Zaxby is a franchise restaurant that features an upscale menu that primarily offers chicken fingers, Buffalo wings, and an assortment of salads and sandwich basket accompanied by an array of unique and Zaxby-brand sauce. It opened its first restaurant in Statesboro, Georgia in 1990 and now they have over 730 franchises all over Southeastern US. Moreover, Zaxby is a chain of casual dining fast food restaurant which is decorated with an odd yet entertaining object that represents something unique in the location of the restaurant.
Before going into a business venture with franchising company one must also consider how much does Zaxby franchise cost.
Requirements For Zaxby Franchise Application
Like other franchise company, in order to qualify for a Zaxby franchise, the franchisee must possess the following criteria: prior business experience, financial qualification, motivation, team spirit, and a track record of personal success. In the financial stipulation, the prospective franchisee must have a collective net worth of at least $700,000 with a liquid asset greater than $400,000. They must also be able to satisfactorily pass the background checks for the following additional criterion: creditworthiness, no criminal background, no history of extensive litigation, and a satisfactory motor vehicle report.
Average Cost For A Zaxby Franchise
Zaxby franchise requires about $284,000 to $664,300 for the initial investment. This cost covers everything that you need to start up your business which includes the initial franchise fee, lease deposit and payment, utility deposit, initial inventory, furniture, fixture and equipment, signage, and initial marketing contribution.
This initial investment also covers the permits and licenses as well as the accounting and legal fees for opening the franchise. In the initial investment, the Zaxby’s franchise cost is already included it is the payment meant for using the company’s name in which cost $35,000.
Package Inclusion For A Zaxby Franchise
It is imperative to know the exact amount of money that you should be investing in your franchise business. It is very crucial information before you start your business
Apart from the initial investment that you pay to start your business, you also need to pay a royalty fee in your Zaxby franchise cost. The royalty fee is a fixed percentage of the monthly or weekly gross revenue of your business. It is the payment for the usage of the company name that includes advertisement and support from the mother company. Different franchise business offers different royalty fee, in Zaxby, they offer a 6% royalty fee per week.
The average Zaxby restaurant is 3,300 to 3,800 square feet which are approximately one commercial acre is needed to make the building. This can vary depending on the location of the business you want to put up. In addition, the total land area of the restaurant depends on the amount of money that you initially invest.
The most important part of the business is to let the public know that your business is open and that it exists. You can send the print out flyers to advertise or even do gimmicks to make sure that the public notices your business.
Also, check the package inclusion of the business franchise that you purchase if the franchise includes the materials that you will need to start your business operation such as the lease deposit, utility bills for the first two months, furniture, signage, cash register, and licenses for your business to operate.
Zaxby Franchise Cost Comparison
- Golden Corral offers their franchise a start-up package of $1,961,000 to $5,539,000. This package price includes the land purchase, initial franchise fee, construction, signage, furniture and equipment, insurance, and funds for the first three months of operation. Golden Corral franchise has a 4% royalty fee for their monthly gross sale.
- Roy Rogers requires about $753,250 to $1,410,450 for their franchise. This package includes the following: franchise fee, start-up cost, equipment, inventory, accounts receivable, and payroll. In Roy Rogers, they have an ongoing royalty fee of 5% and ad royalty fee of 3%.
- Hooter’s start-up franchise investment ranges from $911,500 to $3,310,000. The package inclusion covers the following: franchise fee, start-up costs, equipment, inventory, accounts receivable, and payroll.
- McAlister’s Deli offers a start-up package ranges from $183,000 to $1,475,500. This package offer is divided into three kinds of McAlister’s Deli: the first an express restaurant whose initial investment ranges from $183,000 to $397,000 and a franchise fee of $15,000. The next one is the McAlister’s Deli freestanding traditional restaurant whose initial investment ranges from $922,500 to $1,475,500 with a franchise fee of $35,000. The last one is the McAlister’s Deli traditional restaurant at an end-cap or inline shopping center in which the franchise investment is at $579,000 to $944,000 and a franchise fee of $35,000.
There are other business franchises that offer food franchise that will enable you to get a grasp of the endless opportunity that is in front of you. What you need is a good foundation of the business franchise that you want to pursue.
Starting Your Zaxby’s Restaurant Franchise
Before the initial opening of your business, there are many things that you need to consider apart from the initial investment and the qualifications that you need to meet.
Starting a business is not as easy as 123 or the ABC. Not only does it require constant effort and monitoring it also needs a wide range of knowledge about the business that you want to put up.
When you don’t know something you might want to consider a financial advisor to help you understand the business more and the quirk that comes with it. Starting a business is not a joke with the amount of money that you invest you will need all the help and advice that you can get to make sure you will not file bankruptcy in the near future. This will also help you picture out if you can afford the business or not.
Get Some Advice From Professional
There is nothing wrong in seeking help and advice from people who are more experience when it comes to running a business.
If you want to start your own business and your funds are lacking, seeking monetary assistance from financial institutions and banks might help you with your endeavors. You can even ask for an advice from financial advisors from lending companies if you’re in doubt about the business you want to pursue. Professionals are not there to mime you when you are in need they are there to give you enlightenment to have a good grasp of the business venture you are planning to take.
Purchase Your Own Franchise
In a time of great recession where you don’t know up until when you have a job and the financial stability to support your family, starting your own business is an ideal solution to your problem. Not only will you have another form of financial support but you will also track down your assets and liabilities. Moreover, considering that food is one of the basic necessities for you to live. Starting a food franchise business such as Zaxby will prove to be profitable for you. To purchase a Zaxby franchise you will need to secure at least $35,000 for the franchise fee.