In the investment arena, there are expensive franchise opportunities and cheap franchise opportunities. You might think that the expensive franchise opportunities are a slam-dunk with regard to earning potential, however, that’s not always the case. Often it’s the cheap franchise opportunities that are less of a challenge to open and maintain. As you consider investing in a franchise, you could benefit from the answers to these most frequently asked questions about franchising.
How Much Money Is Needed for Cheap Franchise Opportunities?
“Cheap” doesn’t refer to the quality of what you might be selling but with the amount of money it would cost to get that business started. Consider Great American Cookies for a minute. There are some fixed fees associated with opening this type of cheap franchise opportunity. It starts with the $35,000 franchise fee which is the same fee all franchisees pay. We also have reduced franchise fees for multi-unit operators if opening multiple stores is something you’ve considered.
We require a minimum liquidity requirement of $100,000 and a net worth requirement of $250,000 for your first store. If you’re looking to purchase multiple stores, those numbers would be higher in value. We get these numbers from what banks require potential franchisees to have in liquid assets. In the QSR industry, you’ll see banks look for 25-30% of the total investment in cash. Beyond that, the actual costs of rental space, equipment purchases, and other items could run between $190,000 to $325,000. The variability of costs depends on where you’ll be setting up your store and how big that space might be. Every space is unique so every build-out cost will be unique.
What Kind of Experience Do I Need to Open a Cookie Franchise?
Believe it or not, you don’t need to have any restaurant experience to open a Great American Cookies franchise, although, it wouldn’t hurt! The best type of experience you can bring to the equation is a friendly attitude with regard to meeting and serving the public. It’s also important to follow the system without deviating. One of the main draws to franchising is the ability to have a system and process already in place. Your job is to execute that process!
We manufacturer our own dough which also means you don’t need to be a chef to open a Great American Cookies franchise. Our dough comes to you ready to bake. Here at Global Franchise Group, we’ve done our best to make baking cookies, brownies and Cookie Cakes as easy as possible. Even with a process already in place, you’ll attend GFG University to truly understand the fine points of your business. You’ll undergo this training at our Global HQ located in Sandy Springs, Georgia where you will go through your classroom training. We touch on topics such as; budgeting, baking, payroll, POS management, P&L’s, and so much more. You will also attend in-store training at one of our training stores. These stores are fully operational stores that are open for business. You will learn to clean dishes, bake cookies, measure and weighing of dough, interact with customers, along with a host of other activities. The best way to learn something is to be hands on so we’ve gone to great lengths to make your in-store training as valuable as possible.
What Happens After the Store Opens?
Beyond your training, you’ll be partnered with a field business consultant. This will be your personal adviser who can help answer any ongoing questions and concerns. Your field representative is a wonderful sounding board to bounce off ideas about marketing and fundraising. They will also help make suggestions that worked for all the other Great American Cookies franchises. They answer common questions like; “My oven isn’t working. Who do I call?” or “I’m running out of cookie dough, how do I order more?” With over 300 stores opened around the world, you’ll have peace of mind knowing we’re here to help you every step of the way.
How to Make Money Franchising?
Of course, every prospective owner wants to know how to make money franchising. Because of industry regulations, the FTC doesn’t allow franchisors to make specific earnings claims. However, you can obtain a Franchise Disclosure Document that delves into all kinds of financial matters related to owning and operating a Great American Cookies franchise. These documents are available by request.
How Long Before I Can Begin Selling Cookies?
There are two phases of opening a store. The first is scouting and finding the location. Along with that comes negotiating a lease, and once that lease is signed, your store could be opened in as little as ninety days.
From the location scouting to the initial purchasing to the hiring of staff, Global Franchise Group will be guiding you along the way. If you have more questions, contact us to see how you can open up your own Great American Cookies franchise today!