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How much money do you make owning a Jersey Mike's?
The average profit of a Jersey Mike's Franchisee is $50,000 – $200,000 per year.
How much does it take to start a Jersey Mike's franchise?
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 is a Jersey Mike's franchise worth?
JERSEY MIKE'S SUBS The franchise fee to open a Jersey Mike's location is $18,500 with total initial costs ranging between $169,001-$804,045. As with any franchise, the range of costs depends on various factors: location fees, construction and design, permits, insurance, opening inventory, and more.
Are Jersey Mikes profitable?
Jersey Mike's is a very profitable business for the franchisor with retained operational earnings of $38.5 million in 2021....JERSEY MIKE'S FRANCHISE SYSTEMS, INC. AND AFFILIATES CONSOLIDATED.20212019Continual service fees and other income$376,753,203$223,275,6369 more rows
What is the most profitable franchise?
Top 14 Most Profitable FranchisesMcDonald's. Units in operation: 39,360. ... Dunkin Donuts. Units in operation: 12,800. ... Taco Bell. Units in operation 12,800. ... Subway Franchise. Offers Financing: Yes. ... Anytime Fitness Franchise. Units in operation: 4,904. ... Sonic. Royalty: 2.5% - 5.0% ... Planet Fitness. Royalty 7.0% ... Orangetheory Fitness.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 is it to buy a Taco Bell franchise?
Costs overview Franchising fee: It costs between $25,000 and close to $50,000 for the initial franchise fee. This, too, will vary depending on the details of your specific Taco Bell franchise. Net worth: The current net-worth requirement is around $1.5 million worth of assets.
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.
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.
What are the financial requirements for a potential franchisee?
Almost every franchise has a net worth requirement for franchisees. 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.
Who owns Jersey Mike's?
Peter CancroIn 1987, Peter began franchising. He changed the name from Mike's Subs to Jersey Mike's Subs to capture the authenticity of where the authentic sub sandwich was born. Today, Peter Cancro is CEO of Jersey Mike's Franchise Systems Inc., overseeing more than 2,000 locations open and under development.
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
What is Peter Cancro salary?
Peter Cancro net worth and salary: Peter Cancro is an American entrepreneur and businessman who has a net worth of $400 million. Peter Cancro is best known for being a co-founder of Jersey Mike's Subs, an American submarine sandwich chain with more than 1,500 locations in the United States.
What are the financial requirements for a potential franchisee?
Almost every franchise has a net worth requirement for franchisees. 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.
How much is it to buy a Taco Bell franchise?
Costs overview Franchising fee: It costs between $25,000 and close to $50,000 for the initial franchise fee. This, too, will vary depending on the details of your specific Taco Bell franchise. Net worth: The current net-worth requirement is around $1.5 million worth of assets.
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 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.
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.
