How to Finance a Made in the Shade Franchise: No-Royalty Startup
By Marc Cornella
A Made in the Shade franchise loan usually funds a small, home-based window coverings business rather than a storefront. Most of the money goes to the one-time franchise fee and start-up package, a cushion of working capital and a few practical items such as a vehicle wrap, insurance and office equipment, so the financing conversation centers on the owner’s cash, credit and plan for winning early jobs.
This article covers the franchisor’s disclosed start-up costs, how its no-royalty structure affects a loan, where SBA 7(a) loans fit, and how lenders view a new territory or a resale.
US Professional Funding is not affiliated with, sponsored by or endorsed by Made in the Shade; the name is used only to describe the business. Figures from the franchisor’s disclosure document and website can change, loan programs and terms vary by lender and borrower, and every loan is subject to lender review and approval. Nothing here is legal, tax or investment advice, and buyers should review the current Franchise Disclosure Document (FDD) and franchise agreement with a qualified franchise attorney and accountant.
Made in the Shade Franchise Loan at a Glance
- Initial franchise fee: starting at $67,500 for a single standard territory, according to the franchisor’s investment page. Enhanced territory sizes may be available.
- Royalty: none. The franchisor states that it does not charge ongoing monthly royalties.
- Other ongoing fees: marketing, accounting and technology fees apply; the franchisor directs candidates to the FDD for the amounts.
- Working capital: the franchisor recommends $20,000 or more for costs such as a business license or permit and advertising collateral.
- Business model: home-based, shop-at-home service with no storefront and no inventory to carry.
- Territory: an exclusive, protected sales territory.
- Training: five days at the company’s headquarters in San Antonio, Texas, followed by ongoing support.
- History: founded in 2004 by Cathy Morse.
- SBA Franchise Directory: listed (identifier S3426) with no special notes.
What Is Made in the Shade?
Made in the Shade Blinds and More was founded in 2004 by Cathy Morse. According to the company’s own history, she had built a home-based window coverings business over more than 25 years, working mostly by referral, before setting out to turn that concept into a franchise. Her son, Josh Morse, now serves as CEO. Owners operate across the United States and Canada.
What owners sell. Locally owned Made in the Shade businesses offer custom blinds, shades, shutters, draperies, motorized options and outdoor shades. The owner visits the customer’s home for a free consultation with product samples, then the business handles measuring and installation.
How the business runs. The model is shop-at-home. The franchisor’s FAQ describes working from sample books rather than stocking inventory, with a sample collection included in the start-up package. Owners collect payment directly, typically a 50% deposit at the point of sale with the balance due at installation, and pay manufacturers directly for product. A showroom is not required, although the franchisor notes it has approved retail storefronts for a few owners who chose that path.
Why lenders view it the way they do. A home-based service franchise has little hard collateral: no building, no heavy equipment and no inventory. On the other hand, the start-up cost is modest compared with most franchises, the absence of a royalty leaves more gross margin in the business, and the deposit-at-sale practice helps fund product orders. Because a new territory has no sales history, the owner’s finances and sales plan carry the request.
Made in the Shade Franchise Costs
Initial franchise fee. The franchisor’s investment page lists the one-time franchise fee as starting at $67,500 for a single territory, with enhanced territory sizes possibly available. Its FAQ explains that most start-up costs are covered by this one-time fee, as detailed in the FDD.
Real estate and build-out. Because the business is home-based, there is normally no lease, construction or tenant improvement budget. An owner who later seeks approval for a retail storefront would need to budget and finance that space separately.
Equipment, samples and vehicle. The start-up package includes the sample book collection. The franchisor’s FAQ lists additional items an owner may need to cover, including basic tools, office equipment and a vehicle wrap. A dedicated van and wrap are described as optional on the investment page, so owners can start with a vehicle they already own.
Opening costs and working capital. The franchisor recommends $20,000 or more in working capital for items such as a business license or permit and advertising collateral. The FAQ also mentions state registration and general liability insurance.
Total investment. The franchisor’s site says its FDD further details the estimated start-up costs and offers it on request. Buyers should read the full Item 7 table in the current FDD for the total estimated initial investment and each line item. The categories a financing plan should account for include:
- Initial franchise fee and start-up package, including the sample book collection
- State registration, business license or permit
- General liability insurance
- Basic tools and office equipment
- Vehicle wrap and, if wanted, a dedicated van
- Advertising collateral and local marketing
- Additional working capital for the early months
Ongoing Fees and How They Affect Your Made in the Shade Franchise Loan
No royalty. The headline feature of the Made in the Shade offer is that the franchisor does not charge an ongoing monthly royalty on sales. That removes a percentage-of-sales expense that would otherwise reduce cash for debt service.
Marketing, accounting and technology fees. No royalty does not mean no fees. The franchisor’s FAQ states that marketing, accounting and technology fees apply, with the amounts described in the FDD. Enter every recurring Item 6 fee in your projections.
Local marketing spend. The franchisor says owners can create their own local marketing rather than follow a mandated corporate advertising royalty. Lenders will still expect a marketing budget, because appointments drive revenue.
