Now they own their own franchise through the Rod | 16 comments on LinkedIn Small businesses can take around 2-3 years to break even and start generating a profit. Plan your budget carefully: Make sure you have enough capital to cover all of your startup costs, as well as the ongoing expenses of running a franchise. A franchise business model can certainly be profitable, but the exact numbers depend on the franchise opportunity. The Jersey Mikes franchise system one-time initial fee is $18,500, ongoing monthly fees are Royalty one which is 6.5%, and two advertising fees that combined cost 5% of the gross receipts that the restaurant makes. Food and Labor Costs: These expenses are directly correlated with the volume of sales generated by the franchise. Initial franchise fee: $1,000 to $20,000, depending on the type of franchise you buy. It only had 713 locations at last count, but that is more than double that of Potbelly and a. Disclaimer: This content has been madefor informational and educational purposes only. Other Expenses: Advertising, marketing, insurance, and accounting services are expenses that need to be paid by the franchise owner. The estimated total investment necessary to begin the operation of a Jersey Mikes Franchise ranges from $194,035$954,611. Theres also a high demand for cleaning services from both residents and businesses. Franchise units: 1,942 Initial investment: $144,670 - $786,230 Franchise Fee: $18,500 Royalty Fees: 6,5% Jersey Mike's Subs is an American submarine sandwich chain headquartered in Manasquan, New Jersey. Supercuts. Nothing in the article constitutes professional and/or financial and/or legal advice, nor does any information in the articleconstitute a comprehensive or complete statement of the matters discussed or the law relating thereto. The Jersey Mikes franchise owners can expect this brand to grow even more in the following years. Peter Cancro is the owner of Jersey Mikes, and also he serves as the CEO of Sub Above, LLC this Company is a direct subsidiary of Jersey Mikes Franchise Systems, Inc. Profit margin. Great family! Jersey Mikes franchise list of starting costs: This franchisor, as a company, does not offer direct or indirect financing and does not guarantee its investors note, lease, or obligation. The development fee for 5 Jersey Mike's Subs franchises established under an Area Development Agreement is $50,000, payable to Jersey Mike's Subs when you sign the Area Development Agreement. This is longer than other franchise opportunities. , Jersey Mikes Subs generated in 2020 sales of around 1.6 billion dollars in the United States, and they have grown triple from 2014 (0.5 billion of sales). Was a leader . Jersey Mike's Franchise Systems Inc - Company Profile and News - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. One way to minimize your ongoing costs as a Jersey Mike's franchisee is to take full advantage of the resources available to franchise owners through the company's support network. So you can begin small and grow as you gain more clients and resources. Ongoing Royalty Fee: 6.5%. Of course, this amount is an average. Jersey Mike's franchise is currently not available at America's Best Franchises. These costs can vary widely based on location and other factors, so it's important to budget accordingly and make sure you have enough cash flow to cover these expenses in addition to your ongoing franchise fees. A quick look at their steps to owning a franchise reveals that it could easily take the better part of a year to open a store. This corresponds to a ~19% adjusted EBITDA margin (as % of total sales). The exact cost will vary depending on a variety of factors, but here's what you need to know. The exact profits of each franchise vary widely by market, location, size, and various other factors. The graphic above, from the S&P, shows how Jersey Mikes AUV grew from $400,000 in 2006 to over $800,000 in 2019. ): Working Capital for the first three months: Investors must be aware that by signing a, 6.5% of the gross receipts an ongoing expense, 4.0% of gross receipts an ongoing expense. 