Franchising a business is possibly one of the best and simplest ways to start a new business. Of course, it’s not all fun and games and it requires a lot of responsibility. But you won’t be building the entire brand from scratch. And if you choose the best company in the right industry, you have an even better chance of having success with your new business.
If it’s the food industry that you are looking to get into, specifically fast service food, then Jimmy John’s has an incredible franchise opportunity that may be perfect for you.
When you are choosing a franchise opportunity, you want to make sure that the company is in good standing and has impeccable growth and statistics. There are a few other factors that you have to consider before making any final decisions, though.
Including the cost, requirements, expectations, and other perks or benefits that the company may or may not offer.
When it comes to the Jimmy John’s franchise opportunity, I can tell you that it is honestly one of the best I’ve seen for this industry. I can also tell you that thousands of other people have agreed with that.
What do I mean by that exactly? Well, you will have to keep reading to find out more. Because this could be the opportunity of a lifetime,
But before you decide that Jimmy John’s truly is the perfect fit for your personal and professional needs, take a look at these details on the franchise opportunity and see if you still agree with everything.
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Fun at Jimmy John’s
It’s always freaky fun at Jimmy John’s. They make it their life mission to ensure that everything is prepared freaky fresh and freaky fast. You can say they are a bunch of freaks over at Jimmy John’s. But in a good way, of course.
You will never find an ingredient that has not been made fresh and prepared that day. Their all-natural meats are freshly sliced each day to ensure only the best quality and great tasting meat flavors. The vegetables are also just as fresh and prepared daily as well.
But don’t get me started on the bread. Ok, you talked me into it. Their bread for the sandwiches is always made right where you can see it. Baked fresh and made right in front of your face. You can literally smell the goodness of this fresh-baked bread as you walk through the doors.
The people at Jimmy John’s cares more about things that normal people wouldn’t even consider thinking twice about. They also have genuine hearts and a friendly personality.
In fact, the owners of this restaurant care so much about their employees that he pays for dental treatments for them if he meets them and they require dental work. Name another company that cares that deeply about their team.
But it’s not just the Jimmy John’s team that gets treated wonderfully. This company donates to many fundraisers and organizations throughout the year. They have teamed up with education, health, and many different hospitals to support different causes. Including donations for military and the arts.
So, if you are looking for a business to purchase as a franchise that has a great reputation and a kind, caring heart, you have found it with Jimmy John’s. But before we get too ahead of ourselves, let’s take a look at the details on the franchise part of this company.
Franchising Experience and Details
One of the first things that you need to take a look at when checking into the details on a franchise opportunity is the amount of growth that they have had over the last few years. And when it comes to Jimmy John’s, you can be sure that they have experienced an explosion of growth. Which should make you feel confident in knowing that it’s a pretty good opportunity.
However, the growth isn’t the only factor that is important to look into. The turnover rate also plays a key role in the success and health of a franchise business opportunity.
Luckily for this company, and you, both are looking pretty great. Since the beginning of this franchise opportunity in 1993, Jimmy John’s has remained steady on the growth charts. In 2010, they had a total of 1,106 franchise locations. By the end of 2016, that number rose to 2,584 franchise locations.
Thus giving them a turnover rate of 6.57 for the years between 2010 and 2016. This turnover rate is low enough to possibly indicate that the franchise opportunity is in good health. Depending on the reasoning for closeouts, that is.
However, to understand entirely what the reasoning is, you will have to ask the company direct questions. Such as how many terminations to the agreement were there? Or, how many franchise owners decided to not renew their agreement. It’s also a good idea to get the most current turnover rate directly from the company.
But here’s some good news. When you decide to franchise with Jimmy John’s, they are willing to provide you will a great level of financial transparency. You will receive information on specific individual locations, data on detailed expenses, system-wide average revenue information, and the sales numbers from locations that are owned by affiliates.
So, overall, it truly doesn’t seem like a bad deal with what you are getting as far as perks go. And the benefits don’t stop there either. You will have the proper training and support to make you feel confident in running your new business. Jimmy John’s is ready and willing to treat you like part of the family.
Requirements and Expectations
Taking on the responsibility as a franchise owner means that you will have different costs and fees than you normally would if you were starting your own business from scratch. There is going to be the initial franchise fee, your total investment, and then ongoing fees that you will have to pay during your agreement term.
For Jimmy John’s, they have an initial franchise fee of $35,000; which isn’t too high and actually quite average for this industry. However, your total investment for the business will be anywhere from $329,500 to $557,500.
The initial agreement and renewal terms are both 10 years. During these 10 years, you will be required to pay a 6% royalty fee based on weekly gross sales and a 4.5% advertising fee.
And while the company does offer discounts on purchases of multiple locations, they do not provide any refunds or type of finance options. This could be a deal breaker for some individuals. However, there are other options if you should need them.
The other negative side of this business opportunity would be that they do not offer the territory rights to your franchise location. And this could pose to be an issue for some. However, if you are willing to look past it, there is a lot of potential in this business.
Concluding the Review
Whether or not you choose Jimmy John’s for your new franchise business is 100% up to you. However, the facts are there. This company’s franchise opportunity is growing rapidly and has a great number of perks that go along with it. There’s no denying that.
And while there may be a couple of things that may deter you from choosing this opportunity, you will have to decide if the positives outweigh the negatives. Or if you will just pass on this business entirely.
The fact that Jimmy John’s has been around for a long time and yet they still continue to grow and expand throughout the years definitely shows a quality business. I love that the owners of this company are actually caring about both their customers and employees.
You can’t find that type of genuineness in many establishments these days. Which is why I feel that it is important to keep that mission alive. It’s important to keep people smiling. Because you never know what their day may have been like. And that’s one of the main factors of why I love this company so much.
So, if Jimmy John’s sounds like the right opportunity for you, then contact the company to get the full details and to start your application.