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No, not really!
Generally speaking, if you are a motivated individual and know how to operate a web browser on a PC, tablet or phone, you can operate a moneymoves business with a little bit of training that is provided in your franchise fee.
That, together with good social skills and motivation should be all you need to be successful!
Realistically, you can be in business in as little as 2 weeks. Prospective franchisees must receive the moneymoves Risk Disclosure document 14 days prior to purchasing your franchise. After that, you can be trained and up and running within 2 weeks.
If you’re really keen, you can train while the 14 days period is running !
Not necessary!
You can be successful operating from a home office or from your existing office on a full-time or part-time basis. It all depends on how big you want your franchise to grow.
With moneymoves , the entire COUNTRY is your territory! Loan applications come from all across Canada. You choose which time zones you want to work and leads generated by moneymoves digital marketing are assigned an a rotating basis. Ask for our Franchise Disclosure Document for more information.
Yes you can!
In fact, this is a great source of additional revenue for your moneymoves franchise.
Your franchise will earn a sales commission of 10% of the franchise investment and an override on sales generated by each sub-Franchisee.
Please note that sub-Franchisee commissions and overrides apply only to those sub-franchisees that you have directly sold and whom you continue to support. Please refer to the Franchise Disclosure Document for further information.
The Initial Term of the moneymoves Franchise Agreement is for a five-year period. The Franchise Agreement can be renewed for successive five-year terms provided you are not in default of any provisions of your Franchise Agreement. There is no fee for renewing your Franchise Agreement.
Yes, you can! There is a detailed process outlined in the Franchise Agreement that outlines the process, timing and associated fees.;
Generally speaking:
1. You have to give notice of the pending sale;
2. moneymoves Inc. has a right of first refusal to purchase the franchise at the offered price;;
3. There is a $5,000 franchise fee payable at closing.
The core of the moneymoves platform is our Proprietary Automated Transaction Hub (PATH) where franchisees enter application data for a prospective customers. Once that data is entered, PATH automatically retrieves the customers’ credit bureau (Beacon or FICO score) from Equifax or Transunion and the platform applies the credit decision making criteria as stipulated by the lender. This results in a Status of either:
1. Declined
2. Approved; or
3. Co-Applicant Required
No need to do anything technical!
Each franchise purchases a non-exclusive limited use license to use PATH in their franchise. As part of the Franchise Fee, your instance of PATH is installed and configured for your business.
The software is hosted on a secure and encrypted server by Amazon Web Services (AWS) in the United States. All data is backed up periodically throughout the day.
You can access PATH from any PC, tablet or smart phone from wherever you are able to conduct business.
It’s as simple as that!
No. There are no licensing requirements to offer PATH F&I services.
You may qualify for a small business loan or other incentives base don your province of residence.
In addition, you may qualify for a loan of up to 75% of your initial franchise investment. Ask a moneymoves representative today to learn more or email us at [email protected]
moneymoves inc. will finance up to 75% of the initial investment at 5.0% annual interest. This is for qualified borrowers that have a minimum net worth and credit score. inc. will finance up to 75% of the initial investment at 5.0% annual interest. This is for qualified borrowers that have a minimum net worth and credit score. inc. will finance up to 75% of the initial investment at 5.0% annual interest. This is for qualified borrowers that have a minimum net worth and credit score.
moneymoves royalties are 15% of gross revenue, less allowable exclusions/deductions.
There are no minimum amounts payable each year.
In addition, franchisees are responsible for paying 4% of gross revenue as a national advertising royalty.
Yes, indeed there are!
Starting any business as a sole proprietor (a non-incorporated business) means that expenses that were previously personal in nature, may qualify as eligible deductions against your personal income. These expenses can even be deducted against your current salaried income while your business is in its “start-up” phase. These expense categories include:
1. Home Office Expenses – Rent, property taxes, insurance, utilities such as internet, phone and computer equipment
2. Meals and Entertainment Expenses – Ever get jealous when your friends take the lunch receipt with them as a write-off? Well, get used to being able to reduce your taxable income now that you are operating an active business!
3. Vehicle and Auto Repairs – Each year you can take a portion of your auto expenses and apportion them to your moneymoves franchise, depending on the amount of time you used your car in pursuit of income related to your franchise.
Yes, there are significant government incentives to start your own franchise business!
CRA recently announce an incentive program to accelerate the tax deductions related to assets purchased for use in a business. Although your Franchise Agreement restricts these deductions during the first 4 calendar years, the resulting cash flow benefit can be substantial.
CRA Announces Accelerated Investment Incentive
Investing an any new business can result in significant tax savings and cash flow benefits for the owner. That is especially the case if the franchise investment is financed.
In order to ensure conservative treatment of these deductions, the moneymoves Franchise Agreement restricts the amount of deductions that may be claimed during the first 4 calendar years of operations. Specifically, Franchisee shallnot claim capital cost allowance (“CCA”) and other deductions related to the commercial use of the License for tax purposes during the year of acquisition and the following 3 years in a total amount equal to or greater than the cost of the moneymoves Software License.
For more information, please consult the moneymoves Franchise Disclosure Document.
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