How much does a Jersey Mike’s franchise cost?
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.
How many Jersey Mike's locations are there?
In 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 1,500 locations open and under development.
Why did Mike's change the name to Jersey Mike's?
This got Peter thinking, and he started researching the possibilities of franchising the Mike's concept. In 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.
How many Jersey Mike's franchises does Alvaro Garcia own?
Buying into five Jersey Mike's franchises might sound like a lot, but it's nothing compared to the franchise empire Alvaro Garcia is building. In 2014, Garcia was the owner of 20 Jersey Mike's locations in California, with plans for many more, he told Entrepreneur .
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How much money does it cost to open 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 many Jersey Mike's are franchises?
In 1987 he began franchising the business and since then he has expanded the Jersey Mike's Franchise to 1800+ locations across the United States. There currently are 1796 franchise stores and 51 company owned locations. The key to Jersey Mike's success is high quality ingredients and a welcoming atmosphere.
Is Jersey Mike's franchise or corporate?
Our franchisees are a diverse group of individuals with something in common: they have embraced the opportunity of owning a Jersey Mike's and serving our delicious, fresh sub sandwiches. Many of our successful franchisees have some other traits in common.
Where did Jersey Mike's Sub start?
Point Pleasant, NJJersey Mike's Subs / Place foundedPoint Pleasant is a borough in Ocean County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 18,392, down from 19,306 in 2000 but still up from 18,177 in 1990. Wikipedia
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.
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?
Documents- ID cards, lease documents, etc. Franchise Investment Cost- In India, if anyone wants to start a McDonald's franchise in India, then their net worth should be between INR 10 to 15 Crore. Also, assets worth INR 5 Crore should be in the form of cash or liquid assets.
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.
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
Does Jersey Mike's use real meat?
More than 1,500 locations open and under development throughout the United States. The roast beef is the thing to order at Jersey Mike's as they are one of the only sub shops that cooks off real roast beef (like you or I do at home) & use this real meat in their sandwiches.
Does Jersey Mike's use Boars Head?
Jersey Mike's uses Boars Head meats for all of their sub sandwiches, which I personally love. After you've loaded your sandwich with everything you like, they finish off your sub by squirting (and I mean squirting) oil and vinegar all over it.
Who owns the most Jersey Mike's?
It started back in 1956, in this actual storefront location and was originally called Mike's Subs. ... In 1971, Peter Cancro was a high school student in Point Pleasant, New Jersey. ... Today, Peter Cancro is CEO of Jersey Mike's Franchise Systems Inc., overseeing more than 2,000 locations open and under development.
Is Jersey Mike's franchise profitable?
Jersey Mike's is a very profitable business for the franchisor with retained operational earnings of $38.5 million in 2021. Compared to $22.5 million in 2019, they saw an increase of 71% from 2019 to 2021.
How many Jersey Mike locations are there?
There are 2,322 Jersey Mikes stores in the United States as of October 11, 2022. The state with the most number of Jersey Mikes locations in the US is California, with 332 stores, which is about 14% of all Jersey Mikes stores in the US.
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.
Who owns Jersey Mike's franchise?
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.
Where is Jersey Mike's restaurant?
Jersey Mike's restaurant in Valdosta, Georgia. At age 14, Peter Cancro of Point Pleasant Beach, New Jersey, took a part-time job at Mike's Submarines, a neighborhood sandwich shop in the adjacent borough of Point Pleasant but only a few blocks west of Point Pleasant Beach High School, founded in 1956, and then on its third owner.
Where is Jersey Mike's Subs located?
Jersey Mike's Subs. Jersey Mike's Subs is an American submarine sandwich chain headquartered in Manasquan, New Jersey. The Jersey Mike's franchise has 1,910 locations open and about 124 more in development across the United States, in addition to three locations in Queensland, Australia, and two in Ontario, Canada.
What is Jersey Shore's favorite sandwich?
A "Jersey Shore's Favorite"—provolone, ham, and cappacuolo —on white bread. Like the original Mike's store in 1956, each Jersey Mike's Subs serves submarine sandwiches made to order, slicing the meats and cheeses as needed.
What condiments are used in Mike's sandwich?
A popular way to top off the sandwich with condiments is to order it "Mike's Way", which involves sliced onions, shredded lettuce, tomatoes, oregano, salt (spices) and "The Juice" —a mixture of red wine vinegar and olive oil. There is also a signature cherry pepper relish.
How long is the Point Pleasant store manager training course?
Prospective store managers are sent to the location of the original store in Point Pleasant for part of a six-to-eight-week training course.
How long is a franchise agreement?
10 years. Definition: The length of time your franchise agreement will last. What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease.
What is the franchise fee?
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
How old was Peter Cancro when he started working in the submarine sandwich business?
Peter Cancro started working in the submarine sandwich business when he was 14 years old. At the age of 17, before state law allowed him to operate a slicing machine, Cancro bought the original Jersey Mike's location.
Do franchisors have in-house financing?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
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.
How long is Jersey Mike's training?
Our training program requires three times the hands-on experience than many franchise systems. Our training program requires 8-10 weeks of classroom training and in-store experience immediately sets the bar high for operational excellence. Ongoing Back to Basics training, Train the Trainer programs and others crew excellence initiatives help keep the bar high. Our philosophy is simple: more thorough and robust training program, which concentrates on the entire business operation not just product production, makes our stores better prepared to manage their business. Well trained owners and managers operate better stores and help us protect the Jersey Mike’s brand.
What is Jersey Mike's sub?
The authentic sub sandwich, served Mike’s Way with onions, lettuce, tomatoes, olive oil blend, red wine vinegar and spices, is what differentiates Jersey Mike’s from the others. Authentic means fresh sliced, premium quality meat and cheese. It means bread baked fresh daily in our stores. It means that every morning we hand slice only the freshest onions, lettuce and tomatoes to top our subs. It means Certified Angus Roast Beef trimmed tied and cooked in our stores. Our 99% fat free turkey is whole muscle meat with no fillers. Our tuna is made fresh in the store. Our cheese steaks are fresh grilled while you wait along with onions and peppers for that authentic Philly taste. Why do we insist on making our sub sandwiches the same way we’ve been making them since 1956? Because we refuse to compromise on quality or freshness. Our commitment to quality, freshness and authenticity has helped us win Best Sub and Best Sandwich Awards in virtually every market we serve. It will help you by bringing back customers again and again to satisfy their craving for authenticity.
What is the culture of a franchise company?
When the founder of a franchise company actually runs a store for years, the result is a different kind of company culture: one that is completely focused on store-level profitability and franchisee success; a culture that offers a balanced lifestyle.
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.
