Start a Fastest Labs Franchise in 2024

2024 Franchise 500 Rank: #466 Ranked #438 last year

Initial investment: $101K - $154K

Units as of 2023: 138 181.6% over 3 years

Fastest Labs opened in 2000 as a drug, alcohol, and DNA lab collection company that gives its customers timely, accurate, and reliable solutions. In 2010, Fastest Labs became a franchise and expanded its reach across the United States, opening more than 45 units in multiple territories. The fast growth is attributed to Fastest Labs' commitment to excellence and providing customers accurate results–fast.

In its nationwide expansion, Fastest Labs seeks to grow its franchise team to reach new markets in Texas, the Great Plains, the South, and Southwest regions, where demand is peaking.

For potential franchisees, Fastest Labs welcomes individuals with sales, customer service, and marketing experience to run daily full-time operations at franchise locations. Potential franchisees don't need any medical expertise to run a Fastest Labs franchise—they'll provide the training.

Why You May Want to Start a Fastest Labs Franchise

Fastest Labs has built its reputation as a reliable provider of drug, alcohol, and DNA testing services with affordability and timeliness to both individual and business customers. Starting a Fastest Labs franchise may offer growth, independence, and local ownership opportunities.

One factor that differentiates Fastest Labs from its competition is its ability to uphold professionalism, reliability, and confidentiality in its operations. To franchisees, Fastest Labs guarantees a brand that is marketable and reputable in the market.

Fastest Labs' mission is to deliver unrivaled customer care and premier services. For customers, Fastest Labs is a reliable provider that provides services ASAP. Upon each visit, the company strives to allow customers to receive service less than 5 minutes after walking through the door. Running a Fastest Labs franchise is a chance to address critical community needs.

What Might Make a Fastest Labs Franchise a Good Choice?

To be part of the Fastest Labs team, you should make sure you're financially ready for an initial investment and potential setup fees. Franchisees will need to pay an initial franchise fee. Additionally, franchisees will need to meet a company's set net worth and liquid capital threshold. Franchisees may need to pay ongoing royalty fees, usually due on a percentage of gross income. Fastest Labs offers an option to renew a franchise after a term of seven years if both the company and franchisee are content with their progress.

How Do You Open a Fastest Labs Franchise?

As a potential franchisee, those interested should submit an inquiry. A franchise representative may contact you if you appear to be a good fit. As you make your decision regarding whether to open a Fastest Labs franchise, make sure you take time to explore the opportunity. Research the brand and your local area to see if a franchise would do well in your community. While competition is healthy, too much of it will not allow for possible growth.

After passing the first franchise steps, you may receive the territory demographic review. You may travel to San Antonio, Texas, to meet the organization and complete the territory approval process. On this trip, new franchisees attend dozens of hours of classroom training and later receive on-the-job training.

Beyond the initial training, the Fastest Labs team will be with you throughout the process, as ongoing guidance and marketing are offered as you operate your franchise.

Company Overview

About Fastest Labs

Industry	Services (Other)
Related Categories	Laboratory Services, Miscellaneous Business Services, Miscellaneous Services, Health & Wellness
Founded	2000
Parent Company	Fas-Tes Franchise Systems LLC
Leadership	David Claflin, CEO
Corporate Address	5718 University Heights, #105 San Antonio, TX 78249
Social	Facebook, Twitter, LinkedIn, YouTube

Business Overview

Franchising Since	2010 (14 years)
# of employees at HQ	14
Where seeking	This company is offering new franchises in the following US states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
# of Units	138 (as of 2023)

Information for Franchisees

Here's what you need to know if you're interested in opening a Fastest Labs franchise.

Financial Requirements & Ongoing Fees

Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.

Initial Franchise Fee Definition: The initial fee paid to a franchisor to join their system What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.	$59,500 - $80,500
Initial Investment Definition: The total amount necessary to begin operation of the franchise What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.	$101,150 - $153,700
Net Worth Requirement Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.	$150,000 - $200,000
Cash Requirement Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.	$50,000 - $75,000
Veteran Incentives Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.	Territory size doubled
Royalty Fee Definition: A ongoing fee paid to the franchisor on a regular basis. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.	7%
Ad Royalty Fee Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts. What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.	2%
Term of Agreement Definition: The length of time your franchise agreement will last. What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.	10 years
Is franchise term renewable?	Yes

Financing Options

Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.

Third Party Financing	Fastest Labs has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll

Training & Support Offered

Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.

On-The-Job Training	5 hours
Classroom Training	52.5 hours
Ongoing Support	Purchasing Co-ops Newsletter Meetings & Conventions Grand Opening Online Support Field Operations Site Selection Proprietary Software Franchisee Intranet Platform
Marketing Support	Ad Templates Social Media SEO Website Development Email Marketing

Operations

Additional details about running this franchise.

Is absentee ownership allowed?	No
Can this franchise be run from home/mobile unit? Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.	No
Can this franchise be run part time? Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.	No
# of employees required to run	1-3
Are exclusive territories available? Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened. What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.	Yes