How to open a Wingstop franchise?
- Ensure you have adequate capitalization. In order to open a Wingstop franchise, you must have a net worth of more than $360,000.
- Appreciate the investment required for a кestaurant franchise. ...
- Evaluate your prior experience and strengths. ...
- Assess market availability. ...
- Submit your application. ...
- Receive approval & opening your Wingstop franchise. ...
Full Answer
How much does it cost to open Wingstop franchise?
Wingstop has the franchise fee of up to $20,000, with total initial investment range of $346,775 to $733,249. * The estimated initial investment range given excludes real estate purchase and lease costs.
What is the history of Wingstop?
Wingstop. Wingstop landed on the scene in 1994 with the idea of serving the ultimate buffalo-style chicken wings and to provide quality products with superior service at an exceptional value. An immediate hit, we began offering franchises in 1997 in response to the growing interest from entrepreneurs wanting to open their own Wingstop restaurant.
Does Wingstop allow absentee ownership?
Hands-on: If you’re looking for a franchise that’ll let you be offsite, Wingstop does not allow absentee ownership. While you may not need to be the day-to-day operator, you will be expected to have a hands-on role.
How long does it take to become a Wingstop owner?
Wingstop owners are required to undergo extensive training before they open their stores: over 19 hours of online training, 30+ hours of classroom training, and over 153 hours of in-restaurant training. This will all take place over the course of 25 days at Wingstop’s Restaurant Support Center, which is located in Dallas, Texas.
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How much do Wingstop franchise owners make?
2021 Wingstop Median Franchise Sales: $1,485,793 Based on the median sales for Wingstop's franchise locations, at an average of a 15% profit margin, it will take around 5.5 years to recoup your investment.
How much do it cost to start a Wingstop?
InvestmentCategoryActual or Estimate Low*Actual or Estimate High*Initial Fees Development Fee Franchise Fee$10,000 $20,000$10,000 $20,000Security Deposits$0$10,000Architect and Engineering Fees$5,800$35,500Professional Fees$2,500$7,50010 more rows
How much is a franchise for Wingstop?
Franchise fee: The Wingstop franchise fee is $20,000 per store. There is also a development fee of $10,000 per store. Keep in mind, you're required to open at least three stores. Net worth: Wingstop requires a minimum net worth of $1.2 million.
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...•
Who owns the most Wingstop?
Ross owns nearly 30 Wingstop franchises across the U.S., according to CBS46.com.
Does Rick Ross own Wingstop?
Ross, through Boss Wings Enterprises LLC, reportedly owned 10 Wingstop locations as of 2016. He said on Instagram last year that he had given his son one of the franchises for his 16th birthday.
Which franchise has the best wings?
The Best Chicken and Wings Franchises to Buy in 2022Buffalo Wild Wings.Church's Chicken.East Coast Wings + Grill.El Pollo Loco.KFC.Lee's Famous Recipe Chicken.Native Grill & Wings.Pollo Campero.More items...
What is Starbucks franchise fee?
What are the Financial requirements for a Starbucks licensed store? You need to pay the licensing fee of between $50,000 – $315,000 and you must have over $1,000,000 in liquid assets to be considered for a licensed store by Starbucks.
Who owns Wingstop?
The restaurant chain was founded in 1994 in Garland, Texas, and began offering franchises in 1997. As of 2022, Wingstop now has over 1,400 restaurants. The chain is headquartered in Addison, Texas. In 2003, the chain was acquired by Gemini Investors, which sold it to Roark Capital Group in 2010.
Do franchise owners make money?
Franchise Business Review found that the average annual pre-tax income of franchise owners in America is $80,000. Only 7% of franchise owners make more than $250,000 annually, and 51% earn less than $50,000. Legally, franchisors cannot give income amounts or forecasts of future income.
Are franchises worth it?
Franchises have a higher rate of success than start-up businesses. You may find it easier to secure finance for a franchise. It may cost less to buy a franchise than start your own business of the same type.
Which franchise is best in 2022?
Franchises provide a strong corporate and management framework, plus marketing, merchandising and production support....Bluevine Business CheckingDunkin' ... Anytime Fitness. ... Planet Fitness. ... Orangetheory Fitness. ... Primrose Schools. ... Kiddie Academy. ... Kumon Math and Reading Centers. ... Ace Hardware.More items...•
How much does it cost to franchise a McDonald's?
McDonald's franchisee applicants must have a minimum of $500,000 available in liquid assets and pay a $45,000 franchise fee. Those looking to launch a new McDonald's franchise can expect to shell out between $1,314,500 and $2,306,500. Existing franchise prices can cost upwards of $1 million or more.
What is Starbucks franchise fee?
What are the Financial requirements for a Starbucks licensed store? You need to pay the licensing fee of between $50,000 – $315,000 and you must have over $1,000,000 in liquid assets to be considered for a licensed store by Starbucks.