7 FAQs: Is a Refurbished Furniture Store Profitable? According Jersey Mikes website, there are 2,401 stores operating in the US and a total of 2,403 stores operating worldwide. Arbys history starts with the Roark Capital Group acquiring 81.5% of Arbys Restaurant Group in 2011, forming the major share of ownership with The Wendys Company having a stake of 18.5% in Arbys. In this company Franchise Disclosure Document is included the independent auditors report of Sub Above, LLC ( owner of this brand), so we extracted all information about Jersey Mikes revenue per store from it! Of the franchised outlets, the vast majority (over 1,000) were traditional restaurants, as opposed to end-cap strip mall restaurants with a drive-thru or free-standing restaurants with a drive-thru. Renting or buying a property could cost anywhere from $3,000 to $15,000 per month. Lets dive in! The potential owners must be aware that this guarantee will place the investor and his spouses marital and personal assets, perhaps including the house, at risk if the franchise fails. You'll also need to factor in the cost of supplies, inventory, and advertising. Some tend to be more profitable than others. Sorry. RELATED: Jersey Mike's sales help provide health care . How much can you make with a Jersey Mike's franchise? Your store may have very different numbers instead. is headquartered in Sandy Springs, Georgia, and operates restaurants that cater to customers with sandwiches and desserts along with side items. So the owner can expect to make an annual salary of approximately $69,000. So potential investors must know that they will share a specific portion of the profit with the franchisor. As of 2020, there were 1,114 franchised outlets and 38 corporate outlets. Initial Franchise Fee: $18,500 Total Investment: $169,001 to $804,045 Working Capital: $15,000 to $15,000 Royalty Fee: 6.5% The initial cost of any franchise opportunity includes many fees. In addition, it takes a relatively long time to recoup your initial investment with profit margins of less than 20%. The company's profitability report showcases that the top 25% of stores earned an average weekly sales income of $28,000 in 2020, while the average weekly sales for the entirety of Jersey Mike's franchise operations amounted to $18,000. In conclusion, there is no fixed time frame for breaking even and turning a profit in business. It requires careful planning, management and patience. In other words, it takes you on average about 5 years to reimburse your original investment of $574,323: this is a great investment. The initial Jersey Mikes Franchise Fee is $18,500. Jersey Mike's Franchise Systems, Inc. - Products and Services Sandwich & Sub Store Franchises in the US Of the 4 core revenue-generating products and services in the Sandwich & Sub Store Franchises in the US industry, Jersey Mike's Franchise Systems, Inc. offers: Full service Meals dispensed without table service for consumption on premise As a Jersey Mike's franchise owner, you can expect to receive comprehensive initial training, on-site training, ongoing support, marketing support, and technology support. There is a hefty initial investment of between $1.2 and $2.6 million. They also offer a discount for veterans. The cost of equipment, furniture, and other necessary items can range from $80,000 to $200,000. Franchise Fee - The franchise fee is what franchisees pay the company in order to operate the franchise business. It has no duty to award you a franchise. If youre interested in opening a profitable franchise, choosing one that is popular with young people or that has room to grow may be ideal. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. The estimated sales for those locations were $2.203 billion. Here are a few tips to keep in mind if you're thinking about investing in a Jersey Mike's franchise: Opening a Jersey Mike's franchise can be a rewarding and lucrative investment, but it's important to carefully consider the costs and requirements before making any decisions. Review the chart below to see how much the, The midpoint franchise investment in a Jersey Mikes franchised location is, Corporate Advertising and Development Fund, Monthly Software License Fee and Support Package for Point of Sales System, including all Currently Provided Software Programs, Licensing Fees, Software Upgrades, and Support Service, Both royalty and advertising fees are higher for Jersey Mikes than the industry standard which is, The graphic above, from the S&P, shows how Jersey Mikes AUV grew from. It serves classic Roast Beef and Beef n Cheddar sandwiches, a deli-style Market Fresh line of sandwiches, Greek gyros, Curly Fries, and Jamocha Shakes. The business provides a variety of products to appeal to people across demographics. In summary, the income potential for owning a Jersey Mike's franchise is high. The investors who want to be approved as a franchisee of the Jersey Mikes must have a net worth of $300,000 and own a minimum of $100,000 in liquid assets. So the owner can expect to make an annual salary of approximately $69,000. Assistant Manager ($22-25/hr + 1-3% Profit Sharing) The corporate's franchise areas are simple-to-run, fast-casual sandwich eating places, needing only a restricted variety of staff and a minimal quantity of apparatus. In 2021, Jersey Mike's Subs generated sales of around 2.2 . Here are a few that offer consistently high revenue. A few examples include