Great Steak is a restaurant specializing in Philadelphia cheesesteak sandwiches, baked potatoes, hamburgers, and fast food items. The franchise focuses on classic, quality fast-casual fare.
Key Insights
- Great Steak started with a clear vision to establish new benchmarks of excellence within their field, combining industry expertise with customer-focused innovation to create sustainable competitive advantages that benefit both franchisees and the communities they serve.
- Ordering systems integrate user-friendly technology with personalized customer service to create efficient, enjoyable dining experiences that accommodate busy schedules while providing opportunities for menu education and customization based on individual preferences and dietary needs.
- Generational changes in consumer behavior drive innovation in service delivery and customer engagement methods, requiring businesses to adapt communication and service approaches while maintaining the quality and reliability that build long-term customer relationships.
Franchise Fee and Costs to Open
Exploring the financial picture of Great Steak gives insight into both the upfront commitment and the potential revenue opportunity. According to FDD Item 7, opening this franchise typically involves an investment in the range of $172,900 - $662,850, along with a franchise fee of $14,000 - $30,000.
Financial Performance and Revenue
Yearly gross sales of $465,400 and estimated earnings of $55,848 - $69,810 show the potential financial performance of this franchise. These figures are crucial for prospective franchisees as they help to project revenue and profitability. They offer insight into the business's ability to generate income and can be used to compare its performance against other investment opportunities. The Franchise Payback Period of 7.2-9.2 provides an estimation of the time it might take for an owner to recover their initial investment. This metric is a key consideration for anyone evaluating the financial viability of a franchise, as it relates directly to the speed at which the business can become profitable. A shorter payback period can indicate a faster return on capital, which is a significant factor in making an informed decision about a franchise investment.
Training and Resources
Great Steak **provides** comprehensive initial training for new franchisees. This immersive program **offers** valuable insights and practical skills. The initial training **is** two weeks in duration and takes place at Great Steak's corporate training facility. Great Steak **offers** ongoing support and resources to help franchisees succeed.
Legal Considerations
Legal considerations for a Great Steak franchisee are outlined in the Franchise Disclosure Document (FDD) and the Franchise Agreement. Note that this franchise discloses lawsuits and/or bankruptcy information in its FDD, which may impact your evaluation. Subscribe now to access more details and be sure to consult a qualified attorney before proceeding.
Challenges and Risks
A franchisee may encounter considerations with local market competition, requiring a nuanced understanding of diner preferences and existing establishments. Operational complexity demands diligent adherence to brand standards for food preparation, customer service, and inventory management. Reliance on specific supply chains means managing potential disruptions to ingredient availability and quality.
Franchise Datasheet
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