Comet Cleaners Franchise Cost, Profit & Failure Rate 2024

Comet Cleaners Franchise

Comet Cleaners Franchise is one of the best-recognized brands in America that offers dry-cleaning services.

If you’re interested in joining the Comet Cleaners Franchise, you’re in the right place. This is a top choice for owning a dry cleaning franchise.

We will share facts about Comet Cleaners Franchise that can guide you in starting this franchise. Keep reading to learn more.

About Comet Cleaners Franchise

Comet Cleaner stands out in the dry-cleaning field. They work hard to provide the best dry cleaning and laundry service, and they are doing a great job.

The company has a wide market with 235 units across the U.S. The business model of the Comet Cleaners franchise is flexible.

They offer franchise chances to people without experience, and the investment needed is low.

Starting a new business can be tough with money, but they help with that. They charge only a one-time franchise fee. The franchise owners must also pay 5% every month.

They also give training and different kinds of help to the people who own a franchise.

Comet Cleaners Franchise Model

Cost Or FeesAmount
 Initial Investment$93,000 – $890,000
Area RequirementN/A
 Total Outlet235

Training & Support Of Comet Cleaners Franchise

Training & Support Of Comet Cleaners Franchise

Comet Cleaners offers a 14-day training program to all new franchise owners.

This complete program includes hands-on training with 111 hours and 15 hours in the classroom. The training covers important areas like dry-cleaning operations, managing people, advertising, and more.

In addition, Comet Cleaners helps with other things too. They give different kinds of support and advice on marketing. They also help you with the store layout and setting up equipment.

Term Of Renewal & Agreement

The intial agreement for a Comet Cleaners franchise is 10 years. When this time is up, you can renew, but the details about how long the new term will last are not given.

The usual time for renewing a franchise agreement in this industry is 5 to 10 years. But this can change depending on the rules and how well the franchise is doing.

If you want more information about renewing the franchise agreement, you can ask Comet Cleaners for a Franchise Disclosure Document or go to their official website.

Comet Cleaners Franchise Revenue & Profit

Comet Cleaners Franchise Revenue & Profit

The money made by a Comet Cleaners franchise can change based on things like the size, daily work, where it’s located, and how well-known it is.

The company hasn’t shared any details about the money made or profits for its franchises. But, looking at the usual money made in the dry cleaning business in the U.S., the average yearly profit is $67,000. So, Comet Cleaners’ earnings might be similar.

Payback Period Of Comet Cleaners Franchise

With an investment of $890,000 and an estimated average yearly profit of $67,000, a payback period can be calculated. So, to find out how long it will take to earn back the initial investment:

Payback Period = Investment / Yearly Profit = $890,000/ $67,000= 13.2 years

Based on these figures, it will take approximately 13.2 years to pay back the initial investment for Comet Cleaners. This time period could be longer or shorter depending on your sales, revenue, and profit figures.

Failure Rate Of Comet Cleaners

Franchised Outlets:

YearOutlets at the Start of the YearOutlets at the End of the YearNet Change

For the Franchised outlets:

  • In 2015, the failure rate was (1)/176×100≈0.56%
  • In 2016, the failure rate was (8)/175×100≈4.5%
  • In 2017, the failure rate was (16)/167×100≈9.58%

According to the above data, we can see that the number of outlets of Comet Cleaners is declining consecutively for 3 years, showing a failure rate between 0.56% and 9.58%.

Comet Cleaners Franchise Financial Assistance

Comet Cleaners and their partners don’t give direct help with money to start a franchise business.

However, they are approved by the SBA (Small Business Administration), so people starting a franchise can have a quicker and simpler time getting a loan. There are also other ways to get money for the franchise, like personal loans, regular loans, and using property as security for a loan.

Potential franchisees interested in dry cleaning can investigate opportunities with  CD One Price CleanerSpeed Queen LaundryTide Cleaner FranchisePressed 4-Time and OXXO Care Cleaners.

Comet Cleaners Comparison

CompanyComet CleanersZips Dry Cleaners
Founded In19471996
Initial Investment$93,000 – $890,000$600,650 – $769,500
Franchise-Fee$50,000$30,000 to $60,000
Total Outlet23512
Annual Revenue$396,000$5 Million

Frequently Asked Question

How many Comet Cleaners franchises are there?

Comet Cleaners has more than 235 units across the U.S.

Does the Comet Cleaners franchise offer finance?

Yes, Comet Cleaners franchisees offer a third-party financing option. 

Where is Comet Cleaners’ headquartered?

The headquarters of Comet Cleaners is located in Arlington, TX.

Is Comet Cleaners a franchise?

Comet Cleaners is one of the best-recognized brands in America that offers dry-cleaning franchises.

How much does a Comet Cleaners House Franchise Cost?

Opening a Comet Cleaners franchise requires an investment of $93,000 – $890,000 along withl $50,000 as an initial franchise fee.

Who founded Comet Cleaners?

Comet Cleaners was founded in the 1920s by R.L. ‘Jack’ Godfrey. Currently, Jack Godfrey Jr. is the President and CEO of the company.

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