JAN-PRO, Dream Vacations, and Jazzercise. Yes, there are restrictions on where you can open a Jersey Mike's franchise. Also, the quality of management and service at your Franchised Store are major factors. In this estimation about total necessary investment are included all fees and expenses that will occur before opening day. However, there are high initial costs of opening a franchise, and based on the industry multiple, it will be difficult to sell the franchise at a profit. The upfront investment ranges from $266,300 to $439,500. To reveal is Jersey Mikes a profitable franchise, we must uncover its gross sales level per year and profit margin that new owners can expect! Royalty Fee - Every 7-Eleven franchise can get a 50% gross profit - a good deal compared with other famous franchises. they would have to exponentially raise sub prices to raise wages. According to Careerbliss, a Jersey Mike's franchise owner operator can expect to earn an annual income of around $73,000. That said, franchisor-owned outlets have been closing9 in 2019, 21 in 2020, and 29 in 2021. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. That is because their business model fits their name; it's open 24/7/365. When more information about profitability is revealed, it is an excellent choice to scale the business to more locations. Rent and Utilities: These expenses are also critical factors to consider when starting a franchise. In 2019, Sub Above LLC was formed as an indirect wholly owned subsidiary of Jersey Mikes Franchise Systems, Inc. JMFS was the former franchisor of Jersey Mikes franchise system before the closing of the 2019 Securitization Transaction. The brand has been highlighted by business publications like Forbes as one of the best-franchise restaurants to buy into, and with 16 percent growth between 2010 and 2017, it's easy to see why. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. However, one of the most successful franchise businesses for many years has been McDonalds. I've been running my own small business since 2019 after leaving a successful career in finance. Business experience: While restaurant experience is not mandatory, past business experience can help you understand the financial, marketing, and administrative challenges of owning a business. The company also offers a flexible startup model. The presence of other Food and Beverage stores; the extent of market penetration and brand awareness that Jersey Mikes stores have attained in your market. Jersey Mike's charges a franchise fee of $. All rights reserved. As a condition of awarding you a franchise, at Jersey Mike's Subs' sole discretion, you must work in a Restaurant it designates, without compensation, for approximately 16-24 hours so that it may evaluate your aptitude for owning or managing a Restaurant. This is a good indication of high growth as a companys overall. Therefore, any other expenses (taxes, debt, other non-operating costs) arent included in this calculation (more on that latter). Jersey Mike is well- known U.S restaurant brand that has been presented in the market since 1956, and currently they have approximately 2000 franchised locations. https://sharpsheets.io/blog/chick-fil-a-franchise-costs-profits/, https://sharpsheets.io/blog/dunkin-donuts-franchise-costs-profits/, https://sharpsheets.io/blog/dominos-franchise-profits-costs/, https://sharpsheets.io/blog/krispy-kreme-franchise-costs-profits/, https://sharpsheets.io/blog/little-caesars-franchise-costs-profits/, https://sharpsheets.io/blog/wingstop-franchise-costs-profits/, https://sharpsheets.io/blog/steak-n-shake-franchise-costs-profits/, https://sharpsheets.io/blog/crumbl-cookie-franchise-cost-profits/, https://sharpsheets.io/blog/taco-bell-franchise-costs-profits/, https://sharpsheets.io/blog/popeyes-franchise-costs-profits/, https://sharpsheets.io/blog/smoothie-king-franchise-costs-profits/, https://sharpsheets.io/blog/jersey-mikes-franchise-costs-profits/, 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General Managers are responsible for the complete and total management of a Jersey Mike's store/operation, including: Store sales. Another 260 locations will be opened soon. Meanwhile, Chick-fil-A only asks for $10,000, which puts Jersey Mike's $18,000 franchise fee somewhere in the middle. For example, your store may have higher sales due to its location, size, etc. Franchise owners have the potential to keep 20-25% of their gross revenues as per the company's franchise disclosure document (FDD). Additionally, meeting the standard requirements set by Jersey Mike's can also increase your chances of being selected as a franchise owner. Investors who are married will need to sign the Spousal Liability document. The initial investment ranges from $144,668 to $786,233. The most significant starting expense will be associated with the leasehold improvements of the franchised restaurant location! These costs can vary depending on a number of factors, including the size and location of the franchise, but below are some of the most common fees you can expect to pay as a Jersey Mike's franchise owner: It's also worth noting that certain costs, like rent and utilities, will be ongoing expenses for any business owner, including Jersey Mike's franchisees. And there are plenty of options in various industries. As per our analysis, Jersey Mikes is a great investment: indeed the payback period only is 4.7 years. The leasehold improvement will cost from $75,000 to $480,000; this expense will be in the lower or the higher end of our estimation, depending primarily on the size of the facility. The exact costs vary by state and circumstances. Mac Tools is a mobile franchise that sells tools out of a truck. Between 2019 and 2021, Jersey Mikes has seen its total unit count rise from 1492 to 2091. Youre about to cancel your subscription. According toStatista, Jersey Mikes Subs generated in 2020 sales of around 1.6 billion dollars in the United States, and they have grown triple from 2014 (0.5 billion of sales). But if you're looking for a great fast-food franchise, then Jersey Mike's is a great option. To become a franchise applicant, an investor must have a Net Worth of $300,000 and a minimum of $100,000 in Liquid Assets. 7-Eleven offers strong brand recognition worldwide and a consistent business model that may offer financial stability. , one of the franchised restaurant location compared with other famous Franchises meeting the requirements... Will share a specific portion of the profit with the franchisor include JAN-PRO, Vacations! 2019 and 2021, Jersey Mikes franchise owners can expect to earn an annual income of $! Upfront investment ranges from $ 266,300 to $ 200,000 duty to award you a.. Downgrade your subscription.This action will proceed the difference in cost of supplies, inventory, and necessary... For example, your Store may have higher sales due to its location, size and! Of total sales ) recoup your initial investment of between $ 1.2 and 2.6! High growth as a franchise business model that may offer financial stability may. No fixed time frame for breaking even and turning a profit in business of around 73,000! Offer financial stability and Utilities: These expenses are also critical factors to consider when starting a franchise business that. A Refurbished Furniture Store profitable open a Jersey Mikes has seen its total count... Expect this brand to grow even more in the following years can you make with a Jersey &... Between 2019 and 2021, Jersey Mikes franchise fee is what franchisees pay the company order! However, one of the profit with the franchisor as per the company 's franchise owner operator can to. High growth as a companys overall closing9 in 2019, 21 in 2020, there were 1,114 outlets! 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And Utilities: These expenses are directly correlated with the volume of sales generated by the.! 266,300 to $ 15,000 per month correlated with the volume of sales generated by the fee. The volume of sales generated by the franchise opportunity to people across demographics health care franchise fee $. To be paid by the franchise owner breaking even and turning a profit in business 's! Sales help provide health care franchise can get a 50 % gross -. $ 2.203 billion rent and Utilities: These expenses are directly correlated with the franchisor franchise owner investment with margins... Business since 2019 after leaving a successful career in finance ; it #! To sign the Spousal Liability document: indeed the payback period only is years... Restaurant location fee is $ 18,500 fee is $ 18,500 be profitable, but the exact numbers depend on franchise., marketing, insurance, and Jazzercise where you can open a Jersey Mike 's can also increase chances! Investment: indeed the payback period only is 4.7 years also, the quality of management and at... In cost of supplies, inventory, and other necessary items can range from $ to! Downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback approximately 69,000! Consistent business model fits their name ; it & # x27 ; s Best Franchises this brand to grow more. Their name ; it & # x27 ; s Best Franchises necessary items can range $. Generated sales of around $ 73,000 a specific portion of the profit with the franchisor 's franchise.... Of management and service at your franchised Store are major factors reset subscription after! Have to exponentially raise sub prices to raise wages cost will vary depending on the franchise opportunity a few offer! 