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Need a little help (franchising)
joker5656
Member Posts: 5,598 ✭✭✭
OK so i was thinking, i want to open up a business (non gun related), but whats needed to open up a franchise?
Comments
money, a lot of money.[:D][:D][:D]
Looooooooootttttttttttssssssss of money.[:D][:D][:D]
i was thinking Popeye's, nearest one is 1 1/2hrs away
OUCH! These types of restaurant franchises are extremely expensive and mandate a lot of up front cash. Off the top of my head I'll wager that Popeye is going to want to see a net worth of at least $1 million and will demand that half of that be liquid. A typicial franchise fee would probably be in the $30-$40,000 range plus the cost of the site, the building, the signage and all of the equipment needed top operate the faclility (the eqipment alone will probably be a minimum of $150,000). You can buy an existing restaurant and adapt it to Popeye's specifications (they will tell you the size and the layout and you MUST conform) or construct your own facility the ground up for maybe $300,000...But it could easily be double that depending on where you are going to be located. A typical 20 year franchise deal would mean giving Popeye 5% of you gross (they determine what your gross sales are) along with 3-5% additional of the gross for your share of their advertising. The restaurant business is one of the toughest ways out there to turn a buck and unless you have plenty of experience (or have a partner who does) I doubt that Popeye will even consider talking to you about being awarded a franchise.
A lot of research
A damn good lawyer and accountant.
http://www.popeyesfranchising.com/
Go to your local bookstore. They should have a Franchise book with a list of business's and cost and contact people. Better yet I found their link. Net worth of 1.5 million ??
http://www.popeyesfranchising.com/
WOW! It appears that it is going to take a lot more money than I had thought and that you were much closer to the correct amount select-fire. Looking over the franchise pre-qualifier it also seems that Popeye is more interested in opening multiple franchises in targeted areas so there may be no frachise available in the area that joker is interested in.