Multiple programs + a variety of formats = flexibility to respond to the needs of your market
*In demand - parents continue to spend on education in the current economy
*Security - you will never fire yourself
In this new economy retreat to the safety of a low cost, home managed business in the children's educational sector.
*Services are low cost, high value
*Affordable classes are successful across the socioeconomic spectrum
*Build a client/customer base enrolled in ongoing classes, creating consistent revenue
*High student retention rate - once children enroll they stay enrolled
*Seasonal and special event programs boost revenue
*Multiple programs + a variety of formats = flexibility to respond to the needs of your market
*In demand - parents continue to spend on education in the current economy
*Security - you will never fire yourself
About Idea Lab Kids
Idea Lab Kids is an enrichment center dedicated to providing the most innovative S.T.E.A.M education in the form of afterschool camps, classes and birthday parties.
Our unique business model allows for two revenue generating sources:
Our unique business model allows for two revenue generating sources:
Onsite- Mobile camps and classes
Offsite- Physical Facility offering in house afterschool camps and weekend birthday partiesNote- Physical location is not required until 12-18 months in order to allow sufficient ramp up.
Idea Lab Kids engages K-8 students in supplemental Science, Technology, Engineering, and Math (S.T.E.A.M) education - giving them real academic advantage in school in addition to the skills and motivation they need
to prepare them for 21st century jobs. IDEA Lab Kids is a unique kids franchise opportunity that allows our franchisee business partners to build a financially viable business by providing multiple revenue streams. We are seeking to partner with driven professionals and investors who have a passion for building a profitable business while also making a positive impact in their community by providing S.T.E.A.M Education.
A background in childcare or education and a passion to educate kids is desirable to succeed as an IDEA Lab Kids franchisee. In the children's franchise industry, franchise owners today come from diverse backgrounds and have a common goal of making a difference in early childhood education and achieving financial success.
Veteran Incentives 5% off franchise fee
#316 in Franchise 500 for 2021. Not in Franchise 500 for 2020.