Having your own Firehouse Subs might be easier than you’ve always imagined. With a bit of understanding of what to do, you can join the franchise family and thrive. If this sounds like good news, then you’re in for more.
Keep this in mind: You’ll need training and a proven business model, and then you’ll be free to start and grow a successful Firehouse Subs location.
Firehouse Subs helps both new and seasoned entrepreneurs, ensuring that everyone gets the proper support and tools to have a high-traffic Firehouse location. They’ll guide you throughout until your grand opening.
So, are you ready? Let’s start on this exciting journey.
What to Know Before You Apply
Before you apply to become a Firehouse Subs franchisee, here are crucial things to know:
- It is Vital to Have an Initial Investment Plan: Understanding the startup costs, including the Firehouse Subs franchise inventory, fees, equipment, and construction, prepares you for what’s ahead.
- Have Business Experience: You’ll need to analyze your business plans and management strategy and determine whether you can lead a team.
- Know the Financial Requirements: Before you start, you must meet Firehouse Subs’ liquidity and net worth requirements.
- Consider the Location: You can’t jump in on the business without conducting proper research on potential locations. You must understand the competition and the local market.
- Get Training and Support: Firehouse Subs typically offers training programs and support to those looking to start a business. So, you need to grab this opportunity as it comes.
- Be Committed to the Brand: Before you start a Firehouse Subs location, try to align with the brand’s customer-centered approach, mission, and values.
Initial Investment and Startup Costs
It is imperative to know how much money to invest in any business before getting started. The estimated Firehouse franchise cost is usually calculated by various factors and is picked from the Franchise Disclosure Document (FDD) as follows:
- Initial Franchise Fee: Firehouse Subs charges an upfront fee of $20,000, which you must pay before opening the franchise.
- Build-Out and Equipment: You’ll also pay for equipment and construction, and this fee ranges from $400,000 to $500,000.
- Liquid Capital is Required: You’ll need at least $150,000 in liquid cash.
Understanding the Franchise Fee and Ongoing Royalties
Along with the initial investment, Firehouse Subs costs incur:
- Royalty Fees: Paying 6% of what your store makes in sales to Firehouse Subs
- Advertising Fees: Use 3% to %5 of your budget to run ads and improve store sales.
The Application Process: Step-by-Step
Ready to lead a Firehouse Subs? It’s on a few steps, and it’s all yours. Here’s a guide on how to apply:
- You can start by submitting your interest through Firehouse Subs’ website or contacting their franchise development team and stating your purpose.
- You’ll be given an application form, which you will use to complete the franchise application, and you will provide your personal and business background information.
- Firehouse Subs will then review your application and assess your suitability.
- You need to attend a Discovery Day event by Firehouse to meet the team and learn more about the franchise.
- Firehouse Subs will provide you their franchise agreement, outlining the terms and conditions.
- Next, you’ll work with Firehouse Subs to find and secure an excellent location.
- Then, Prepare for the opening of your Firehouse Subs location through training.
Training and Support You Can Expect
Firehouse Subs doesn’t allow anyone to start a new location without getting the needed support and training. They provide comprehensive training that covers operations, marketing, and management, combined with on-site instructions and support through online resources, regular online visits, and phone. In addition to the training, you’ll have access to best practices procedures from expert representatives who can provide you with assistance and guidance.
Choosing the Right Location
It’s vital to select the correct location for your Firehouse Subs franchise, as this ensures its success. So, consider these factors when doing so:
- Market saturation and competition
- Foot traffic and visibility
- Target market and demographics
- Lease or property costs
- Accessibility and parking
How Much Can You Make? Realistic Profit Potential
The profit potential of a Firehouse Subs franchise might not be the same in all its locations. You can make sales in areas with good customer traffic, operational efficiency, and sales volume. For the potential amount you’ll make, let’s say, roughly $700,000 to over $1 million annually. Firehouse Subs locations can definitely generate that significant revenue and profits.
Pros and Cons of Owning a Firehouse Subs
Pros:
- Firehouse Subs is a popular brand with a devoted fan base.
- Franchisees receive thorough training and ongoing support.
- You have what it takes to provide high-quality subs and ingredients that attract repeat customers.
- Both national and local marketing initiatives can help to drive sales.
- Firehouse Subs fosters local loyalty because it emphasizes community involvement.
Cons:
- Startup Firehouse Subs costs might be huge for some franchisees, including the upfront fees and build-out expenses.
- Royalty and advertising fees may influence the profit margins of franchisees.
- Competition is common, but in a fast-casual market, it might be too competitive for a new business, affecting operations and effective marketing.
- You’ll need more effort and time to manage a restaurant franchise.
- As a franchisee, you must adhere to brand guidelines and standards.
FAQs on Firehouse Franchise
How long does it take to open a Firehouse Sub after approval
It takes approximately six to 18 months, depending on various factors such as site availability.
Can I own more than one Firehouse Subs location?
Yes, you can own multiple Firehouse Subs locations, as the franchise requirement allows.
Do I need restaurant experience to qualify?
No, prior restaurant experience isn’t required, but you must have strong business insight, passion for the brand, and leadership skills.
What is the Franchise agreement term length?
The initial Franchise agreement term is typically 10 years, depending on the specific arrangement and location.
Conclusion
Owning a Firehouse Subs franchise is quite a rewarding business venture. So, don’t wait any longer if that’s what you want. Go ahead and get that training and the Firehouse’s ongoing support, and you’ll be well-equipped to serve delicious subs and build a loyal customer base in no time.
