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 initial investment estimate for a traditional Great Steak restaurant is between $146,150 and $554,750.
More detailed cost and investment information is available in the Franchise Disclosure Document.
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.
No, Great Steak does not offer financing.
The continuing royalty fee is the greater of 6% of gross sales, excluding sales tax, or $400 weekly for a traditional Great Steak restaurant; or a flat rate of 6% of gross sales for a non-traditional Great Steak restaurant.
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.
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.
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 Great Steak sites.
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.
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.
Up to two people are included in the training process as part of the initial franchise fee. Additional staff may attend for a fee.
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.
The information on this website is for informational purposes only and is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise; nor is it directed to the residents of any particular jurisdiction. The following states currently regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise until we have completed the applicable registration or obtained the exemption from registration, and completed the applicable disclosure requirements. Regardless of what state you reside in, an offering can only be made by a franchise disclosure document. In addition, several countries regulate the offer and sale of franchises.