Wouldn’t it be great to transition from the 9 to 5 life and start a business of your own? Becoming a small business owner gives the opportunity of freedom and satisfaction that comes with being your own boss. Investing in a franchise offers a unique combination of business ownership and a support system to help you get there. If you’ve been considering transitioning your career to owning a franchise, you may want to consider investing in Jersey Mike’s. Here’s a closer look at frequently asked questions about the sandwich franchise.
What is Jersey Mike’s?
Jersey Mike’s began in 1956 in a small store in Point Pleasant, New Jersey. The founders ran a traditional submarine sandwich shop, that quickly became an iconic brand. Today, it’s one of the nation’s fastest-growing fast casual restaurant chains, with more than 1,500 stores across the country. Jersey Mike’s prides itself on premium ingredients and a unique in-store experience.
What Do I Need to Consider When Investing in a Franchise?
Before investing in any franchise, there are a few key aspects to consider. As an aspiring franchisor, you should investigate the industry and the food service sector in particular. Do some research and get to know the potential market of Jersey Mike’s franchisees. Additionally, do a thorough review of the company’s financials. This includes a comprehensive understanding of the costs associated with running the business as well as a comparison to other competing franchises in the area. Once you understand the financials, review the franchise agreement to make sure it fits your goals and the needs of your business. Finally, look into the training and support that Jersey Mike’s offer to its franchisees.
How Much Does a Jersey Mike’s Franchise Cost?
The cost of an individual Jersey Mike’s franchise can vary significantly based on the location, size, and type of store. The initial investment can range from $240,570 to $499,000. This includes the franchise fee, which is typically between $20,000-$30,000, as well as any additional costs such as inventory, construction, equipment, and leasehold improvements. Additionally, franchisees need to have at least $100,000 of non-borrowed personal resources and a net worth of $300,000 to qualify.
What Kinds of Support Does Jersey Mike’s Offer?
Once you invest in a Jersey Mike’s franchise, you’ll receive world-class training and ongoing support to help your business thrive. Training and support are offered in the areas of operations, marketing, staffing/human resources, business systems, real estate, construction, and financing. The Jersey Mike’s team is involved every step of the way, from pre-opening to day-to-day operational support. Additionally, the franchisee has access to the franchisees-only website with critical resources and the Jersey Mike’s Franchisee Social Network where franchisees can connect with one another.
What Are the Benefits of Investing in a Jersey Mike’s Franchise?
The Jersey Mike’s franchise provides a turnkey business model with a proven track record of success. The brand name is well-known both nationally and locally and franchisees can take advantage of the company’s existing marketing campaigns, onsite training, weekly visits from a representative, and much more. Franchisees who invest in a Jersey Mike’s store find success in making delicious sandwiches while creating a place for customers to gather.
Are There Opportunities for Growth With a Jersey Mike’s Franchise?
Yes – Jersey Mike’s offers numerous opportunities for growth. Jersey Mike’s offers multi-unit deals, giving franchisees the opportunity to expand their network into adjacent markets. Additionally, they offer a unique Franchise Model portfolio that allows franchisees to learn more about the business and how to optimize the customer experience. The company is also focused on increasing same-store sales with initiatives such as online ordering and a loyalty program.
Investing in a Jersey Mike’s franchise can be a rewarding opportunity as you transition away from traditional corporate life. By understanding the financials, evaluating the franchise agreement, and taking advantage of the support and training offered, you can make the most of your business.