Which franchise has the best wings?
The Best Chicken and Wings Franchises to Buy in 2022Buffalo Wild Wings.Church's Chicken.East Coast Wings + Grill.El Pollo Loco.KFC.Lee's Famous Recipe Chicken.Native Grill & Wings.Pollo Campero.More items...
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 to open a Wingstop franchise?
If opening a Wingstop franchise sounds like the right business venture for you, you can submit an application through Wingstop’s website. If you're approved, you’ll have the opportunity to attend a Wingstop Discovery Day, which will help you get a sense of whether you’d like to take the plunge to own a Wingstop franchise. Make sure you speak with as many current and former Wingstop franchisees as possible during this process, as they’ll be able to provide firsthand information about the franchising process and relationship.
How many Wingstop locations are there?
Wingstop has over 1,200 locations in the U.S. and other locations in multiple countries. Of their 1,300-plus worldwide locations, more than 980 are franchises. Founded in 1994, Wingstop first began offering franchising opportunities in 1997.
What is Wingstop territory?
Territory: Wingstop guarantees some territory protection, which shields you from other franchisees opening in your market and threatening your sales.
How many square feet does Wingstop take?
Because Wingstop does about 80% of their business via takeout, you don’t need to look for a lot of space—you can open a store with a minimum of between 1,200 and 2,000 square feet.
What are the advantages of franchising?
One of the many advantages of franchising is the support you’ll receive from the franchisor. This can be especially appealing to entrepreneurs without previous business ownership or restaurant experience. Wingstop offers support for identifying real estate, setting up operations, and managing construction.
How many units are needed for Wingstop?
When exploring Wingstop franchises, keep in mind that you can only choose a multi-store development with a minimum of three units. They also require previous multi-unit restaurant management and development experience, with a strong preference for past franchise ownership.
What is a wingstop?
Known for their variety of—you guessed it—chicken wings, Wingstop is a brand with a lot of loyalty and customer appeal. If you’re interested in opening a Wingstop franchise, there’s lots to know about its corporate structure, Wingstop franchise cost, and more.
What Does a Wingstop Franchise Cost?
To buy a franchise with Wingstop, you'll need to have $204,000 - $335,000 in liquid capital. They also offer financing via 3rd party. *
When did Wingstop start?
Wingstop landed on the scene in 1994 with the idea of serving the ultimate buffalo-style chicken wings and to provide quality products with superior service at an exceptional value. An immediate hit, we began offering franchises in 1997 in response to the growing interest from entrepreneurs wanting to open their own Wingstop restaurant.
How long is Wingstop training?
As a Wingstop franchisee you and your general manager will participate in an intensive three-week orientation at the Wingstop corporate offices in Dallas. You will receive hands-on training and a simulation in which you run a store as if it were your own.
When did Wingstop start?
Wingstop started business in 1994 in Dallas, Texas. It then ventured into franchising in 1997 and successfully managed to grow into 1,445 units over the years. Wingstop Franchising LLC, the franchisor, grants the franchisee to operate a restaurant in an approved territory. As a franchisee, you have access to the following:
How long does Wingstop training last?
Typically, the overall training lasts 25 consecutive days with one day off each week. The total training hours will be split between two sites— classroom and on-the-job training. Upon opening the franchisee’s first Wingstop restaurant, the franchisor will send two trainers for the opening restaurant to assist for at least 14 days. The franchisor has sole discretion to require the following to all franchisees and their managers:
What is The Real Cost of A Lemonshark Poke Franchise?
However, other fast-casual restaurants may also have a place and opportunity to become an investment in the long run. One of them is LemonShark Poke, self-dubbed as a “fine casual” offering healthier food options for consumers needing a quick bite.
What is franchise agreement?
According to the Franchise Agreement, the franchisor will guarantee competitive protection to the franchisee in a trade area around the restaurant’s premises. This agreement means that the franchisor will not open or grant any other franchisee to open another restaurant around the granted trade area. Aside from high-density population areas, a restaurant’s trade area starts from its main door and extends into a radius outwards. The radius of the franchisee’s trade area will depend on the following factors:
What happens if a franchisee does not want to be involved?
If a franchisee chooses not to be involved, the owner must appoint a general manager to supervise the day-to-day restaurant operation. It’s also required to have an assistant manager to help with the restaurant.
How many people should be in a franchise training program?
At least two people, the franchisee and a general manager should complete the training program until the franchisor’s satisfaction. If the franchisee is preoccupied, sending out a designated principal and general manager for training will suffice. Both persons who completed the training should work full-time in the restaurant.
How far away from a restaurant can you franchise?
As a general rule, the radius will never go as far as three miles from the restaurant. However, if a franchisee wants to operate in a non-traditional venue, the trade area is expected to be limited to the specified site location’s physical footprint.
