I'Milky franchise
2024 filing · March 20, 2024Growing
I'Milky at a glance
A shop selling bubble tea, brewed tea and other hot and cold drinks. At the end of 2023 there were 6 I'Milky locations in the US, 4 franchised and 2 company-owned.
The business
- Franchisor
- I'Milky Franchise Group Inc
- The company that sells the franchises
- Franchisor based in
- New York, New York
- Typical size
- 330–1,000 sq ft
What you pay
- Cost to open
- $250K–$591K
- Fee, build-out and opening working capital
- Franchise fee
- $40,000
- Plus a $15,000 security deposit
- Royalty
- 5.5%
- 5.5% of gross sales, paid monthly, plus 1% to the brand fund
- Brand fund
- 1%
- 1% of gross sales, paid monthly; it can rise to 2%
- Renewal fee
- $15,000
- When the agreement ends and you sign again
- Franchisor financing
- None offered
Where it is
- US locations, 2023
- 6
- Franchised and company-owned
- Franchised
- 4
- Company-owned
- 2
- Change in 3 years
- +4
- Franchised locations, 2021–2023
- States
- 2
- Most in New York and New Jersey
From I'Milky Franchise Group Inc’s 2024 filing; SBA status from the SBA Franchise Directory, October 28, 2026.
Where it ranks
I'Milky among all franchises with the same figure.
| Figure | I'Milky | Among all franchises |
|---|---|---|
| Cost to open, midpointHalfway between the low and high estimate | $420,500 | Costs more than 56% of franchises |
| Franchise feePaid once, when you sign | $40,000 | Lower than 46% of franchises |
| RoyaltyShare of sales paid to the franchisor | 5.5% | Lower than 66% of brands with a set rate |
| US locationsFranchised and company-owned | 6 | Fewer than 69% of franchises |
How much a I'Milky franchise costs
Opening one I'Milky costs an estimated $250,000 to $591,000. That covers the franchise fee and everything else needed to open, through the first months of working capital.
The biggest costs are shop build out ($80,000 to $200,000) and additional funds – three (3) months ($30,000 to $100,000). Here is every line of the estimate as filed:
| What it pays for | Range | Low | High |
|---|---|---|---|
| Initial Franchise Fee | $40,000 | ||
| Inventory Deposit | $20,000 | ||
| Design Fee | $2,500 | $4,000 | |
| Training Travel Expenses | $1,000 | $5,000 | |
| Rent | $6,000 | $54,000 | |
| Utilities | $1,000 | $5,000 | |
| Shop Build Out | $80,000 | $200,000 | |
| Office Equipment, Furniture, and other Ancillary Software | $20,000 | $50,000 | |
| Computer Systems | $2,500 | $4,000 | |
| Signs | $1,000 | $3,000 | |
| Insurance | $1,000 | $3,000 | |
| Professional Fees | $2,000 | $10,000 | |
| Architecture and Engineering | $9,000 | $15,000 | |
| Opening Inventory | $12,000 | $40,000 | |
| Licenses and Permits | $6,000 | $20,000 | |
| Grand Opening | $1,000 | $3,000 | |
| Security Deposit | $15,000 | ||
| Additional Funds – Three (3) Months | $30,000 | $100,000 | |
| Total | $250,000 | $591,000 | |
Source: I'Milky Franchise Group Inc, 2024 filing, page 15
I'Milky franchise fee
The franchise fee is $40,000, plus a $15,000 security deposit. You pay it when you sign the franchise agreement.
Source: I'Milky Franchise Group Inc, 2024 filing, page 10
Royalty and ongoing fees
| Royalty | 5.5% of gross sales, paid monthly, plus 1% to the brand fund. |
|---|---|
| Brand or marketing fund | 1% of gross sales, paid monthly; it can rise to 2%. |
| Renewal Fee | $15,000 |
| Local Marketing Requirement | Up to $500 per month; Currently None |
The typical franchise royalty is 6% of sales, plus 2% for marketing. See franchise fees and royalties to compare.
Source: I'Milky Franchise Group Inc, 2024 filing, page 12
Other fees as filed, from pages 12–14. The filing lists every fee, including late fees and audit costs.
Sales and earnings
No figures I'Milky does not share sales or profit figures for its locations. Talking to current and former franchise owners is the usual way to learn what a location earns.
Source: I'Milky Franchise Group Inc, 2024 filing, page 41
- Estimate Estimated yearly sales per location
- $520K–$900K
Estimated from the sales that 292 comparable franchises file, matched on industry, format, cost to open, fees and size.
How I'Milky compares
Of the 56 bubble tea franchises on this site, I'Milky is the 26th cheapest to open and the 29th largest by number of locations.
| Figure | I'Milky | Typical bubble tea brand | Typical franchise |
|---|---|---|---|
| Cost to open, low end | $250K | $264K | $222K |
| Cost to open, high end | $591K | $502K | $477K |
| Franchise fee | $40K | $40K | $40K |
| Royalty | 5.5% | 5% | 6% |
| Brand fund | 1% | 1% | 2% |
| US locations | 6 | 8 | 21 |
| Closed or left per year | 0% | 0% | – |
| Shares earnings figures | No | 19 of 56 | 2,147 of 3,352 |
Typical is the median across the 56 brands in bubble tea franchises; typical franchise, across every brand here.
Locations opened and closed
| Year | Franchised | Company-owned | Opened | Closed |
|---|---|---|---|---|
| 2021 | 1 (+1) | 1 | +1 | 0 |
| 2022 | 3 (+2) | 2 | +2 | 0 |
| 2023 | 4 (+1) | 2 | +1 | 0 |
Closed or left counts terminations, non-renewals, locations bought back by the franchisor and locations that stopped operating.
See which brands grew most in the fastest-growing franchises rankings.
More in the guides: franchise failure rates.
Source: I'Milky Franchise Group Inc, 2024 filing, page 42
Where I'Milky locations are
At the end of 2023, I'Milky had locations in 2 states. The most are in New York and New Jersey.
- New York5
- New Jersey1
| State | Franchised | Company-owned | Total |
|---|---|---|---|
| New York | 3 | 2 | 5 |
| New Jersey | 1 | 0 | 1 |
Source: I'Milky Franchise Group Inc, 2024 filing, page 43
Who owns I'Milky?
I'Milky franchises are sold by I'Milky Franchise Group Inc.
From I'Milky Franchise Group Inc’s 2024 filing.
Lawsuits and bankruptcy
| Lawsuits and regulatory actions | None. The filing says no litigation has to be disclosed. |
|---|---|
| Bankruptcy | None. The filing says no bankruptcy has to be disclosed. |
Franchisors must disclose lawsuits and bankruptcies involving the company, its parents and affiliates, and its executives. Many cases are routine disputes with franchisees over fees or contracts; read the descriptions in the filing and ask current owners about anything that worries you.
Source: I'Milky Franchise Group Inc, 2024 filing, litigation on page 9, bankruptcy on page 9
I'Milky filings
The figures on this page come from I'Milky Franchise Group Inc’s 2024 filing, issued March 20, 2024, on record with the NASAA Electronic Filing Depository.
| Filing | Issued | Registry | On this page |
|---|---|---|---|
| 2024 filing | March 20, 2024 | NASAA depository | Costs, fees and locations, 2021–2023 |
Each link opens the filing as a PDF. See the newest filings across all brands.
Other bubble tea franchises
All bubble tea franchises
I'Milky is also on these lists: food franchises.