Are Jersey Mike’s franchisees profitable?
The graphic above, from the S&P, shows how Jersey Mike’s AUV grew from $400,000 in 2006 to over $800,000 in 2019. Based on the median sales provided by Jersey Mike’s franchise locations, at an average of a 15% profit margin, it will take around 5 years to recoup your investment.
How much do Jersey Mike’s charge for royalty fees?
Both royalty and advertising fees are higher for Jersey Mike’s than the industry standard which is 5.2% for royalty fees and 2.3% for advertising fees. How Much does a Franchise Owners make?
How long does it take to make money from a Jersey Mike’s?
Based on the median sales provided by Jersey Mike’s franchise locations, at an average of a 15% profit margin, it will take around 5 years to recoup your investment. This is longer than other franchise opportunities. You may not get a 15% profit margin which would elongate getting a return on your investment.
How many Jersey Mike's restaurants are in the US?
Jersey Mike's Subs is an American submarine sandwich chain headquartered in Manasquan, New Jersey. The Jersey Mike's franchise has almost 1,300 locations open and about 70 more in development across the United States. Five additional locations are open outside the U.S.
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How much does a Jersey Mike's owner make a year?
Average Franchisee Profit The average profit of a Jersey Mike's Franchisee is $50,000 – $200,000 per year.
How much do you need to open a Jersey Mike's?
InvestmentType of ExpenditureActual or Estimated AmountsWhen DueInitial Franchise Fee$18,500On Signing of the Franchise AgreementReal Estate and Construction Fee$5,000On Signing LeaseRent/Lease CAM/Taxes/Lease and Utility Security Deposits$0 - $38,250MonthlyArchitectural Fees$4,876 - $16,000As Arranged15 more rows
How much does the average Jersey Mike's franchise make?
2021 Jersey Mike's Average Unit Volume: $1,049,047 Based on the median sales provided by Jersey Mike's franchise locations, at an average of a 15% profit margin, it will take around 5 years to recoup your investment.
How much is a Jersey Mike's franchise worth?
What Does a Jersey Mike's Franchise Cost? To buy a franchise with Jersey Mike's, you'll need to have at least $100,000 in liquid capital. Franchisees can expect to make a total investment of $177,943 - $592,851. Jersey Mike's charges a franchise fee of $18,500.
What is the most profitable franchise?
Most Profitable FranchisesDunkin'7-Eleven.Planet Fitness.JAN-PRO.Taco Bell.Orangetheory Fitness.Great Clips.Mac Tools.More items...•
What is the cost of McDonald's franchise?
The Franchise fee of McDonald's goes for around 30 lakhs INR; however, this fee is also attached with a 4 % monthly royalty fee as service fees to the brand. The actual investment amount differs, a business owner needs to keep a rough estimate of around 6 to 14 Crores.
How much does a Jimmy John's franchise owner make?
(2021) Jimmy John's Median Franchise Sales: $874,845 Based on the median sales provided by Jimmy John's franchise locations, at an average of a 15% profit margin, it will take around 5.5 years to recoup your investment.
How Much Is a Subway franchise?
The initial franchise fee ranges from $10,000 - $15,000* (US dollars) depending on your country.
What is the royalty fee for Jersey Mike's?
6.5% of gross receipts for a standard franchise agreement.
What is the franchise fee for Dunkin Donuts?
Here is a breakdown and ranges of the financial requirements to open a Dunkin' franchise: Total investment range: $97,500 to $1.7 million. Initial franchise fee: $40,000 to $90,000 (varies by location) Net worth: $500,000 minimum.
What kind of meat does Jersey Mikes use?
“That's why we serve only the Certified Angus Beef ® brand for our famous roast beef sub.” Jersey Mike's, a fast-casual sub sandwich franchise with more than 750 locations open and under development nationwide, has a long history of community involvement and support.
How can I own a Starbucks franchise?
You can't. Starbucks Coffee doesn't franchise. Even though franchising is a classic, successful growth strategy for myriad beloved, familiar brands, Starbucks does not grant franchises. It's not because franchising isn't a time-tested model for growth.
What are the financial requirements for a potential franchisee?
Before being considered for the franchise investment, you might have to prove that you have a net worth of $100,000 or some other amount. Some large franchises require even larger net worth — into the range of $300,000 or more. This can be frustrating for some franchisees.
How much is the owner of Jersey Mike's worth?
An American businessman named Peter Cancro currently has a net worth of more than $400 million USD. Jersey There are roughly 1500 Mike's Subs locations in the US. Cancro and his wife Tatiana own a four-bedroom condo on East 68th Street and have $15.68 million in assets and income.
