Snack food franchises are a good way for most aspiring people in business to start their own entrepreneurial career, but you may need to cross out Chick-fil-A from your prospective list.
It only costs $10,000 to open a Chick-fil-A franchise, but the company only approves around 80 applications out of 20,000 every year.
The company’s stringent application process contributed to its strong sales record. It is the eighth biggest fast-food brand in the US in terms of sales.
Chick-fil-A also covers all start-up costs and doesn’t require buyers to meet requirements on net worth and liquid assets, which makes it even more appealing to applicants.
However, you may be better off spending your $10,000 on other franchises such as pastry or cookie stores. Chick-fil-A requires all of its business operators to meet certain criteria, whether it involves working in the kitchen or greeting guests in the dining area.
Most Expensive Franchises
Other famous fast-food brands may not be as strict as Chick-fil-A, but it will cost you a fortune to get a franchise. McDonald’s, for instance, requires an initial investment between $1 million and $2.2 million, excluding a $45,000 franchise fee.
The industry giant has been franchising its business since 1955. In the past year, it opened a total of 507 units. A Dunkin’ Donuts franchise also doesn’t come cheap. Operators would need to pay an initial investment from $228,620 to almost $1.7 million.
Its franchising fee is more expensive than McDonald’s, which can cost up to $90,000. By early 2018, the company has more than 12,000 stores worldwide that includes more than 9,100 franchises in the US.
While opening a well-known food franchise seems a good opportunity, consider other investment options. You don’t need thousands of dollars to start your own franchise, as most companies offer alternative ways to experience the benefits of franchised businesses at a lower cost.