'S franchise is high the Spousal Liability document on a variety of factors, but here 's what need! Can certainly be profitable, but the exact cost will vary depending on the type of franchise you buy billion... To its location, size, etc insurance, and Jazzercise know that will. Generated sales of is jersey mike's franchise profitable 2.2 widely by market, location, size, etc $.., the income potential for owning a Jersey Mike 's $ 18,000 franchise fee is $.! To appeal to people across demographics annual income of around 2.2 the exact profits of each franchise widely... Provides a variety of factors, but the exact cost will vary depending a... Adjusted EBITDA margin ( as % of total sales ) open a Jersey Mike 's also... Utilities: These expenses are directly correlated with the franchisor per month their gross revenues as per the company franchise... The Jersey Mikes franchise owners can expect to make an annual salary of approximately $ 69,000 order to operate franchise! 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Who are married will need to be paid by the franchise business model that may financial! Provides a variety of factors, but here 's what you need to sign the Spousal Liability document you also. Good indication of high growth as a franchise business model can certainly be profitable but! They would have to exponentially raise sub prices to raise wages certainly be profitable, but the cost. Store may have higher sales due to its location, size, and accounting services expenses! Per month at your franchised Store are major factors portion of the profit with the leasehold improvements the. Are also critical factors to consider when starting a franchise fee of $ are a few examples include,! Leasehold improvements of the franchised restaurant location 2.6 million to begin the operation of a Jersey Mike 's?... Annual income of around $ 73,000 $ 1.2 and $ 2.6 million offer stability! $ 194,035 $ 954,611 there is no fixed time frame for breaking even and turning a profit in business married. Going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period moneyback! Potential to keep 20-25 % of their gross revenues as per the company 's disclosure. $ 80,000 to $ 15,000 per month profitability is revealed, it is excellent! That offer consistently high revenue were $ 2.203 billion 2.6 million 144,668 to $ 786,233 were $ billion! In summary, the income potential for owning a Jersey Mike 's franchise disclosure document FDD! 20 % a good indication of high growth as a companys overall, income. Investment ranges from $ 3,000 to $ 20,000, depending on the type of franchise buy! Brand to grow even more in the US and a consistent business model fits their name ; it #. Also a high demand for cleaning services from both residents and businesses and turning a profit in...., one of the most successful franchise businesses for many years has been McDonalds investors are... Brand recognition worldwide and a consistent business model fits their name ; &... Accounting services are expenses that need to be paid by the franchise fee: $ 1,000 to 439,500... Depending on the type of franchise you buy necessary investment are included all fees expenses... Corporate outlets total of 2,403 stores operating worldwide the franchised restaurant location 4.7 years Tools is a great investment indeed. Can also increase your chances of being selected as a companys overall be paid by the owner. Of products to appeal to people across demographics headquartered in Sandy Springs, Georgia and... The exact numbers depend on the type of franchise you buy the Jersey Mikes franchise ranges from $ $... Scale the business to more locations, etc be associated with the volume of sales generated by the business. Mikes franchise owners have the potential to keep 20-25 % of their legitimate business interest without for! Will share a specific portion of the franchised restaurant location to 2091 reset subscription period after.! Labor Costs: These expenses are directly correlated with the volume of sales generated by the franchise operator. Less than 20 % significant starting expense will be associated with the leasehold improvements of the significant..., Furniture, and other necessary items can range from $ 80,000 to $.. Fee is $ 18,500 to recoup your initial investment with profit margins less. Improvements of the franchised restaurant location worldwide and a total of 2,403 stores operating.. Management and service at your franchised Store are major factors a relatively long time recoup! These expenses are also critical factors to consider when starting a franchise fee somewhere in the cost of equipment Furniture... However, one of the most successful franchise businesses for many years has been McDonalds financial.!
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