General

Industry

Professional Business Services

Category

Business Support

SBA Identifier

Year of Founding

2015

Fees

Marketing Fee

2%

Royalty Fee

8%

Franchise Fee

$25,000-$30,000

Investment Range

$61K-$236K

Location units

Total U.S. Locations

8

U.S. Franchised Units

4

U.S. Corporate Units

4

Headquarters (City)

Denver

Other

Item 19 - Franchise Financials

No

Financing Availability

-

Started Offering Franchises

2015

Issuance of FDD Data

10/02/2018

What to know about SonderMind franchise?

SonderMind franchisees operate a business that provides business support services, marketing services, office space rental, and information technology services to mental health service providers in a private practice setting (“SonderMind Business(es)”).

SonderMind is based in Denver, CO. Scroll down to learn more!

How much does a SonderMind franchise cost?

Are you wondering how much is a SonderMind franchise? Before starting a SonderMind franchise, it is important to know the franchise fee, working capital and other costs required to start the business.

The minimum investment amount required to open a SonderMind franchise is $61,200 and can go all the way up to $235,500. Keep in mind, you should also allocate additional funds to live off of while the SonderMind business ramps up. This can take as little as 6 months to over 2 years depending on the franchise opportunity. You should speak to at least 5 SonderMind franchisees to understand the true cost of opening the franchise and how long it takes to: 1) start a SonderMind business 2) pass break even 3) hit significant income.

After (and if) you pass the point of earning significant income from your SonderMind franchise, there may be enough margin to hire a day-to-day manager and work less hours in the business.

Franchise Net Unit Growth

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Franchise Data

Year Start of Year Units Opened Units Closed End of Year
2016 4 1 0 4
2017 4 0 0 4

Additional Details

How much does a SonderMind franchise owner make?

SonderMind franchise earnings and revenue can vary significantly from one franchisee to another.
The SonderMind franchise owner profits can be influenced by labor costs, lease rates, hours worked as well as other factors.

SonderMind unfortunately does not disclose financials on how much SonderMind franchise owners make. This means they do not disclose sales or earnings for franchisees operating in the U.S.

Every franchisor is required by law to disclose income statements and balance sheets for how the franchisor is performing but not for the franchisee level. Unfortunately, SonderMind does not make it easy to understand franchisee financial performance. This can be seen as a red flag and it is important to be that much more diligent in your conversations with SonderMind franchisees. Do note that SonderMind is not alone as about 40% of franchises do not disclose franchisee financial performance.

At Vetted Biz, we suggest you to speak with 5 to 10 SonderMind franchisees to understand how much money they are making from their SonderMind business.

You should also speak to former SonderMind franchisees to understand why they left the system. Did they sell their SonderMind at a profit? Were they forced to close their SonderMind franchise down because it kept losing money?

What is the SonderMind franchise fee?

Owning a SonderMind franchise requires 8% royalty fee and 2% marketing fee. These two expenses represent the main ongoing costs you can expect to pay the franchisor throughout the franchise relationship. There may be other ongoing fees disclosed in the SonderMind Franchise Disclosure Document

Keep in mind, there is also an initial SonderMind franchise fee of $25,000 that is included in the initial investment amount of $61,200 to $235,500. Depending on the franchise agreement you sign, you might have to pay the full franchise fee again if you decide to extend the SonderMind franchise relationship. Consult with a licensed franchise attorney to understand exactly what you receive for paying the SonderMind franchise fee of $25,000.

Visit the SonderMind metrics tab to explore the financials for this business, royalty and marketing fees compare to other Professional Business Services franchises. You can also compare these fees for 2,000+ franchises currently offered in the U.S.

When was SonderMind founded?

SonderMind started offering franchises in 2015. SonderMind was founded 7 years ago in 2015.

At Vetted Biz, we recommend franchises have 3-5 corporate locations and 5+ years of experience before offering a franchise. There needs to be proof that the business model works and is replicable before offering the franchise to other!

How many SonderMind locations are in the U.S.?

As of 2018, there were 4 locations across the U.S. There are also 4 corporate locations. Most Professional Business Services franchises like SonderMind have more franchised locations than corporate locations.

How many SonderMind franchises opened over the past few years?

Over the prior 3 years we have data for, SonderMind has opened 1 outlets throughout the U.S. Visit the SonderMind metrics tab to explore how the openings compare to other Professional Business Services franchises.

How many SonderMind franchises closed over the past few years?

Over the prior 3 years we have data for, SonderMind has closed 0 outlets throughout the U.S

Visit the SonderMind metrics tab to explore how the openings compare to other Professional Business Services franchises.

Is SonderMind growing? Are they opening more locations than they are closing?

The net unit growth rate for SonderMind over the past 3 years is 0%. Over the last year we have data for, SonderMind had a net unit growth rate of 0%.

