Making the decision to invest in a business can be a stressful and daunting task. Opportunities are endless with many factors to consider. As an aspiring entrepreneur, it’s important to do your research when deciding if a franchise is right for you.
There are advantages to investing in a franchise that can make it an ideal choice. Established business models make the process smoother, and you have access to a tried-and-true brand in which to market yourself. Franchises also provide extensive training and support from the larger organization.
One of the most popular franchising opportunities available is Jersey Mike’s. This franchise consists of more than 1,600 locations around the world and offers sandwiches and sub-style sandwiches. While this franchise has many passionate customers and continues to expand, you may still have questions or concerns about investing.
The International Franchise Professionals Group (IFPG) is one of the best places to turn for answers. Our membership-based franchise consulting network has more than 1,300 franchisors, franchise consultants and vendor members and our goal is to provide support and guidance to aspiring business owners. To help you get started on the journey to business ownership, we’ve compiled a list of frequently asked questions about investing in a Jersey Mike’s franchise.
What’s Required to Invest in a Jersey Mike’s Franchise?
First and foremost, you must meet Jersey Mike’s financial requirements. The franchise has a liquid asset requirement of $150,000 and a net worth requirement of $300,000. Generally, to access these funds, you must rely on banks or private lenders.
In addition to financial requirements, you must also have an inherent passion for business and the restaurant industry. Investing in a franchise requires dedication, problem-solving skills, adaptability, and the ability to manage multiple locations. This commitment also includes following brand standards and dedication to customer service.
What sort of support System Does a Jersey Mike’s Franchise Offer?
Jersey Mike’s offers exceptional training and support for franchisees. New franchisees are provided three weeks of classroom and hands-on education during their initial training. Plus, permanent on-site support in the first year of business is provided. Additionally, the franchise offers a multi-channel contact center for help with any questions that may arise.
How Can I Finance My Jersey Mike’s Franchise?
Though financing can be a challenge, there are a few options available. If accepted, new franchise owners will have the chance to receive financing through the franchise itself, though the amount will be limited. Additionally, you may seek out a Small Business Administration (SBA)-insured loan or a loan through a third-party lender. Most lenders will take into account factors such as credit scores, industry experience, overall net worth and financial capability.
What Is the Total Investment for a Jersey Mike’s Franchise?
The estimated total investment for opening a Jersey Mike’s franchise can range from $181,000 to $614,000. The total investment includes the franchise fee, the cost of equipment and inventory, building and construction, service center fee, and other costs related to the franchise.
What Are the Jersey Mike’s Ongoing Expenses?
Ongoing expenses for a Jersey Mike’s franchise include a royalty fee of 5.5% on gross sales, a local advertising fee of 3-4%, and additional fees that may be incurred by franchisees.
What Are the Benefits of Investing in a Jersey Mike’s Franchise?
Investing in a Jersey Mike’s franchise offers numerous advantages for aspiring business owners. The franchise is well-established and widely popular, which can give you the boost you need to succeed. Plus, the franchise offers extensive training and support in the first year of business. Additionally, franchising allows for a more stable start-up process and support along the way.
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