What is the ongoing royalty fee for Jersey Mike's?
6.5%$954,611Type of FeeAmountContinuing Services and Royalty Fees6.5% of gross receipts for a standard franchise agreement.Grand Opening Advertising$12,500; $5,000 for transfers or relocations.Real Estate and Construction Fee$5,000Corporate Advertising and Development FundCurrently 1% of gross receipts.23 more rows
How much money do you need to open a Chipotle franchise?
Estimated Chipotle Franchise CostType of ExpenditureEstimated AmountLowHighChipotle Franchise Fee (if they franchised)$20,000$25,000Real Estate Purchase or Lease(may vary substantially based upon the location)Site Preparation and Completion Costs$150,000$400,00011 more rows•Jul 19, 2022
How many Jersey Mike's locations are there?
Even if the sandwich chain has amassed a following, its known national competitors are Subway, Firehouse Subs, and Arby’s. Presently, Jersey Mike’s has over 2,000 locations nationwide.
Where is Jersey Mike's located?
Back then, they served submarine sandwiches, which at the time wasn’t as popular as pizza or chicken. However, due to its location in Point Pleasant, New Jersey, it became the go-to store for residents and tourists. In 1971, Peter Cancro bought Jersey Mike’s and became the owner.
What is The Mr. Appliance Franchise Cost?
For your home and office appliance needs and repairs, there’s only one name you can trust if you’re in the United States or Canada. Mr. Appliance is a reliable company with decades of experience. The company has been offering franchising opportunities since 1996. So, if you want a money-making venture, learn more about Mr. Appliance’s franchise terms and costs.
What is a QSR franchise?
Fast-casual or quick-service restaurants (QSR) have been the premier choice by potential franchisees to invest in. And most of these restaurants attribute their growth to the franchising model, which has given them huge leaps to success. One of the franchises many consider is Jersey Mike’s. But how much does a Jersey Mike’s franchise cost?
How much has Jersey Mike donated?
They even dedicate the last Wednesday of March as the Jersey Mike’s Day of Giving®. So far, they have donated over $30 million. In 2010, Jersey Mike’s was awarded the Best Sub Sandwich by the press. Some of them included Encore Magazine, Spectator Magazine, and the Nashville Scene.
Does franchising cover the initial cost?
The franchisor may cover a percentage of the initial franchise cost. This will depend on the franchisee’s creditworthiness and other collateral presented to secure financing.
Who supervises the franchisee?
As for obligations, it’s expected that the principal or a full-time manager will supervise and devote time to operating the franchise. The franchisee should also only sell the products approved by the franchisor and cannot sell other unrelated products.
How Much is a Jersey Mike’s Franchise?
The initial Jersey Mike’s Franchise Fee is $18,500. This is the upfront fee that must be paid when opening a Jersey Mike’s franchise.
What is Jersey Mike's competition?
Jersey Mike’s competes with regional and local delis and as well as national chains such as Subway, Arby’s, and Firehouse Subs.
What is Jersey Mike's website?
Jersey Mike’s website is quite extensive with its information and application process. The visibility of the company is one thing to admire as you can find the most suitable information on their website. They provide in great detail what they expect and their motto. For example, Jersey Mike’s highly stresses the training process of their future owners and managers. This means that even if you are a beginner and do not know much about opening and managing a store, Jersey Mike’s will provide adequate training to you and your staff.
What are the challenges of opening a McDonald's franchise?
Though it can be seen as a positive that it is a smaller franchise, it may be difficult to pick up new customers in their community who have never heard about it. Making customers try new things is difficult and requires a bold and effective advertising strategy. You may also need to spend more on advertising, whereas if you were to open a McDonald’s or other popular chain, people may already be loyal customers.
How much does it cost to franchise Jersey Mike?
Opening a franchise of a popular restaurant is often very expensive and per the company's website, investors in Jersey Mike's can expect the cost to be between $237,419 and $766,971.
Is Jersey Mike's a sub above?
Jersey Mike's bills itself as "a sub above" and while they may not be as healthy as Subway, the New Jersey-based sandwich chain is clearly doing a lot of things right. According to The Motley Fool, Jersey Mike's was the fastest-growing sandwich chain in the United States in 2013, and it continued that trend through 2019 as well (via Nation's Restaurant News ).
Is Jersey Mike's corporate supportive?
The bright side is that once you have the store built, Jersey Mike's corporate is reportedly very supportive in making sure new locations succeed. "The support has been exemplary and hasn't changed from the first location to the third," Cohen said.
