Fastest Labs
Drug, alcohol, and DNA testing, background screening- 2022 Franchise 500 Rank
-
#436 Not ranked last year
- Initial investment
-
$91K - $123K
- Units as of 2022
-
75 87.5% over 3 years
Here’s what you need to know if you’re interested in opening a Fastest Labs franchise.
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
Franchising Overview
- Franchising Since
- 2010 (12 years)
- # of employees at HQ
- 7
- Where seeking
-
This company is seeking new franchisees 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, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
- # of Units
- 75 (as of 2022)
Franchisor Information
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
- $49,500
- Initial Investment
- $91,150 - $122,700
- Net Worth Requirement
- $150,000 - $200,000
- Cash Requirement
- $50,000 - $75,000
- Veteran Incentives
- Territory size doubled
- Royalty Fee
- 7%
- Term of Agreement
- 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
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Purchasing Co-opsNewsletterMeetings & ConventionsGrand OpeningOnline SupportField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
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Ad TemplatesSocial MediaSEOWebsite DevelopmentEmail Marketing
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- No
- Can this franchise be run from home/mobile unit?
- No
- Can this franchise be run part time?
- No
- # of employees required to run
- 1-3
- Are exclusive territories available?
- Yes
Franchise 500 Ranking History
Compare where Fastest Labs landed on this year’s Franchise 500 Ranking versus previous years.
Additional Rankings
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