Low initial investment makes a Great Steak franchise a great opportunity to bring the classic American cheesesteak to your community
Great Steak™ is a low-cost investment opportunity with high potential returns; the Great Steak franchise costs for traditional stores range from $150,900 to $519,050. Having sold millions of cheesesteaks since our founding in 1982, Great Steak has an experienced business model for entrepreneurs who are passionate about bringing the classic American cheesesteak experience to their communities. The franchise fee for your first traditional Great Steak franchise cost is $30,000, and the franchise fee for multiple units may be discounted if certain conditions and criteria are met.
Your total initial investment Great Steak franchise costs depend primarily upon the number of restaurants you build, their size, their configuration, their location, who develops the real estate for and/or constructs them, and the amount and terms of financing. For a much more detailed look at the costs and fees of the Great Steak cheesesteak franchise opportunity, please review the table below:
Traditional Franchise Model
(located within a shopping mall, strip center, or similar venue)
| TYPE OF EXPENDITURE | AMOUNT | METHOD OF PAYMENT | WHEN DUE | TO WHOM PAYMENT IS TO BE MADE |
|---|---|---|---|---|
| Initial Franchise Fee | $14,000 - $30,000 | Lump Sum | At Signing of Franchise Agreement | Us |
| Lease Review Fee | $0 - $1,250 | Lump Sum | At Signing of Franchise Agreement | Us |
| Rent/ Security Deposit (for 3 months) 2 | $12,000 - $30,000 | As Incurred | Prior to Opening | Landlord(s) |
| Travel and Living Expenses (2 Persons) while training, not including salaries, if any, for you and your employees | $2,500 - $5,000 | As Incurred | During training | Airlines, Hotels, Restaurants, Etc. |
| Real Estate | (Note 2) | (Note 2) | (Note 2) | (Note 2) |
| Architectural Fees 3 | $5,000 - $12,000 | As Incurred | Prior to Opening | Designated at Approved Architect |
| Leasehold Improvements | $40,000 - $210,000 4 | As Incurred | Prior to Opening | Contractors and approved vendors 3, 4 |
| Restaurant Equipment, Furniture, Small Wares, Interior Signage, and Menu Panels | $40,000 - $140,000 | Lump Sum | Prior to Opening | Approved Vendors and Suppliers |
| Exterior Signage | $9,000 - $12,000 | As Incurred | Prior to Opening | Approved Sign Company |
| Computer Hardware, Software (POS System) | $7,000 - $20,000 | Lump Sum | Prior to Opening | Approved Suppliers |
| PCI Compliance Costs | $150 - $1,300 per year | As billed by third party vendor | As billed by third party vendor | Approved Vendor |
| Opening Inventory (Food and Paper) 6 | $2,500 - $7,000 | As Incurred | Prior to Opening | Approved Supplieres |
| Business Insurance 7 | $1,000 - $5,000 | Lump Sum | Prior to Opening | Insurance Company/ Agent |
| Miscellaneous Opening Costs 8 | $4,750 - $17,500 | As Incurred | As Incurred | Approved Suppliers, Utilities, Etc. |
| Grand Opening | $5,000 - $10,000 | Lump Sum | Prior to Opening | Suppliers 9 |
| Depository Account 10 | $3,000 | Lump Sum; Must be replenished on a regular basis | At signing of Franchise Agreement | Your bank (We have the right to withdraw from this account) |
| Additional Funds - 3 month initial period | $5,000 - $15,000 11 | As Incurred | As Incurred | Us, Employees, Various Third Parties |
| TOTAL 10 | $150,900 - $519,050 | (Does not include real estate costs and/ or rent for the business location except for the initial security deposit.) | TOTAL 10 | $150,900 - $519,050 |
Non-Traditional Franchise Model
| TYPE OF EXPENDITURE | AMOUNT | METHOD OF PAYMENT | WHEN DUE | TO WHOM PAYMENT IS TO BE MADE |
|---|---|---|---|---|
| Initial Franchise Fee 1 | $5,600 - $9,500 1 | Lump Sum | At Signing of Franchise Agreement | Us |
| Lease Review Fee | $0 - $1,250 | Lump Sum | At Signing of Franchise Agreement | Us |
| Rent/ Security Deposit (for 3 months) 2 | $6,000 to $30,000 | As Incurred | Prior to Opening | Landlord(s) |
| Travel and Living Expenses (2 Persons) while training, not including salaries, if any, for you and your employees | $2,500 - $5,000 | As Incurred | During Training | Airlines, Hotels, Restaurants, Etc. |
| Real Estate | (Note 2) | (Note 2) | (Note 2) | (Note 2) |
| Architectural Fees 3 | $5,000 - $10,000 | As Incurred | Prior to Opening | Designated at Approved Architect |
| Leasehold Improvements | $40,000 - $120,000 4 | As Incurred | Prior to Opening | Contractors and approved vendors 3, 4 |
| Restaurant Equipment, Furniture, Small Wares, Interior Signage, and Menu Panels 5 | $40,000 - $75,000 | Lump Sum | Prior to Opening | Approved Vendors and Suppliers |
| Exterior Signage | $9,000 - $12,000 | As Incurred | Prior to Opening | Approved Sign Company |
| Computer Hardware, Software (POS System) | $7,000 - $20,000 | Lump Sum | Prior to Opening | Approved Suppliers |
| PCI Compliance Costs | $150 - $1,300 per year | As billed by third party vendor | As billed by third party vendor | Approved Vendor |
| Opening Inventory (Food and Paper) 6 | $2,500 - $7,000 | As Incurred | Prior to Opening | Approved Supplieres |
| Business Insurance 7 | $1,000 - $5,000 | Lump Sum | Prior to Opening | Insurance Company/ Agent |
| Miscellaneous Opening Costs 8 | $4,750 - $17,500 | As Incurred | As Incurred | Approved Suppliers, Utilities, Etc. |
| Grand Opening | $2,000 - $6,000 | Lump Sum | Prior to Opening | Suppliers 9 |
| Depository Account 10 | $3,000 | Lump Sum; Must be replenished on a regular basis | At signing of Franchise Agreement | Your bank (We have the right to withdraw from this account) |
| Additional Funds - 3 month initial period | $5,000 - $15,000 11 | As Incurred | As Incurred | Us, Employees, Various Third Parties |
| TOTAL 12 | $133,500 - $337,550 | (Does not include real estate costs and/ or rent for the business location except for the initial security deposit.) | TOTAL 12 | $133,500 - $337,550 |
Miscellaneous Opening Great Steak Franchise Costs
| MISCELLANEOUS OPENING COSTS | |
|---|---|
| ESTIMATED TYPICAL RANGE | ESTIMATED TYPICAL RANGE |
| Pre-Opening Employee Training Payroll | $1,000 |
| Utility Deposits (e.g., gas, water) | $1,000 |
| Petty Cash (including cash register "opening banks") | $250 |
| Licenses and Permits (including any required deposits) | $500 |
| Miscellaneous Expenses (e.g., SERVSAFE training fees, uniforms, menus, security system, interior/ exterior landscaping, sound system, business telephone deposit [phone additional], banking pre-opening costs, accountants, lawyers) | $2,000 |
| Estimated total | $4,750 |
