Popeyes Franchise Cost
Franchises have always been a very popular business option for entrepreneurs and have various costs depending on the franchiser, business owner and several other factors.
The Popeye’s franchise cost will also depend on similar factors as well.
Popeye’s or Popeye’s Louisiana Kitchen is a popular restaurant business that has been serving the community good chicken meals for affordable prices. The company also offers various fast food items including mashed potatoes and biscuits. The company was originally founded by Al Copeland in 1972 as “Chicken on the Run”. The restaurant name was later changed to Popeye’s after the character in the French Connection movie, Popeye Doyle. The first Popeye restaurant was opened in Arabi, Louisiana and has continued to expand throughout the country since, having its first franchise branch in Baton Rouge, Louisiana. The Popeye’s franchise is known throughout the world since it went international in 1984, expanding into countries including the Honduras, China, Jamaica, Japan, Germany and Guam.
The company’s goal is to partner with the best people in the business and together work to make a profitable and successful business. With that it is therefore essential to set certain qualifications in order to make sure that the people that will engage in the franchise partnership will be able to meet the franchisers expectations. Therefore, to apply for a Popeye’s franchise there are certain requirements that have to be met first, including ideal characteristics such as general business experience and marketing skills, preferably with some experience in the restaurant business or in managing a restaurant or fast food chain with at least 5 years in the ownership and operation of the establishment, the commitment and determination to grow and develop the Popeye’s Louisiana Kitchen franchise and a net worth of $500,000 or $250,000 liquid, per restaurant.
The overall cost of the franchise varies according to geographical location and corresponding regional and local laws with regards to licenses and certifications. Roughly, prototype project costs amount to around $330,000 to $420,000 for the building, $150,000 to $170,000 for equipment, $25,000 to $35,000 for the point of sales system, $15,000 to $30,000 for signage, $20,000 to $50,000 for due diligence, $100,000 to $240,000 for the site, $18,000 to $26,000 for the miscellaneous fees and there is a recommended minimum lot size of around 25,000 to 30,000 s/f. The franchise fees include a development fee of around $7,500 per restaurant, a franchise fee of $30,000 per restaurant, a 5% royalty fee of gross sales, a 4% ad fund of gross sales and a 20 year term.
Some terms may still be negotiable in the franchise agreement as again, not all fees are set in stone. Some fees will still be dependent on the establishment location and its corresponding factors and with that it is important to not be afraid to open up your terms at the franchise agreement as well. If you cannot meet with all the necessary fees then there are still several financing options that may be open to you to help you out with the finances.
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