How lenders factor these costs in. Lenders model projected sales, product cost, installation labor, vehicle and insurance costs, franchise fees and the owner’s draw, then test debt coverage. A lower fee load helps, but projections still need realistic appointment volume.
Franchisor Requirements for New Owners
The franchisor says no decorating, design or sales experience is needed and that it looks for motivated entrepreneurs. Its site does not publish a minimum net worth or liquid capital requirement, so confirm any financial qualifications in the FDD and during the discovery process.
Training and support. Training lasts five days at the San Antonio headquarters. Ongoing support described by the franchisor includes regular contact with its Director of Training, online and live manufacturer training, monthly peer video meetings and an annual conference.
The approval process. Candidates start by requesting a discovery session and naming a territory of interest. Candidates then receive and review the FDD before any agreement is signed.
Ways to Own a Made in the Shade
A new territory. Many owners start with a new standard territory. Financing covers the franchise fee, start-up items and working capital, and a lender underwrites the deal on the owner’s personal strength and projections because there is no operating history yet. Our franchise start-up financing page explains how we structure first-territory loans.
Buying an existing business. If an established owner sells, the buyer may be purchasing a customer base, referral relationships, trained installers and a track record of sales. The franchisor’s transfer approval is required, and lenders can underwrite the seller’s historical financials. Read our overview of how a franchise resale is financed for the steps involved.
Financing Options for a Made in the Shade Franchise
The right Made in the Shade franchise loan depends on whether you are opening a new territory or buying an existing business.
SBA 7(a) loans. Because the brand is on the SBA Franchise Directory, an SBA 7(a) loan is a natural fit for a new territory or a resale. A 7(a) loan can cover the franchise fee, start-up costs and working capital in one structure.
SBA 504 loans. The 504 program is designed for owner-occupied real estate and long-lived fixed assets. A home-based Made in the Shade business usually has neither, so 504 financing rarely fits unless an owner later buys a building for an approved storefront or warehouse space.
Conventional term loans. Borrowers with strong credit, outside income or collateral may qualify for a conventional business loan. Lenders often look for more personal collateral when the business itself has few hard assets.
Equipment and vehicle financing. A van, ladders and installation tools, a laptop and tablet for in-home presentations, and design or quoting software can be financed separately from the start-up loan. Learn more about franchise equipment financing and leasing.
Working capital and lines of credit. The 50% deposit model helps fund product orders, but owners still carry costs between the sale and final payment, plus marketing and insurance from day one. Home improvement spending can also slow in some seasons. A line of credit can smooth those gaps; see our franchise working capital options.
Seller financing on resales. When buying an existing business, a seller may agree to carry part of the price. Any seller note generally must be acceptable to the senior lender, is typically subordinate to it, and loan programs may limit how it can be structured or counted.
SBA Loans: The Usual Made in the Shade Franchise Loan
The SBA Franchise Directory lists franchise brands whose agreements have been reviewed for SBA eligibility. SBA lenders generally rely on the directory to confirm that a franchise relationship is eligible before making an SBA-guaranteed loan to one of its owners. A listing does not approve any borrower; each application is still underwritten on its own merits.
Made in the Shade’s listing. Made in the Shade appears on the SBA Franchise Directory under identifier S3426, with no special notes. In plain terms, no brand-specific conditions are flagged. Directory status can change, so ask your lender to confirm it when you apply.
Loan size. The SBA 7(a) program maximum is currently $5 million, and program rules can change. A single territory needs far less, so what matters is whether your credit, equity and projections support the request. Our SBA loan calculator can give rough payment estimates for planning only.
How Lenders Evaluate a Made in the Shade Deal
Every Made in the Shade franchise loan is underwritten on the owner as much as the brand.
Personal credit and financial history. With a modest loan and limited collateral, a lender leans heavily on the owner’s credit history, tax returns and personal financial statement, and typically requires a personal guarantee.
Net worth and liquidity. Lenders want to see cash for the equity injection and reserves left over afterward. Our article on how much franchise you can afford can help you test the numbers before you apply.
Industry and management experience. The franchisor does not require design or sales experience, but lenders still value transferable skills: selling to homeowners, managing projects, supervising installers or running a small business.
Business plan and projections. A credible plan explains how you will generate in-home appointments, your assumed closing rate and order size, product lead times, and when you will add an installer. A focused franchise business plan for an SBA loan pulls these assumptions together in the format underwriters expect.
The FDD and franchise agreement. Lenders review the term, renewal and transfer provisions, the territory definition and the fee schedule. Also check Item 10 to see whether the franchisor offers financing, and Item 19 to see whether the FDD includes financial performance representations. Our article on reading the FDD for financing explains what lenders focus on.
Historical financials for a resale. When buying an existing business, expect to provide the seller’s profit and loss statements, tax returns, sales reports by month and customer data, which lenders use to confirm earnings and seasonality.
Tools, Samples and Vehicles: Small Assets, Big Impact
The sample book collection is what the customer sees, so keeping it current matters for sales. Installation requires ladders, power tools and measuring tools, and motorized products may need extra setup.
