Music Go Round vs Plato's Closet Franchise Comparison

Below is an in-depth analysis and side-by-side comparison of Music Go Round vs Plato's Closet including start-up costs and fees, business experience requirements, training & support and financing options.

Start-Up Costs and Fees
 
Music Go Round Franchise
Plato's Closet Franchise
Investment $294,900 - $366,900$251,700 - $390,700
Franchise Fee $15,000 - $25,000$25,000
Royalty Fee 3%5%
Advertising Fee -$1K/yr.
Year Founded 19861998
Year Franchised 19941999
Term Of Agreement 10 years10 years
Term Of Agreement 10 years10 years
Renewal Fee $5K5000


Business Experience Requirements
 
Music Go Round Franchise
Plato's Closet Franchise
Experience
  • Industry experience
  • General business experience
    		• -

    Financing Options
     
    Music Go Round Franchise
    Plato's Closet Franchise
      In-House/3rd PartyIn-House/3rd Party
    Franchise Fees No/NoNo/No
    Start-up Costs No/NoNo/Yes
    Equipment No/YesNo/Yes
    Inventory No/NoNo/Yes
    Receivables No/NoNo/No
    Payroll No/NoNo/No

    Training & Support
     
    Music Go Round Franchise
    Plato's Closet Franchise
    Training -On-The-Job Training: 30 hours Classroom Training: 48 hours
    Support Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperativesNewsletter Meetings/Conventions Toll-Free Line Grand Opening Online Support Security/Safety Procedures Field Operations Site Selection Proprietary Software Franchisee Intranet Platform
    Marketing Co-op advertising, Ad slicks, Regional advertisingCo-op Advertising Ad Templates Regional Advertising Social media SEO Website development Email marketing Loyalty program/app
    Operations 10% of all franchisees own more than one unit

    Number of employees needed to run franchised unit: 3

    Absentee ownership of franchise is NOT allowed. (95% of current franchisees are owner/operators)

    		Number of Employees Required to Run: 3 - 5

    Expansion Plans
     
    Music Go Round Franchise
    Plato's Closet Franchise
    US Expansion -Yes
    Canada Expansion NoYes
    International Expansion NoNo

    Company Overviews

    About Music Go Round

    In 1986, Bill Shell opened Hi Tech Consignments Inc., a Minneapolis-area buyer and seller of new and used musical instruments, gear and equipment. Seven years later, after the company was purchased by Winmark (formerly Grow Biz), it changed its name to Music Go Round. Music Go Round stores buy, sell, trade and consign new and used musical products. Winmark also franchises Once Upon A Child, Plato's Closet, and Play It Again Sports. Fill in form below for free consultation.

    About Plato's Closet

    Thank you for your interest in becoming a member of the Plato's Closet franchise family. Plato's Closet offers a truly unique retail franchise opportunity, as it is the only national teen retail store of its kind -- focusing on the buying and selling of gently used, brand-name apparel and accessories for girls and guys! We already have over 200 store locations throughout North America, and that number continues to grow. Our stores fill a distinct niche in the retail marketplace. We are the only national resale business that specializes in the teen and twenty something market group. The wish list for trendy, brand-name apparel and the availability of it in virtually every teen's closet presents fantastic opportunities for both franchise owners and customers alike. Making the decision to be your own boss and be in control of your future is an exciting adventure, and we appreciate being considered in your business search. A Plato's Closet franchise offers franchisees a very unique opportunity, based on a sound business model and the support of the parent company, Winmark Corporation. To learn more about this exciting franchise business opportunity, simply navigate through these informational pages. If you wish to take the next step in changing your future, contact us and a Franchise Developer will contact you with the next steps in the process. Fill in form to the right for free consultation.

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    #375 in Franchise 500 for 2020.
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