Investing in the right sandwich franchise is no easy task. With so many options to choose from — and new ones always cropping up — it can be hard to know which one is the best fit for you.
Whether you’re looking to purchase a franchise that has been around for years, or you’re interested in being the first to jump on a brand new sandwich franchise opportunity, you’re likely to have a lot of questions. To help you determine which franchise is right for you, here are some frequently asked questions from investors looking for the best sandwich franchise.
Questions About Finances
What are the initial costs associated with investing into a sandwich franchise?
The initial costs associated with investing in a sandwich franchise will vary significantly depending on the franchise brand and its individual costs. Generally speaking, however, you can expect to pay a one-time franchise fee that can run anywhere from $5,000 to over $1 million. You’ll also need to cover the costs associated with lease or purchase of real estate, construction and start-up costs, and the cost of inventory and equipment.
What ongoing fees should I expect to pay?
You’ll likely be required to pay ongoing royalty fees and payments to your franchisor, as well as advertising fees. These fees can range from a few hundred dollars to several thousand dollars each month.
Questions About the Process of Investing in a Franchise
What is the process of investing into a sandwich franchise?
When investing into a sandwich franchise, you’ll want to learn more about the company and their existing locations, do yourself and your team and financial, and invest in the services of a franchise broker. Once you have decided on the franchise that’s right for you, you’ll need to apply for financing and submit a franchise disclosure document to the franchisor — if they approve you’ll receive a franchise agreement to review and sign.
Do I need to hire my own accountant for a sandwich franchise?
Yes, you’ll need to hire an accountant to help you with your liabilities, tax planning and financials to ensure your franchise is a success. It’s always a good idea to consult with an accountant, even if you have some understanding of taxes and day-to-day finances, as a professional can offer invaluable advice that can help you avoid costly mistakes.
Questions About Finding a Franchise
What is the best way to find a sandwich franchise?
The best way to find a sandwich franchise is through the International Franchise Professionals Group (IFPG) website. The IFPG is a membership-based franchise consulting network with more than 1,300 franchisors, franchise consultants and vendor members. They provide a variety of services to help you find the franchise opportunity that will best serve your needs.
What are some tips for narrowing down the list of franchises?
When looking for the right sandwich franchise for you, it’s important to do your research. Consider your budget, lifestyle and business goals. You’ll also want to consider the level of support and resources the franchisor offers, the length of the franchise agreement and the location of existing locations. By researching these factors before you invest, you’ll be better prepared to make the right decision.