How to Start Steak Escape Franchise
Steak Escape needs more franchisees with their growing number of customers. A qualified franchisee must be able to meet all of the requirements and expectations set by the company.
In 1982, Ken Smith and Mark Turner opened up their business named Steak Escape.
This steak restaurant business is situated in Columbus, Ohio. It started as a very small restaurant wherein their grill is working out in the open exactly near the customers. This idea of cooking in front of the customers was a great one, which made them really break thru the market. It turns out that a majority of their customers loved it when they see how their foods are prepared before serving to them. From the moment it started up to the present, Steak Escape is popularly known as a restaurant that serves steak, whole chicken, fresh and ripe vegetables and fruits, and of course their delectable line of cheese. They see to it that all of the ingredients that they serve for their customers are fresh and cooked as they order. Their restaurant got much popularity over time. And so, in 1983 they already started accepting franchisees. That is why you can now easily find Steak Escape branches in different locations such as airports, schools, and malls.
Steak Escape is looking for a qualified franchisee nationwide and worldwide. Since you are a businessman, you should know the FAQs on how to start a Steak Escape franchise. Just like any franchise, you must be ready to invest a large amount of money, especially in a business that has lots of customers everywhere. To start with, you will need to have at least $105,000 and a maximum of $501,200 for your total investment. When you have already agreed with the company’s terms and conditions for franchising their business, then you must also be aware that by signing a contract, it is the same as allowing them to charge you with different fees namely franchising fee and on-going royalty fee, among many others. Steak Escape is charging their franchisees with $15,000 to $25,000 for the franchising fee. They will also require the franchisee to pay up 6 percent of their total sales as the on-going royalty fee. The contract that Steak Escape can offer you is up to 20 years. And once the contract expires, you may renew it for another twenty years.
For you to become a qualified franchisee, you must prove to the company that you are financially stable. And they will only know if you are indeed financially stable of you can give them proofs of your net worth and liquefied cash. Steak Escape needs a franchisee that has at least $350,000 as his net worth. As for the liquefied cash, a franchisee must have at least $100,000. Aside from the financial requirement, you must also have a general business experience so that you have some related skills about managing a business. If you are lacking some necessary skills for the business, the company will allow you to be trained by their expert trainers.
Once that you are accepted as a franchisee, you will need at least twenty to twenty five employees so you can start your operations. And if you eventually realize that you can still handle another unit with Steak Escape, you may acquire one under your name. Steak Escape allows its franchisees to have more than one unit. As a matter of fact, 90 percent of Steak Escape’s franchisees own more than one unit.
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