- Franchise 500 Rank
-
N/R Not ranked last year
- Initial investment
-
$133K - $513K
- Units as of 2020
-
50 25% over 3 years
Great Steak has been serving Philly cheesesteaks, fries, and baked potatoes since 1985. They are known to have freshly baked bread, real cheese, and quality meats at all locations. Great Steaks has a presence both in the United States and abroad. An ideal franchisee is an individual who may not necessarily have previous restaurant experience, but possesses an entrepreneurial drive, managerial experience, and is willing to apply the business model.
Why You May Want to Start a Great Steak Franchise
A Great Steak franchisee will be in charge of the daily operations of their outlet and is responsible for the performance of the restaurant. However, you may be given the opportunity to run your Great Steak franchise as an absentee owner.
You are expected to apply the basics of this proven business model to succeed as a franchisee. Great Steak may stand out from its competitors because they are authentic, and all ingredients are made fresh daily.
Customers may love what they get at Great Steak because the quality is nearly always a guarantee. They also get value for their money, enjoying great bites at an affordable price.
What Might Make a Great Steak Franchise a Good Choice?
To be part of the Great Steak franchise team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should be prepared for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
Two concepts that you can apply to your franchise are the mall food court counter and the in-line restaurant model. The two models may have different investment prices, so be mindful of your financial planning when seeking to open a Great Steak franchise.
Sufficient training and support are provided to franchisees. During training, Great Steak will cover various topics such as hiring the right team, inventory management, marketing, and buying hardware. You will also get assistance during processes, such as site selection, lease negotiation, construction, and your grand launch.
How To Open a Great Steak Franchise?
Before making any financial commitment or signing an agreement, you must perform your due diligence and establish if this is the right opportunity for you. As part of your due diligence, you may want to speak to existing franchisees and ask the Great Steak franchising team questions.
If the company finds you to be a good fit for the Great Steak brand, you may be invited to attend training at the Great Steak headquarters in Scottsdale, Arizona. Since you have to master the skill of making the great cheesesteak that many have come to love, you will spend many hours training both in the classroom and at one of the Great Steak restaurants.
It may be a good idea to speak with an attorney or financial advisor as you decide if opening a Great Steak franchise is a good decision for you. This conversation should include details on whether or not you have the financial resources necessary to own and operate a Great Steak location.
Soon, you may find yourself the owner of the newest Great Steak franchise.
Company Overview
About Great Steak
| Industry | Food |
|---|---|
| Related Categories | Philly Cheesesteak Sandwiches, Sandwiches |
| Founded | 1985 |
| Parent Company | Kahala Franchising LLC |
| Leadership | Eric Lefebvre, CEO |
| Corporate Address |
9311 E. Via De Ventura Scottsdale, AZ 85258 |
| Social | Facebook, Twitter |
Business Overview
| Franchising Since | 1986 (38 years) |
|---|---|
| # of employees at HQ | 227 |
| Where seeking |
This company is offering new franchises in the following US states: This company is offering new franchises in the following international regions: |
| # of Units | 50 (as of 2020) |
|
|
|
Information for Franchisees
Here's what you need to know if you're interested in opening a Great Steak franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
|
Initial Franchise Fee
|
$7,500 - $30,000 |
|---|---|
|
Initial Investment
|
$132,500 - $513,300 |
|
Net Worth Requirement
|
$250,000 |
|
Cash Requirement
|
$129,000 |
|
Veteran Incentives
|
20% off franchise fee |
|
Royalty Fee
|
6%+ |
|
Ad Royalty Fee
|
to 4% |
|
Term of Agreement
|
10 years |
| Is franchise term renewable? | Yes |
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
| Third Party Financing | Great Steak has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment |
|---|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
| On-The-Job Training | 40 hours |
|---|---|
| Classroom Training | 40 hours |
| Ongoing Support |
Purchasing Co-ops
Newsletter
Meetings & Conventions
Toll-Free Line
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
Franchisee Intranet Platform
|
| Marketing Support |
Co-op Advertising
Ad Templates
National Media
Regional Advertising
Social Media
SEO
Website Development
Email Marketing
Loyalty Program/App
|
Operations
Additional details about running this franchise.
| Is absentee ownership allowed? | Yes |
|---|---|
|
Can this franchise be run from home/mobile unit?
|
No |
|
Can this franchise be run part time?
|
No |
| # of employees required to run | 10-15 |
|
Are exclusive territories available?
|
Yes |
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