Noble Locksmith

Item 7 outlines startup costs from $82,200 to $187,600, with a $34,000 franchise fee that's moderate for home services but escalates via 7% royalties, 1% ad fund, and up to $500 monthly tech fees—pushing ongoing expenses higher than bare-bones competitors. Item 19 shines with average gross revenues of $198,334 and medians at $182,425 across existing units, suggesting solid top-line potential without massive overhead like retail space. For a service play, these figures imply feasible owner-operator scalability, though no profit breakdowns leave margins to math out around 15-25% after fees if expenses stay lean.

System maturity lags with just 13 franchise locations (plus one corporate) after +18% growth from 11 units in 2023 to 13 in 2024, and five new units projected—promising but unproven at scale. Two terminations flag early churn in a brand barely three years old, while five SBA loans averaging $214,000 carry a stark 20% default rate, double typical benchmarks and signaling financing risks or operational hurdles for borrowers. This combo suits hands-on investors eyeing underserved territories, but the high defaults and fees demand scrutiny before committing.