Burger 21 currently has 15 operating locations in numerous states, including Georgia. Another 20 locations are currently in various stages of development around the country. The parent company is looking for more potential franchise owners as it continues to develop and expand its brand.
Simply wanting to own and operate a franchise is not enough. Most of the companies that own brands like this have certain financial requirements and charge fees. For instance, Burger 21 — whose restaurants offer a fast and upscale dining concept — requires that potential franchisees have a minimum $500,000 net worth. Candidates are also expected to have $200,000 in liquidity. Those numbers are per franchise unit.
In addition to the financial requirements, Burger 21 requires an initial fee of $40,000 for one franchise. A discount is offered on four or more sites. Depending on the particulars of each location, the total amount a franchisee can expect to invest ranges from somewhere in the neighborhood of $422,083 to $974,395. These financial requirements, costs and investments will vary, depending on the type of franchise.
When a Georgia entrepreneur decides that a franchise is the best option for him or her, the first order of business is to determine what kind of franchise to buy. Several factors go into this decision above and beyond the financial issues. Many people look for a company with similar values and ethics when making their choices. Before embarking on such an endeavor, it may be a good idea to have a complete understanding of what is expected of each party before signing anything.
Source: broadwayworld.com, “Burger 21 Signs Franchise Agreements to Open First Restaurants In Chicago and Dallas“, Nov. 3, 2014