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LAST UPDATED: June 7, 2023FRANCHISE WEBSITE:&nbsp;<a href="https://franchise.idealabkids.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">https://franchise.idealabkids.com</a>NUMBER OF LOCATIONS:&nbsp;15REPORTED COST TO GET IN:&nbsp;$163,000 to $465,000REPORTED ROI (Item 19):&nbsp;$209,391 average sales in 2022<a href="https://1851franchise.com/lyricoslearning/info">IDEA Lab® Kids</a> is an early education franchise owned by&nbsp;<a href="https://lyricosllc.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">Lyricos Learning</a>® that offers a unique approach to innovative education and the application of cutting-edge technology to the learning process. Their model exposes children's minds to STEAM fields by employing an interdisciplinary system that brings together social sciences and art through STEAM (Science, Technology, Engineering, Arts and Maths). The&nbsp;<a href="https://franchise.idealabkids.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">IDEA Lab Kids</a> brand has positioned itself to be a leader in the growing STEAM education space with franchises in the U.S., Canada and internationally.&nbsp;<figure class="media"><div data-oembed-url="https://vimeo.com/354240416?embedded=true&amp;source=video_title&amp;owner=101893030"><div class="iframely-embed"><div class="iframely-responsive"><iframe src="//cdn.iframe.ly/api/iframe?app=1&amp;api_key=fd3b6b3731f34f55ba1fe3&amp;url=https%3A%2F%2Fvimeo.com%2F354240416%3Fembedded%3Dtrue%26source%3Dvideo_title%26owner%3D101893030" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen=""></iframe></div></div></div></figure><h3>How Many IDEA Lab Kids Locations Are There?</h3>In 2011, entrepreneur, computer engineer and mother of three&nbsp;<a href="https://www.linkedin.com/in/ghazalqureshi?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">Ghazal Qureshi</a> became interested in an after-school program that would provide an intellectually stimulating, hands-on educational experience for children. Qureshi began to host on-site camps and, by 2016, began to franchise the business across the world. Since then, IDEA Lab Kids has since grown to more than 11 franchises throughout the United States to go along with four locations in Canada.In the decade since being founded, IDEA Lab Kids has continued to innovate in order to keep up with the changing needs of today’s youth. For example, while originally focused on STEM,&nbsp;<a href="https://1851franchise.com/lyricoslearning/lyricos-learnings-steam-on-demand-is-a-stem-plus-arts-platform-that-districts-and-after-school-programs-find-easy-to-roll-out-2722339#franchisor">arts have been added</a> into the IDEA Lab Kids’ STEAM model geared to provide a comprehensive approach for childhood education. The brand also introduced&nbsp;<a href="https://1851franchise.com/lyricoslearning/idea-lab-kids-introduces-coding-program-integrates-into-after-school-programs-2720132#franchisor">coding classes</a> last year, integrated into its after school programs.&nbsp;Following the COVID-19 pandemic, IDEA Lab Kids has further developed its educational models by incorporating programs that allow easy access to&nbsp;<a href="https://1851franchise.com/lyricoslearning/how-idea-lab-kids-has-utilized-its-online-platforms-to-help-keep-communities-educated-and-entertained-2712830#franchisor">remote instruction</a>. Another initiative called IDEA Lab On-the-Go™ allows other facilities, such as school sites, libraries and museums, to bring the enrichment concept to them.IDEA Lab Kids is owned by parent company Lyricos Learning®, which is also the creator of&nbsp;<a href="https://1851franchise.com/lyricoslearning/lyricos-learnings-steam-on-demand-program-rolled-out-nationwide-in-2022-as-educators-and-students-enjoy-the-streaming-interactive-content-2721135">STEAM on Demand</a>®, a leading provider of streaming interactive content and tools for planning and leading standards-aligned, engaging and fun TK-6 STEAM hands-on lessons.<h3>What Is the IDEA Lab Kids Business Model?</h3>An acronym for Innovate, Discover, Explore, Achieve, IDEA Lab Kids is an&nbsp;<a href="https://www.idealabkids.