One of the things that makes a franchise such a valuable opportunity is the exclusivity of the territory. No other Bin There Dump That franchise operator will compete with you for customers. Most franchise operators begin as a single territory operation. Those individuals start with one truck and an inventory of 12 bins. The startup cash is approximately $75,000. Often, over the first 12 months the business grows by adding more equipment (i.e., bins and another truck). STOs (single territory operation) can add trucks and bins and, if the situation is right, new territories.
But for some franchise operators, though, one territory is not enough. Some people don’t want to take the slow and steady approach.
If you’re one of those people, Bin There Dump That’s City Builder 3-Pack program might be just the option you’ve been seeking.
A Quick Start
If your vision is to start larger, grow more quickly and become a City Builder (CB), your initial investment is higher: $120,000 in franchise license fees for a three-territory package. This rapid ramp-up approach is designed to allow the City Builder to grow quickly and establish Bin There Dump That as the area’s market leader in a short amount of time. You will start with an office, two trucks and a minimum of 24 to 36 bins.
Larry Williams, a franchise operator in Central New York, took that approach. While many new business owners start small, working from their homes and counting only themselves as employees, Williams purchased a 9,000-square-foot building with plenty of rooms for trucks he doesn’t have and space for employees he hasn’t yet hired.
Admittedly, the CB approach is not for everyone. To make it as a CB requires more money and more experience than the traditional STO approach.
The capital outlay is usually in the form of leveraged leasing, loans or outright purchase. The total investment to start is approximately $180,000 using the leasing option or approximately $260,000 if you purchase your bins outright. The total capitalization required to build a business in year one will range from $300,000 to $390,000, depending on the rate of business growth.
The minimum net worth requirement for the City Builder is $500,000 and your credit score should exceed 740.
The Bin There Dump That Advantage
If you have already looked at purchasing existing businesses, reviewed their P&L’s and still haven’t found what you’re looking for, then this fun, interesting, un-sexy business of dumpster/bin rentals might be just what you’ve been seeking.
Several factors make Bin There Dump That attractive to C-class executives, including:
- Recession resistant nature
- Unique niche in a huge market
- Indestructible, tangible assets (bins)
- Loyal & few employees needed
- Investment to ROI potential
- Lifestyle-friendly nature
Those with the capital to join Bin There Dump That as a City Builder have some upfront advantages. It gives you a jumpstart on business growth. Also, having more of a presence in an area offers potential customers a sense of comfort. It gives them a sense that the business is larger and more stable.
City Builder Details
Not every territory is fit for the City Builder program.
To qualify, an area must have at least 350,000 Single Family Dwellings. Most STOs operate out of a home office to start; City Builders are expected to have a minimum office space of 500 square feet. The employee requirements for the single territory are minimal. The City Builder franchise operator needs to have a full-time inside sales/dispatcher and 2 to 3 part time drivers.
The franchise owner of a STO might wear multiple hats while the City Builder owner will spend full time in business development and general management.
The equipment requirements for the City Builder are obviously going to be greater that for the single territory operator. The CB will need one Ford 550 series and one Ford 650 series (or equivalent) and 24 bins to start with, adding 24 more within six months of opening.
Ready to begin the process of becoming a Single Territory Operator or City Builder? Fill out our Request for Consideration form to officially get started.
If you’re not 100 percent sure a franchise is for you, download our FREE franchise vs. independent business infographic to learn more. And check out our website for more information on Bin There Dump That.