Franchise opportunities compared
ICODE vs SPEC
Reviewed figures from each brand's Franchise Disclosure Document (FDD), side by side. Each figure carries its FDD year and page. This is not a ranking or recommendation, and the two FDDs may cover different years and location groups.
Before you compare
- Both sets of figures come from 2026 FDDs.
- ICODE and SPEC disclose more than one business format, so the investment range spans formats; the full report breaks them out.
- Item 19 figures cover the location groups each FDD names (ICODE: 2, SPEC: 3). Different groups are not directly comparable.
| Disclosure |  ICODE |  SPEC |
|---|---|---|
| Financial commitment | ||
| Estimated initial investment (Item 7) | $82,000 – $446,500 2026 FDD · Item 7 | $1,052,420 – $2,073,674 2026 FDD · Item 7 |
| Standard initial franchise fee (Item 5) | $35,000 2026 FDD · Item 5 · PDF p. 12 | $49,000 2026 FDD · Item 5 · PDF p. 11 |
| Royalty (Item 6) | Greater of Minimum Royalty or 8% of Gross Sales Royalty – iCode School Program 2026 FDD · Item 6 · PDF p. 13 | 6% Royalty rate 2026 FDD · Item 6 · PDF p. 11 |
| Brand / advertising fund (Item 6) | Not available No reviewed brand or advertising fund fee | Not available No reviewed brand or advertising fund fee |
| System scale & health | ||
| Total outlets (Item 20) | 61 Outlets at end of 2025 2026 FDD · Item 20 · PDF p. 50 | Not available No reviewed outlet counts |
| Net outlet change (Item 20) | +15 Calculated: 46 at end of 2023 → 61 at end of 2025 | Not available Only one year reported |
| Outlet exits (Item 20) | Not available No complete exit records for a year | Not available No complete exit records for a year |
| Franchising since (Item 1) | 2016 for iCode School; 2021 for iCode Reach 2026 FDD · Item 1 · PDF p. 8 | Not available Not in reviewed records |
| Franchisor founded (Item 1) | 2016 2026 FDD · Item 1 · PDF p. 8 | Not available Not in reviewed records |
| Performance (Item 19) | ||
| Financial performance (Item 19), by location group | Franchised (37 locations) — revenue $144,158 mean Gross Sales · 2026 FDD · Item 19 · PDF p. 49 Locations counted not stated in the reviewed record $65,414 other Gross Sales · 2026 FDD · Item 19 · PDF p. 49 | Locations counted not stated in the reviewed record — 26 franchised B&W school locations with audited financial statements operating… $3,178,002 other Total revenue average · 2026 FDD · Item 19 · PDF p. 48 Locations counted not stated in the reviewed record — 26 franchised B&W school locations with audited financial statements operating… $2,137,860 other Total revenue average · 2026 FDD · Item 19 · PDF p. 48 Locations counted not stated in the reviewed record — 26 franchised B&W school locations with audited financial statements operating… $2,018,699 other Overall average total revenue · 2026 FDD · Item 19 · PDF p. 48 |
Item 19 groups are shown separately and never combined. Revenue or sales figures are not profit. Net outlet change and turnover are Franopolis calculations from the disclosed counts; turnover is a count-based rate, not a measure of owner earnings.
ICODE vs SPEC: common questions
- Which costs less to open, ICODE or SPEC?
- ICODE: $82,000 – $446,500 (2026 FDD · Item 7); SPEC: $1,052,420 – $2,073,674 (2026 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for ICODE. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
- How do ICODE and SPEC royalties compare?
- ICODE: Greater of Minimum Royalty or 8% of Gross Sales (2026 FDD · Item 6 · PDF p. 13); SPEC: 6% (2026 FDD · Item 6 · PDF p. 11). Royalties as disclosed in Item 6; other recurring fees are listed separately.
- Do ICODE and SPEC disclose financial performance (Item 19)?
- ICODE has reviewed Item 19 figures for 2 location groups; SPEC has reviewed Item 19 figures for 3 location groups. Different location groups are not directly comparable, and revenue is not profit.
Answers restate the reviewed figures above. Not a ranking or recommendation.