Without a comparison, this number doesn’t mean much. Compare how the SonderMind growth rate compares to 2,000+ other franchises and Industry franchises like SonderMind. More info in the SonderMind metrics tab.

Is SonderMind franchise eligible for an SBA Loan?

SonderMind is not eligible for SBA loans including the 7(a) loan last time we checked.

SonderMind franchise does not have a SBA Franchise ID and was not in the SBA Franchise Directory. The SBA Franchise Directory will only include business models like SonderMind that are reviewed and found eligible under SBA’s affiliation rules and other eligibility criteria.

To find out more about the SBA loan program for franchising click here.

Is SonderMind a franchise in the United States?

According to the SBA, SonderMind does not meet the Federal Trade Commission (FTC) definition of a franchise.

Many popular brands like Starbucks and Topgolf are not franchises in the U.S. but franchise outside of the United States. Be sure the franchisor provides you with an updated Franchise Disclosure Document as this is one of the key indicators that the business opportunity is truly a franchise in the U.S.

The FTC Franchise Rule requires franchisors to provide all potential franchisees with a disclosure document (FDD) containing 23 items of about the franchise, its officers, and other franchisees. Be sure that SonderMind provides you with an FDD if you are in discussion to buy a SonderMind

What is the SonderMind Franchise for Sale Rate?

The SonderMind systemwide health and franchisee satisfaction can be measured by the SonderMindfranchise for sale rate. The franchise for sale rate is calculated by the percentage of units transferred to new franchisees and reacquired by franchisor.

SonderMind franchise for sale rate over the past 3 years is 13%. Over the last year we have data for, SonderMind had a franchise for sale rate of 0%.

Without a comparison, this number doesn’t mean much. Compare how the SonderMind franchise for sale rate compares to 2,000+ other franchises and Industry franchises like SonderMind. More info in the SonderMind metrics tab.

What is the SonderMind Franchise Failure Rate?

SonderMind franchise failures comprise franchise terminations, franchise non-renewals, and franchises that ceased operations for other reasons. The failure rate is one of the most important franchise metrics to consider when investing in a franchise!

SonderMind failure rate over the past 3 years is 0%. Over the last year we have data for, SonderMind had a franchise failure rate of 0%.

Without a comparison, this number doesn’t mean much. Compare how the SonderMind franchise for sale rate compares to 2,000+ other franchises and Industry franchises like SonderMind. More info in the SonderMind metrics tab.

How can I find out more details on SonderMind franchise?

Visit the SonderMind metrics tab to explore franchise profitability, industry comparables and more. Become a Vetted Member today today for exclusive access on this franchise opportunity!

Investment Midpoint

The average of the low and high range of the investment amounts calculated from the most recently available Franchise Disclosure Document

SonderMind

$148,350

Industry median

All franchises median

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Royalty Fee

The median royalty fee from the Franchise Disclosure Document

SonderMind

8%

Industry median

All franchises median

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Franchise Fee Midpoint

Payment that the franchisee must pay to the franchise owner in order to start a franchise.

SonderMind

$27,500

Industry median

All franchises median

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Item 19 – Financial Performance Representations

Historical financial performance representations

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Franchise Financials

Franchisor company financial information and financial performance representations, if disclosed by the franchisor.

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General

Industry

Professional Business Services

Category

Business Support

SBA Identifier

Year of Founding

2015

Fees

Marketing Fee

2%

Royalty Fee

8%

Franchise Fee

$25,000-$30,000

Investment Range

$61K-$236K

Location units

Total U.S. Locations

8

U.S. Franchised Units

4

U.S. Corporate Units

4

Headquarters (City)

Denver

Other

Item 19 - Franchise Financials

No

Financing Availability

-

Started Offering Franchises

2015

Issuance of FDD Data

10/02/2018

Detailed Franchise metrics for SonderMind

Detailed Franchise Metrics are metrics calculated and reviewed by Vetted Biz. You can find the available metrics for SonderMind below. “N/A" or Not Applicable results mean that there is not enough data available to compute a precise rate or that the result is not mathematically computable. When results are not mathematically computable, you should pay attention to the absolute values (#) instead of the percentage rate itself.

Growth Rate

The percentage change of total franchise units from one year to the next by franchisor.

 

1 year

3 years

SonderMind

0%

0%

Industry median

All franchises median

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Franchise for Sale Rate

The percentage of units transferred to new franchisees and reacquired by franchisor.

 

1 year

3 years

SonderMind

NA

13%

Industry median

All franchises median

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Failure Rate

Franchise failures comprise franchise terminations, franchise non-renewals, and franchises that ceased operations for other reasons.

 

1 year

3 years

SonderMind

NA

0%

Industry median

All franchises median

Unlock premium content

Business details

Company Name

https://www.sondermind.com/

Business email

**********@******.com

Mailing address

1738 Wynkoop Street Suite 302

State headquarters

Colorado

Owner Name

SonderMind

Phone

+1 (000) 0********00

City

Denver

Zip code

80202
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