Miracle-Ear Franchise Sales, Costs & Profits (2024)

Established in 1948 by Kenneth Dahlberg, Miracle-Ear, Inc. has risen to prominence in the hearing aid and hearing care sector, with its headquarters located in Minneapolis, Minnesota. As a part of Amplifon, a leading name in the global hearing care and retail market based in Milan, Italy, Miracle-Ear has expanded its presence extensively throughout the United States.

The brand embarked on its franchising journey in 1983, quickly earning the reputation as the most recognized hearing aid brand within the U.S. It has dedicated itself to delivering cutting-edge hearing solutions and services aimed at enhancing the quality of life for individuals experiencing hearing loss.

Number of locations

Here’s how many franchised and company-owned Miracle-Ear there have been in the United States over the past few years.

Initial investment

Here’s what you can expect to spend to start a Miracle-Ear franchise.

Type of Expenditure	Amount
Initial Franchise Fee	$30,000
Prepaid Expenses – Franchise	$500 to $2,500
Prepaid Expenses – Location	$1,000 to $5,000
Travel and Living Expenses During Training	$1,500 to $5,000
Real Property, Build Out Costs	$20,000 to $150,000
Furniture, Fixtures and Equipment	$30,000 to $60,000
Signage	$1,500 to $10,000
Inventory	$5,000 to $10,000
Additional Funds – 3 months	$30,000 to $80,000
Total	$119,500 to $352,500

Note: The table above provides a snapshot of the main costs associated with starting the most common franchise format (as disclosed in the Item 7 of the Franchise Disclosure Document). For a complete overview of all the expenses involved with the various formats offered by the franchisor, please consult the Franchise Disclosure Document.

Franchise fees & Royalties

Here are the main ongoing fees the franchisor will ask you to pay going forward to run the franchise.

Initial Franchise Investment

The initial investment for franchisees includes a Licensing Fee of $20,000 and a Territory Fee calculated at $4,000 for every 100,000 individuals, subject to a minimum Territory Fee of $10,000 for regions encompassing up to 250,000 people.

Royalty Payments

Franchisees are required to pay a royalty of $48.80 for each Miracle-Ear® branded hearing aid and $30.15 for every AudioTone Pro device sold.

Customer Relationship Management (CRM) Fee

The CRM fee is determined by the size of the franchisee’s customer database, with a maximum charge of $570 per center each month.

Mandatory Local Marketing Spend

Franchise operators are mandated to dedicate a minimum of 10% of their “Net Sales” to local marketing initiatives.

Regional Advertising Fund Contribution

Contributions to the regional advertising fund are set by the regional advertising council and are capped at 10% of Net Sales.

Profits

Here’s how much revenue and profits you can expect to make with a Miracle-Ear franchise, as indicated by the franchisor.

How to apply

Opening a Miracle-Ear franchise involves several steps, designed to ensure you are a good fit for the franchise. Here are the main steps to follow to open a Miracle-Ear franchise.

1. Research and Self-Assessment

• Understand the Brand: Begin by thoroughly researching Miracle-Ear, including its history, values, and the support it offers to franchisees.
• Industry Insight: Gain a solid understanding of the hearing care industry to appreciate the market’s needs and how Miracle-Ear meets those needs.
• Self-Assessment: Evaluate your alignment with the franchise’s requirements and values, including financial capability, commitment to providing exceptional customer service, and willingness to participate in comprehensive training programs.

2. Initial Inquiry and Application

• Contact Miracle-Ear: Reach out to Miracle-Ear through their website or by contacting their franchise development team to express your interest.
• Submit an Application: You will need to complete a detailed application form, providing information about your financial status, business experience, and motivations for wanting to join the franchise.

3. Review and Approval Process

• Franchise Disclosure Document (FDD) Review: Miracle-Ear will provide you with their FDD, which contains essential information about the franchise opportunity. Review this document carefully with a franchise attorney to understand your obligations and rights.
• Financial Review and Approval: Your financial information will be reviewed to ensure you meet the financial requirements for opening a franchise, including the initial franchise fee, territory fee, and proof of access to additional capital for business operations.

4. Training and Support

• Comprehensive Training: Upon approval, you will undergo Miracle-Ear’s training program, which covers product knowledge, operations, marketing, and sales strategies.
• Site Selection and Development: With the support of Miracle-Ear, you will identify and develop your franchise location, ensuring it meets the brand’s standards and customer experience expectations.

Disclaimer

Disclaimer: This content has been made for informational and educational purposes only. We do not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the information presented in the article. You should not construe any such information or other material as legal, tax, investment, financial, or other professional advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any franchises, securities, or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the franchise and/or securities laws of such jurisdiction.

All content in this article is information of a general nature and does not address the detailed circumstances of any particular individual or entity. Nothing in the article constitutes professional and/or financial and/or legal advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content in this article before making any decisions based on such information or other content.