The vehicle is both transportation and marketing. The franchisor lists a vehicle wrap among start-up expenses and treats a dedicated van as optional. A financed van spreads that cost over time instead of draining cash at launch.
Multi-Unit Growth and Development
For this brand, growth usually means more territory, more appointments and more people rather than more buildings. Owners may add an enhanced territory, hire salespeople and installers, or, if approved, open a retail storefront.
Financing additional territory. Once a business has filed tax returns showing its results, lenders can underwrite growth from actual performance. A term loan can cover an added territory fee and the marketing push that comes with it, while a line of credit supports the larger product orders that follow.
Real-World Scenarios
A career changer launching a first territory. A former retail manager buys a standard territory. She uses savings for her equity injection and finances the franchise fee, start-up items and a working capital cushion with an SBA 7(a) loan, using her own car until the business can support a wrapped van.
A couple buying a resale. A husband and wife buy an established territory from a retiring owner. The lender reviews several years of the seller’s financials, the franchisor approves the transfer and a small seller note sits behind the senior loan.
An owner adding an installer and a van. After a few strong years, an owner finances a wrapped van and installation tools so a new installer can handle jobs while the owner focuses on consultations.
Common Mistakes to Avoid
- Treating “no royalty” as “no ongoing fees” and leaving marketing, accounting and technology fees out of projections
- Borrowing for the franchise fee but not for enough working capital to get through the first months
- Skipping a local marketing budget because there is no mandated advertising fee
- Assuming the deposit will cover every product order and installation cost
- Applying without the current FDD and an Item 7 based sources-and-uses statement
For more pitfalls that apply to home service businesses, read the loan mistakes service contractors make most often.
Next Steps to Finance Your Made in the Shade Franchise
Step 1: Request a discovery session. Confirm the territory you want.
Step 2: Get and study the FDD. Review Items 5, 6, 7, 10, 17 and 19 with a franchise attorney and accountant.
Step 3: Assess your finances. Document your liquid funds and decide how much equity you can contribute while keeping reserves.
Step 4: Build a business plan. Create projections based on appointments, closing rate, average order size and the fee schedule in the FDD.
Step 5: Talk with a financing specialist. Compare SBA 7(a), conventional and equipment financing options before signing the franchise agreement.
Step 6: Apply and coordinate approvals. Align the lender’s timeline with the franchisor’s approval and training dates.
Step 7: Close and launch. Complete training, set up insurance and licensing, and start marketing.
Made in the Shade Franchise Loan FAQs
How much does a Made in the Shade franchise cost?
The franchisor lists the one-time franchise fee as starting at $67,500 for a single territory and recommends $20,000 or more in working capital. The current FDD’s Item 7 table gives the full estimated initial investment and line items.
What is the Made in the Shade franchise fee?
The fee starts at $67,500 for a single standard territory, according to the franchisor’s investment page. Enhanced territory sizes may be available, and the franchisor’s FAQ says most start-up costs are covered by the one-time fee.
Does Made in the Shade charge a royalty?
No. The franchisor states that it does not charge ongoing monthly royalties. Marketing, accounting and technology fees do apply, and the FDD lists the amounts.
How much liquid capital or net worth do I need?
The franchisor’s website does not publish a minimum net worth or liquid capital requirement. Lenders will still expect cash for an equity injection and personal reserves, so confirm any franchisor requirements in the FDD.
Can I get an SBA loan for a Made in the Shade franchise?
The brand is listed on the SBA Franchise Directory (S3426) with no special notes, so SBA 7(a) financing is generally available to qualified borrowers. Approval depends on your credit, equity, experience and projections.
Can a first-time business owner qualify?
Yes, if the franchisor approves you and your finances support the loan. The franchisor says no decorating, design or sales experience is needed, and lenders give weight to its five-day training program and ongoing support.
Can I buy an existing Made in the Shade business?
Yes, with the franchisor’s approval of the transfer. A resale loan can be based on the business’s historical financials.
Can I finance a van and tools separately?
Yes. Vehicles, installation tools and technology can often be financed with equipment loans or leases.
Can I own more than one territory?
The franchisor notes that enhanced territory sizes may be available. Growth financing is usually based on the existing business’s results.
How long is the franchise term?
The franchisor’s website does not state it. Item 17 of the FDD sets out the term, renewal and transfer conditions.
Does Made in the Shade offer financing?
The franchisor’s website does not describe a financing program. Check Item 10 of the current FDD for any financing the franchisor offers.
Final Thoughts
Made in the Shade offers a lean, home-based way into the window coverings business, with no royalty and no inventory to finance. The real test is proving you have the cash, credit and sales plan to grow a territory. Buyers who budget every fee in the FDD, keep enough working capital and approach SBA lenders with a clear plan give themselves a strong start.
US Professional Funding helps franchise owners and buyers finance start-ups, acquisitions, equipment, working capital and refinancing. Learn more about our franchise financing programs and service contractor financing solutions.
