The Franchise Disclosure Document or FDD for Jersey Mike's is a legal document which is presented to prospective buyers of franchises in the pre-sale disclosure process in the U.S. Download the latest FDD for the Jersey Mike's franchise here. ). Ongoing support, marketing support, and training are only broad categories that cover specific areas. I've been running my own small business since 2019 after leaving a successful career in finance. How much can you make with a Jersey Mike's franchise? Owners in the Food and Beverage Industry with over $5 million in sales have a median multiple of .86. Compared to $22.5 million in 2019, they saw an increase of 71% from 2019 to 2021. The estimated initial investment to open a Jersey Mike's Subs restaurant ranges from $150,082 to $519,970, inclusive of the initial franchise fee ($18,500), leasehold improvements ($52,000 to $287,600), and equipment ($36,099 to $83,307). The estimated initial investment for developing a Jersey Mike's franchise breaks down as follows: This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. Moreover, this is an indication that the franchisees were not performing well, especially during the pandemic, when there was a net loss of 1,600 locations. The location must have suitable demographics to attract customers while operating at an affordable cost. Essential document for potential franchisees or buyers of a . So there isnt a way to guarantee or predict specific profits. New franchises cost between $526,900 to $1.8 million. Breaking even and turning a profit in a business takes time and careful planning. When we know that this franchisor charges approximately 11% ( Royalty 6.5% + 5% Ad Fee) of royalties, we have multiplied $78,092 by 8.9 (89%), and we come to a number of $695,023. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Heres a guide to some of the most profitable franchise businesses across sectors. It is advisable that interested franchise owners consult the company's FDD which provides a more detailed account of the financial requirements in relation to taking up a franchise. The business provides a variety of products to appeal to people across demographics. The estimated initial investment for developing a Jersey Mike's franchise breaks down as follows: Call us at 732-292-8272 or email us at franchise@jerseymikes.com Peter Cancro is the owner of Jersey Mikes, and also he serves as the CEO of Sub Above, LLC this Company is a direct subsidiary of Jersey Mikes Franchise Systems, Inc. Both royalty and advertising fees are higher for Jersey Mikes than the industry standard which is 5.2% for royalty fees and 2.3% for advertising fees. However, it is essential to have a business acumen and passion for food, along with the ability and willingness to commit to the franchise. And theres not as much competition in this field as there once was. The annual growth rate in the industry is around 2% and the EBITDA multiplier is around 3x for a single restaurant. Jersey Mike's 2023 FDD. In 2019, there were 3,472 restaurants with locations in Canada, Mexico, Turkey, Egypt, South Korea, and Yemen in addition to the US. You are more likely to make a profit if you invest in several Firehouse Subs franchises instead of just one. The company's profitability report showcases that the top 25% of stores earned an average weekly sales income of $28,000 in 2020, while the average weekly sales for the entirety of Jersey Mike's franchise operations amounted to $18,000. Sunday,Monday,Tuesday,Wednesday,Thursday,Friday,Saturday, January,February,March,April,May,June,July,August,September,October,November,December. Locations can be fairly small, and staffing costs are generally minimal. Another 260 locations will be opened soon. Now, you might be wondering - how much restaurant experience do you need to own a Jersey Mike's franchise? As Jersey Mikes Subs do not disclose sales per restaurant in its Franchise Disclosure Document, we derived the amount by dividing total franchise sales ($2 billion) by the total number of franchises (2,069). "The support has been exemplary and hasn't changed from the first location to the third," Cohen said. The initial Jersey Mikes Franchise Fee is $18,500. Most McDonalds franchisees start by purchasing an existing location from McDonalds or another franchise operator. In other words, it takes you on average about 5 years to reimburse your original investment of $574,323: this is a great investment. If youre interested in opening a profitable franchise, choosing one that is popular with young people or that has room to grow may be ideal. Jersey Mikes is a sub shop that is one of the fastest growing franchises in the food service industry. Start a Jersey Mike's Franchise | Costs and Requirements Opening a franchise can be an excellent option for owning your own business and the franchise industry is booming, with. However, one of the most successful franchise businesses for many years has been McDonalds. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. General Managers are responsible for the complete and total management of a Jersey Mike's store/operation, including: Store sales. Such as the Franchised Stores size, geographic location, menu mix, and competition in the marketplace. And what started as a small sandwich restaurant called Petes Subway in Bridgeport, Connecticut, is currently the worlds largest submarine sandwich chain. The long-standing business also keeps its operations with the times. How Much Does The Jersey Mikes Franchise Cost. Ad Royalty Fee: 5%. In 1987, he began franchising the business and since then he has expanded the Jersey Mikes Franchise to 2000+ locations across the United States. But if you're looking for a great fast-food franchise, then Jersey Mike's is a great option. If you're interested in opening a Jersey Mike's franchise, you'll need to be prepared to make a significant initial investment. Required fields are marked *. Jersey Mike's Franchise Systems Inc - Company Profile and News - Bloomberg Markets Bloomberg Terminal Demo Request Bloomberg Connecting decision makers to a dynamic network of information,. However, there are plenty of opportunities that can provide consistently high profits to those willing to research the right opportunities for their market and work hard to grow their businesses. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. The most significant starting expense will be associated with the leasehold improvements of the franchised restaurant location! However, initial expenses generally range from $98,350 to $303,000. The initial investment ranges from $381,575 to $783,897. Home-based franchises are often the least expensive to start. Copyright 2023 FinModelsLab. McDonalds franchise program is one of the most established in the fast food industry. ): Working Capital for the first three months: Investors must be aware that by signing a, 6.5% of the gross receipts an ongoing expense, 4.0% of gross receipts an ongoing expense. In 2018, ARG took over the ownership of Buffalo Wild Wings. Many factors affect the sales, costs, and expenses of your Franchised Store. To reveal is Jersey Mikes a profitable franchise, we must uncover its gross sales level per year and profit margin that new owners can expect! Please confirm by clicking on the Cancel Subscriptionbutton below. The potential owners must be aware that this guarantee will place the investor and his spouses marital and personal assets, perhaps including the house, at risk if the franchise fails. As per the latest FDD, the investment amount ranges from $194,035 to $954,611. In addition to the above considerations, Jersey Mike's also has standard criteria for franchise ownership. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. "Small Business Trends" is a registered trademark. The Jersey Mikes franchise cost ranges from $194,000 to $954,000. The franchisor is a company that sacrifices everything for profit and considerable numbers of franchise owners have expressed their discomfort with Subway. Jersey Mike's has restrictions on where you can open a franchise, including territorial rights, demographics, and site selection. Considering that 70 percent of Jersey Mike's new stores come from existing franchisees, it's reasonable to believe that a good number of them areindeed making over $100,000 a year. Between 2019 and 2021, Jersey Mikes has seen its total unit count rise from 1492 to 2091. 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If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Jersey Mikes has seen consistent franchise unit increases over the last three years and their parent company posted over $100 million in net income in 2020. Review the chart below to see how much the Jersey Mikes franchise cost isin 2022. The graphic above, from the S&P, shows how Jersey Mikes AUV grew from $400,000 in 2006 to over $800,000 in 2019. Now they own their own franchise through the Rod | 16 comments on LinkedIn. And total startup expenses usually fall between $109,000 and $250,000. Specific tasks may be delegated to other individuals as appropriate, but ultimate responsibility rests with the General Manager. How do we estimate Jersey Mikes franchise owner salary per year? On the last Wednesday, in March, Jersey Mike's franchisees donate 100% of their day's receipts to charity each market chooses. The cost of equipment, furniture, and other necessary items can range from $80,000 to $200,000. Jersey Mike's Franchise Restaurant offers a wide assortment of made-to-order submarine-type sandwiches, other hot sandwiches, and related food products and b. Stay involved: Once your franchise is up and running, stay involved in every aspect of the business to ensure its success. Profit margin. That is going to be a good return on investment on the initial estimated investment of $5,743,230. Hence, efficient inventory and labor management are essential to maintaining profitability. The average profit of a Jersey Mike's Franchisee is $50,000 - $200,000 per year. The Food and Beverage industry in the USA accounts for 13% of all manufacturing employment in the country. In 2021 the franchisor earned $164,150,548 of revenue from. Franchisees can expect to make a total investment of $177,943 - $592,851. The owner of the average gross sale earning Jersey Mikes franchise can expect an annual salary of approximately $69,000. The Jersey Mike's franchise has 1,942 locations open and many more in development across the United States each week. As a condition of awarding you a franchise, at Jersey Mike's Subs' sole discretion, you must work in a Restaurant it designates, without compensation, for approximately 16-24 hours so that it may evaluate your aptitude for owning or managing a Restaurant. Other factors such as customer satisfaction, employee engagement and market share are also critical indicators to track. Jersey Mike's is a sub shop that is one of the fastest growing franchises in the food service industry. Anytime Fitness Anytime Fitness is one of the most profitable sports franchises. Your initial investment may vary depending on numerous factors, including the condition of the premises, the amount of construction performed by the landlord, geographic areas and your capabilities. There are around 1.46 million people employed in this industry. Prospective franchisees should consider business presence in the area where they are interested in opening up an Arbys store. The consent submitted will only be used for data processing originating from this website. However, there are high initial costs of opening a franchise, and based on the industry multiple, it will be difficult to sell the franchise at a profit. Small businesses can take around 2-3 years to break even and start generating a profit. The midpoint franchise investment in a Jersey Mikes franchised location is $574,323. Our mission is to bring you "Small business success delivered daily.". Today Jersey Mike's operates a franchise-purchasing assistance program called the "Coach Rod Smith Ownership Program" to help young entrepreneurs start their careers. , you do have the ability to make a profit. Food and drink may be consumed on-premises, taken out, or delivered to the customers location. Considering how expensive it can be to get a Jersey Mike's up and running, this net worth requirement is pretty understandable. This may sound like a declining industry, but there are still plenty of businesses and groups that require travel planning assistance. Jersey Mike's. This is a chain of sub sandwich style restaurants that highlights tasty beefs, bacons, turkey breast and much more. Here are some ways to evaluate the most profitable franchises: Franchises can provide many financial benefits since they offer a proven business model and tons of support for business owners. In this company Franchise Disclosure Document is included the independent auditors report of Sub Above, LLC ( owner of this brand), so we extracted all information about Jersey Mikes revenue per store from it! So the owners salary can be less or higher than our prediction; it will depend on the location and managerial skills of the franchisee. With over 2,000 locations across the country . Your email address will not be published. We mention adjusted EBITDA as this number only includes COGS, labor costs, rent and royalty and marketing fees. The Real Price of Pouring Pints: Beer Bar Startup Costs, From Dreams to Reality: Starting a Boutique Hotel on a Budget , Crunching Numbers: Coal Mining Startup Costs. The time it takes to break even and start making a profit in business varies depending on various factors such as the nature of the business, industry, market conditions and management practices. Jersey Mike's is a popular, fast-growing franchise in the United States that offers high-quality sandwiches, wraps, and salads. Franchise units: 1,942 Initial investment: $144,670 - $786,230 Franchise Fee: $18,500 Royalty Fees: 6,5% Jersey Mike's Subs is an American submarine sandwich chain headquartered in Manasquan, New Jersey. With 7-Eleven, they provide financing and can offer up to 65% for the initial franchise fee. Toppings include shredded lettuce, sliced onions, oregano, tomatoes, salts & spices, and mixture of olive oil and red wine vinegar. Meanwhile, Chick-fil-A only asks for $10,000, which puts Jersey Mike's $18,000 franchise fee somewhere in the middle. With 21 Jersey Mike's Subs locations in Southern California already under his belt, Garcia is in the midst of an aggressive 70-store . Multiple store types are available, so startup costs and earnings vary. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Nothing in the article constitutes professional and/or financial and/or legal advice, nor does any information in the articleconstitute a comprehensive or complete statement of the matters discussed or the law relating thereto. According Jersey Mikes website, there are 2,401 stores operating in the US and a total of 2,403 stores operating worldwide. However, store profits can be influenced by a variety of other expenses such as food and labor costs, rent, utilities, and other expenses. Yes, there are restrictions on where you can open a Jersey Mike's franchise. Because Sub Above LLC was only given financial data for one single week in 2019 and was no longer the franchisor, there is a significant difference in net incomes between 2019 and 2020. Based on the median sales provided by Jersey Mikes franchise locations, at an average of a 15% profit margin, it will take around 5 years to recoup your investment. Multiples can go up to 7x for 5+ restaurants. Jersey Mike's Funding LLC's series 2019-1 issuance is a corporate securitization of Jersey Mike's Franchise Systems Inc.'s business, comprising $500 million in senior term ABS notes. Were looking at Jersey Mikes franchises financial performance to assess whether this is a profitable business as a franchisee. Startup costs are estimated around $130,120 to $844,420. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. As a franchise owner, you would be required to maintain these values and ensure customer satisfaction. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. It is classified as operating in the Full-Service Restaurants industry. The company also supports various important factors in running your business, from inventory buying power to technology. Initial Investment: $237,419 to $766, 971. Jersey Mikes does not make any representations about a franchisees future financial performance of the past financial performance of company-owned or franchised outlets. Arbys is headquartered in Sandy Springs, Georgia, and operates restaurants that cater to customers with sandwiches and desserts along with side items. 2. Kate Taylor. It's important to research the area where you want to open a franchise and speak with a franchise development representative for detailed information. Since the program started eight years ago, the charity has. In a 2018 Reddit post, an ex-employee of the chain detailed some of the restaurant's secret menu items. How much does a Jersey Mike's franchise cost? But there are other ways to generate revenue as well, like personal training. Typically, small businesses take around 2-3 years to break even and start making a profit. These costs can vary widely based on location and other factors, so it's important to budget accordingly and make sure you have enough cash flow to cover these expenses in addition to your ongoing franchise fees. The average earning of Jersey Mike's franchise makes $695,023 in gross sales per year per location with a profit margin of 10%. In addition, it takes a relatively long time to recoup your initial investment with profit margins of less than 20%. The typical time between the signing of the Franchise Agreement and the opening day is about nine months, so franchisees can expect that less than one year will be enough to start making a profit with Jersey Mikes franchised restaurant. In 2014, Garcia was the owner of 20 Jersey Mike's locations in California, with plans for many more, hetold Entrepreneur. But various factors, from your location to competitors, can impact your earnings. Jersey Mike's doesn't go into business with just anybody. they would have to exponentially raise sub prices to raise wages. Volume. Investors who want to jump on the burger bandwagon and get a piece of the Five Guys action will have to pony up $25,000. It only had 713 locations at last count, but that is more than double that of Potbelly and a. The average earning of Jersey Mikes franchise makes $695,023 in gross sales per year per location with a profit margin of 10%. 5. Suppose the potential investor wants to estimate how much is Jersey Mikes franchise. Software License and Support Package Fee: $12,500 must be spent during the first month of operation. There is a reason Subway is at the bottom of this list, despite being the biggest sub franchise in the world. The Jersey Mikes franchise owners can expect this brand to grow even more in the following years. And other expenses like music royalty fees are minimal. With one of the largest networks of stores, the top-of-the-mind awareness among the customers should be high. Owners in the Food and Beverage Industry with over. Great family! As there has been a growth in Arbys presence during the pandemic period, the brand of the company surely has an acceptance. Managing these aspects efficiently and strategically can make owning one a lucrative venture. In addition to the initial franchise fee of $18,500, the total investment covers all types of expenses that occur during the opening of a restaurant: An average Jersey Mikes Subs franchise makes $1,220,586 in sales per year. Mitch Cohen, a Long Island, New York owner, for example, has committed himself and his partners to open five Jersey Mike's locations though he isn't ruling out more. That said, franchisor-owned outlets have been closing9 in 2019, 21 in 2020, and 29 in 2021. The training provided by Jersey Mike's is designed to help you learn everything you need to know about operating a successful franchise, from site selection and hiring staff to managing inventory and building relationships with your customers. And there are plenty of options in various industries. Moreover, this is an indication that the franchisees were not performing well, especially during the pandemic, when there was a net loss of. 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