Franchising Business in Sonic Drive-in Restaurants
Entrepreneurs have long been choosing food market since this business is most likely financially successful. And because food is part of consumer’s basic needs—unlike fashion and gadgets which are considered not as important as nourishment—this is always in high demand despite the presence of weak economy.
To make sure that the food business will most likely be successful, there is a franchising opportunity in Sonic Drive-in restaurants which ranks 30th on the fastest-growing franchising business in the market in 2009.
For those interested franchisees, they should be aware that Sonic Drive-in restaurants are more popular in the US compared to other foreign countries (meanwhile, the food chain is starting to become known from abroad). Because of the increasing popularity of this restaurant in the US market, it opened nearly 3,000 food chains in 2008 alone.
According to Sonic Corp, the start-up cost of its restaurant would range from $1.2 million to $3.2 million and this investment already includes the building, equipment, furniture, and franchising fee worth $45,000. Just like any franchising business, the food corporation requires franchisees to pay annual royalty fee which is 2 to 5 percent of their gross revenue. Meanwhile, the contract between Sonic Corp. and the franchisees will last up to 20 years and this can be renewed.
Before becoming a Sonic restaurant franchisee, the corporation demands certain qualifications for interested entrepreneurs. These requirements include net worth of $1 million and a cash liquidity amounting to $500,000. In terms of business experience, Sonic Corp requires a person to have an industrial or marketing experience, but for those first-timers in business, the corporation requires interested franchisees to have operating equity partner who can help them to manage their food chains. Also, Sonic Corp does not allow absentee ownership of a franchise.
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