TGI Fridays Franchise Information
TGI Friday’s is a franchise company which belongs to the family restaurants category. TGI Fridays basically stands for “Thank God it’s Friday”. TGI Fridays is known for its very hospitable service making it an ideal place for the whole family to dine.
If you are planning to purchase or open your very own TGI Friday’s franchise, here are some of the things which will help you to start your own business.
If you are planning to open up your very own TGI Friday’s franchise, it is very much important for you to research about the history and background of the franchise company itself so that you may be able to determine the type of people who run the business itself because whether you like it or not, you will be dealing with these people for the rest of your business venture with TGI Friday’s franchise company.
You can use the internet to search for the information regarding the franchise company itself. You can also check for testimonials from existing franchise owners so that you may be able to have an idea on how you will manage your very own franchise business. Alternatively, you can talk to existing or former franchise owners personally. They may be more than happy to share with you their experience in running their own business. If you want, you can also ask for tips on how to efficiently handle certain situations.
For you to become a franchisee of TGI Friday’s, you should have the capital to start your business. There may also be a requirement of minimum net worth and liquid capital for you to be able to qualify as a franchisee. You can contact the franchise company itself for specific details. The start-up cost of a single franchise of TGI Fridays ranges from $3,000,000 up to $6,000,000. As you can see, starting a TGI Friday’s business requires you to have a huge amount of capital. It would help if you will form a corporation since you may find it hard to start the business as a single proprietor. But the advantage of this business is that the return would also be high and you will easily earn back your capital in few years of operating the franchise.
If you are planning to start your own TGI Fridays franchise, make sure that you already have experience in managing in the food service industry since TGI Fridays franchise required their franchisees to have an experience in Food Hospitality industry. You should also have a net worth of not less than $3,000,000 and a minimum of $1,000,000 liquid cash to spend on your investments. It is also a minimum requirement to franchise 3 units for at least 3 years and the franchise fee for each unit is at $100,000. There is also a royalty fee of 4% of the total sales monthly and this goes to the franchise company. Lastly, there is a marketing fee of $500 per month for every unit.
Another option for you to have the required capital is to borrow money from different financial firms. There are lending firms which specifically help entrepreneurs in financing their businesses. If you failed to pay the money that you have borrowed in due time, you might lose your collateral such as your house and or other realty properties. Study carefully on how much you will need to start your own franchise business so that you will have an idea on the amount that you have to borrow from banks or lending firms.
If you are still having problems or hesitations on whether you really want to start a TGI Friday’s franchise or not, you can seek the help of a franchise consultant. He or she may be able to provide you some insights which may help you come up with the best decision. Or better you, call TGI Friday’s directly so that they may be able to provide you with the information that you need to know.
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