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">enrichment facility</a> that offers diversified revenue streams through onsite&nbsp;<a href="https://www.idealabkids.com/classes/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">after-school classes</a>, pop-up workshops, birthday parties, preschool programs, workshops and summer camps. Children can take game design, virtual reality, robotics, coding and cooking classes. They also may get to play and interact with others.&nbsp;At the franchise locations there are four options for students:&nbsp;<ol><li>After School Program (with transport): Full enrichment program with transportation from nearby schools to an IDEA Lab Campus for homework assistance, classes and more.&nbsp;</li><li>Home School Programs: Parents can bring their children during school hours to enroll in one or more classes per week for a semester.&nbsp;</li><li>Individual Classes: Participants can enroll in one or more classes per week for a semester.&nbsp;</li><li>STEAM Membership: This month-to-month membership plan includes access to any of the hands-on workshops being offered, subject to space availability.&nbsp;</li></ol>Meanwhile, the IDEA Lab On-the-Go™ program takes the same content offered at IDEA Lab Kids facilities to schools, libraries, daycares, community centers and more.&nbsp;Another revenue stream franchisees can take advantage of are the IDEA Lab Kids Summer and Seasonal Camps. Students can join weekly STEAM half day and full day summer camps or school break day camps. A diverse curriculum offers camps from coding to cooking and everything in between.&nbsp;Birthday parties are another option that franchisees can implement on weekends. These allow families to select from over 40 themes for children ages 2-14.<figure class="media"><div data-oembed-url="https://vimeo.com/354294697?embedded=true&amp;source=video_title&amp;owner=101893030"><div class="iframely-embed"><div class="iframely-responsive"><iframe src="//cdn.iframe.ly/api/iframe?app=1&amp;api_key=fd3b6b3731f34f55ba1fe3&amp;url=https%3A%2F%2Fvimeo.com%2F354294697%3Fembedded%3Dtrue%26source%3Dvideo_title%26owner%3D101893030" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen=""></iframe></div></div></div></figure><a href="https://1851franchise.com/lyricoslearning/idea-lab-kids-first-franchisee-set-to-expand-in-austin-summer-2721928#franchisee">IDEA Lab Kids franchisees</a> recruit top talent from nearby universities to empower young learners in a safe, healthy environment. Classes provide a 12:1 student-to-instructor ratio to ensure personalized instruction for students of all levels. With more than 50 innovative STEAM courses, the franchise’s ever-evolving menu of fun and learning experiences has reached more than 25,000 IDEA Lab students and alumni.<h3>How Much Can IDEA Lab Kids Franchise Owners Make?</h3>According to the IDEA Lab Kids 2023 FDD and Item 19, historic financial performance representations of franchise-owned outlets for the last four years are as follows:<img src="https://lh5.googleusercontent.com/R1_VuzEUiliY3ZGW3ccjnKNhD6-yFaUc0MyUOQUFmICgOV1B1GdLLai_N3-406OvHRIFLQR9OSkV97mtp7g22ZuKujXCcJKQhViuyu7gdvmso32E7xawa2RdeqoD5z5iC3zP3RG9P5zbMtTn2vo6d3w"><h3>How Much Does It Cost to Open an IDEA Lab Kids?</h3>The total investment necessary to begin operation of an Idea Lab Kids franchise is $163,000–$465,000. This includes $40,500 that must be paid to the franchisor or affiliate.&nbsp;This includes:<img src="https://lh6.googleusercontent.com/E0oxEPfCfCU9ximOQb49xGQxb1dtJYPmDRsZ4eD4XSFnclGMU8DAZ7lM0Vh7dI5Q7z9bO8ititYfnVZivOpksLgYFUzYoi1sDLEzYr26aKe12eyBzJK-4G8bP5ai4QbIJLE-DxZIg5jVMa2bo66KqU0"><img src="https://lh4.googleusercontent.com/j8v0OK4NxYq1rM0ejuNF2QgsC3_AyFt2f5pR0IIHoGap39XzdWn4V-p_H6YcMDXTUuEqey5tZ9dezKVQmniLlH1CGwfm_FW4Zu8RlpGUkGw8_rhCt0eOs7kN3wVkmZsa5iE132VIBqQbfKQOsn9UU8A"><img src="https://lh3.googleusercontent.com/W-iDVAvRlJjQCtDKI_R2LtHplbRbwaeIZXaLl4S-Pl7K2rYeSqvhgNG9KOUVpHbLsQMioaXSIxpXF9DAq5240oDGP1H5LgdOOTVTHSIUzgTBsyz7E4FEibrxxFCl5I5LuEFoSWTLYEpdeay5lAnJN_A">The total investment necessary to begin operation under a three- to five-unit Multi-Unit Development Agreement is $224,350–$585,370. This includes $105,850–$129,250 that must be paid to the franchisor. You must develop at least three IDEA Lab Kids units that you are required to develop under the Multi-Unit Development Agreement.This includes:<img src="https://lh6.googleusercontent.com/E5bTfY8j_nlLhzxCAWOll2CJ5ZmlbmBzdoxcIBrF0mDYHZoJ9GNBEMX32L6Hd96PS6QGKie9RFWkg6JkZ_HUvySGx0p0vBeEBQBTq_pmqDOkVY6g5VkOhqLqRNUb8qlQhIzDn8hnoUhoo27HgT6sJJg"><h3>What Is the Franchise Fee for IDEA Lab Kids?