FRANCHISING FAQ'S
Have a question about owning a Great Steak franchise? You'll find your answer here.
- Franchising Costs
- Financial Requirements
- Partnerships
- Financing
- Royalty Fee
- Advertising Fee
- Expected Annual Earnings
- About Building a Store
- Finding a Premier Location
- Generating Sales
- Support for Multiple Stores in the Same Town
- Training
- The Steps to Owning a Franchise
How much does a Great Steak franchise cost?
The franchise fee for your first franchise is $30,000. The franchise fee for multiple units may be discounted for additional franchises based on certain conditions and criteria. The build-out of your restaurant, less equipment costs, can range from $40,000 to $350,000 depending on the size and type of location. We also suggest that you have in reserve $15,000-$30,000 for operating expenses until your business is up and running. The initial investment estimate for a traditional Great Steak restaurant will be between $145,050 and $721,300.
What are the financial requirements to qualify for a Great Steak?
To purchase a Great Steak franchise, you will need a credit score of 680, a net worth of $250,000, and the required liquid capital of $100,000.
If I don't meet the financial or operational criteria to become a franchisee, can I partner with someone who does?
Yes, you can. As long as your partner owns at least 50% of your organization, this is acceptable.
Will you help me secure financing?
No, Great Steak does not offer financing although we have a broad list of recommended lenders we can share with candidates.
Is there a continuing royalty fee?
The continuing royalty fee is 6% of gross sales, excluding sales tax.
Is there an advertising fee and what does it cover?
Currently the advertising fee is 2% of gross sales. Fees go to National Marketing, Brand Building and Local Marketing. Your Great Steak representative will be able to provide additional information.
How much money can I earn each year?
Franchising law forbids all franchise concepts from answering this question. However, we agree it is a critical question for you to have answered. We invite you to speak with our current franchisees to learn about their sales and profit numbers.
I've never built a store before. How does all of this work?
The Great Steak team will guide you through all phases of the site selection, lease negotiation, construction, training, grand opening and ongoing processes for marketing and operations.
How do I find premier locations?
Our experienced Real Estate team assists the Great Steak Owners with site selection and securing the best location in each city. We can also assist you with lease negotiations for a nominal charge or you may work with a local real estate broker. Once you become a franchisee, you can also work with the Great Steak team to research and suggest outstanding Great Steak sites.
I'm not a marketing expert. How do I build sales?
Building sales takes effort on many different levels - from running your business with monitored food costs, to strong operations, to local store marketing, to most importantly ensuring that you give every customer a reason to return. The Great Steak Marketing Team will assist you by creating national marketing initiatives and advertising that are key to building sales. Increasing sales takes diligent effort in all areas of your business.
What if there is already a Great Steak in my town?
Great Steak has mapped out a range of site opportunities in each region. If a store already exists in your area, there may be enough local demand to support more stores. Ask your Franchise Development Manager to discuss opportunities.
How many people may attend training?
Up to two people are included in the training process as part of the initial franchise fee. Additional staff may attend for a fee.
What are the steps I must complete to own a franchise?
There are five main steps to owning a franchise:
- Complete Your Application
- Sign Your Franchise Agreement
- Secure Your Location
- Build & Outfit Your Store
- Open Your Store
Read the details by visiting our Steps to Becoming a Franchisee page.
Don't see your question here? Visit the Great Steak Franchise Inquiry Page to ask a question or to find out more about becomming a Great Steak franchisee.