</h3>The initial franchise fee is $35,000.<h3>Who’s on the IDEA Lab Kids Leadership Team?</h3><ul><li><a href="https://www.linkedin.com/in/devina-bhojwani-3452053/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">Devina Bhojwani</a>, President of Lyricos Learning</li><li><a href="https://www.linkedin.com/in/ghazalqureshi?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">Ghazal Qureshi</a>, Founder of IDEA Lab Kids</li><li><a href="https://www.linkedin.com/in/andrea-coan-?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">Andrea Coan</a>, Director of Client Success</li><li><a href="https://www.linkedin.com/in/adam-gockley-a50a0522/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-idea-lab-kids-franchise-costs-fees-profit-and-data-2722797" target="_blank" rel="nofollow">Adam Gockley</a>, IDEA Lab Kids’ First Franchisee</li></ul><h3>What Helpful Articles Can I Read to Learn More About IDEA Lab Kids?</h3><ul><li><a href="https://1851franchise.com/lyricoslearning/pickering-mother-spearheading-growth-of-idea-lab-kids-in-ontario-due-to-lack-of-stem-options-to-teach-children-important-skills-2722529">Pickering Mother Spearheading Growth of IDEA Lab® Kids in Ontario Due to Lack of STEM Options to Teach Children Important Skills</a></li><li><a href="https://1851franchise.com/lyricoslearning/lyricos-learnings-steam-on-demand-is-a-stem-plus-arts-platform-that-districts-and-after-school-programs-find-easy-to-roll-out-2722339">Lyricos® Learning’s STEAM on Demand® is a STEM plus Arts Platform that Districts and After School Programs Find Easy to Roll Out</a></li><li><a href="https://1851franchise.com/lyricoslearning/idea-lab-kids-celebrates-international-space-day-with-engaging-activities-for-children-2722270">IDEA Lab Kids Celebrates International Space Day with Engaging Activities for Children</a></li><li><a href="https://1851franchise.com/lyricoslearning/why-idea-lab-kids-could-be-a-great-choice-for-prospective-franchisees-right-now-2721964#featured">Why IDEA Lab® Kids Could Be a Great Choice for Prospective Franchisees Right Now</a></li><li><a href="https://1851franchise.com/lyricoslearning/idea-lab-kids-first-franchisee-set-to-expand-in-austin-summer-2721928">IDEA Lab® Kids’ First Franchisee Set To Expand in Austin Summer</a></li><li><a href="https://1851franchise.com/lyricoslearning/lyricos-learnings-steam-on-demand-program-rolled-out-nationwide-in-2022-as-educators-and-students-enjoy-the-streaming-interactive-content-2721135">Lyricos Learning’s STEAM on Demand® Program Rolled Out Nationwide in 2022 as Educators and Students Enjoy the Streaming Interactive Content</a></li><li><a href="https://1851franchise.com/lyricoslearning/idea-lab-kids-appoints-devina-bhojwani-as-chief-executive-officer-2712493">IDEA Lab Kids Appoints Devina Bhojwani as Chief Executive Officer</a></li></ul>Disclaimer: This content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on this site constitutes a solicitation, recommendation, endorsement, 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 advice, nor does any information in the email 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.&nbsp;

Franchise Deep Dive: IDEA Lab® Kids Franchise Costs, Fees, Profit and Data

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In the rapidly-growing enrichment learning space, this concept stands out thanks to its unique STEAM-focused approach, emphasis on creativity and easy-to-access remote instruction. 


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Franchise Deep Dive: IDEA Lab® Kids Franchise Costs, Fees, Profit and Data

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