So, you’re thinking about making the big purchase of a franchise business? And you want to make sure that you have all of your ducks in a row before you go making any crazy decisions, right? Well, you have come to the right place.
Today we will go over a specific franchise opportunity. None other than the Wayback Burger company. We will talk about what this company is, who and what they serve, and how the franchise opportunity is looking.
Because let’s face it, not every opportunity that’s available will be the right choice for you personally. And to be completely honest, not every opportunity is healthy either. So it’s always best to get the details before you go signing into any contracts.
When it comes to the Wayback Burger business, there are quite a few reasons as to why this is a good opportunity. However, there are also a few things that may deter your decision.
The fact that they have been in business since the early 1990s definitely gives us an idea of how their reputation is. As well as how popular the restaurant us. However, when you’re looking to purchase a franchise, that’s not the only factors that you want to look at.
The growth (or in some cases, lack thereof) can give you a good idea on how well previous franchise owners have been doing. And if there were too many closures and terminations. Luckily, this company seems to be experiencing a good amount of growth.
But is it enough to keep this business in good health? And is it going to be a good fit for your life? Only you can answer that question. So let’s dive in and begin taking a look at what this company is all about. So that you can feel confident in the final decision that you make.
Contents
What’s The Wayback Burger Way?
The Wayback Burger way has been incorporated since the opening of the first restaurant back in 1991. However, back then, the restaurant was known as Jake’s Hamburgers. The founders understood how important it was to have a reliable burger joint within the area. And so, they decided to open one for themselves.
And boy were they right! Old-fashioned hamburgers and fresh, creamy milkshakes. This burger shop is better than you can imagine. But what makes it so original and fantastic? Every from the cheese dogs to chicken sandwiches is all made fresh and tasty just the way you deserve to have it.
It’s the kind of meal that brings comfort and eases your entire dining experience. Because each meal that you have at Wayback Burgers is truly unique and made-to-order. So that you can have the absolute best experience. Imagine a juicy burger paired with delicious french fries and sided with a cold and creamy milkshake that’s hand-dipped. It’s the kind of perfection that most people only dream of. But lucky for you, you won’t have to dream it up. You can order it at your local Wayback Burgers restaurant.
And if you are one of the unfortunate individuals that don’t have a restaurant near you, then purchase a franchise through the company! This way you can enjoy the deliciousness of Wayback’s whenever you desire.
And as a franchise owner, you can feel like you are doing good for the community, because this company ensures that each franchisee holds in-store fundraisers to frequently contribute donations to the community. Now that’s a company that I could stand behind. What about you?
Ok, before you go and answer that question, there are a few more details we have to cover. So, let’s get started on that.
The Rise of a Good Burger Joint
Wayback Burgers has been in business for quite a few decades. Which can mean two things, right? They have either struggled to get through those years. Or they have experienced a decent amount of continuous growth in their company. Let me give you a clue. It’s not the first one. And that’s a good thing!
Back in 2010, the company had a total of only 17 franchise locations operating within the United States. By the end of 2016, that number grew drastically to 119 operating franchise locations. As you can see, that’s a pretty big jump for six years. But does the turnover rate look just as good?
Honestly, the turnover rate is beginning to look a bit steep. Which can indicate a possibility for the poor health of this opportunity. But to understand the exact reasoning behind why this rate is at 13.54, it’s important to ask the company how many terminations, ceased operations, transfers, and non-renewals there were within the past few years.
This will give you a good idea of how risky this business can potentially be. But overall, with that much of an increase in growth, it’s safe to say that the turnover rate might not have too big of an effect on the health in this specific situation.
Since this company has been offering the franchise opportunity since only 2002, the amount of growth that it has seen is extremely well. Especially for this specific industry. That definitely says a lot for this company and what they have to offer for potential franchise owners.
Speaking of, they may not seem to offer many benefits, but they do provide the proper training and support for your new business. When you sign up as a franchise owner, you receive the right training so that you have a better understanding of how to run the business and how to properly train the employees that work for you.
So, while there may not be much to go off of here when it comes to perks, they at least offer the minimum of decent training. And that’s one major positive for this franchise opportunity. But let’s get into more about what it takes to become a franchise owner for Wayback Burgers.
Requirements for Owning a Franchise
If you are going to purchase a franchise, then you need to understand exactly what you are getting into. And that’s not only going to be the cost of the business. You have to consider the length of your contract, whether or not the company offers specific benefits, and how much (if any) ongoing fees are going to cost.
Luckily, the Wayback Burgers opportunity requires the basics for purchasing this franchise. The initial franchise fee will run you $35,000 with a total investment of anywhere between $209,000 and $524,500. The company does not offer any type of finance options, so if you feel that you may have trouble affording the fee, you can check out other finance and lending options.
The company also provides no refunds under any circumstances. So, you had better be sure that this is the right business for you. Because you wouldn’t want to invest all that time and money for nothing, right?
You will also be required to pay ongoing fees to the company. There will be a 5% royalty fee and a 1% advertising fee. The royalty fee will either be 5% or $400 a week depending on which is higher.
Another negative about this company is that you will be paying these fees and not receive any rights to your territory. And that could cause some complications. So is it worth it?
An Honest Opinion
There are many factors that contribute to whether or not a business opportunity is in fact a good one. And there can be many indicators that makes the opportunity risky. Fortunately, if you look at the statistics among other things, you can get a better idea on how successful the business actually is.
Unfortunately, however, there is no definite way of determining whether or not you personally will have success with any specific business. But, then again, it mostly depends on you.
Overall, I believe this business opportunity has the potential to be a good one. The company has been in business for awhile and they give you a decent amount of training so that you can understand how the business works.
The downside would be that you receive no territory rights to your franchise location. And sometimes, that can be a deal breaker. Also, the required initial term length is pretty long. A lot longer than the average. And since you are not provided with refunds for any reason, you will want to be sure that this is absolutely the right business choice for you.
In the end, I would say, proceed with caution and continue to research by asking the company specific questions that will provide you will the full details and background on this company and its risks. That way you will not be getting into something that you are uneducated on and not prepared for.
The Conclusion
The Wayback Burger franchise opportunity seems to be a good one. Although, there are some things that you will want to look into further. However, the fact that this company offers a good amount of training tells me that they actually care enough about both their and your success.
Every business opportunity has its risks. But you have to make sure that the positives far outweigh the negatives. And also that you are entirely passionate about the industry and company that you are going into business with.
Because with your determination and hard work ethic, you are already halfway to having a successful business.
If you feel that this company is the right opportunity for you, contact Wayback Burgers to grab all of the details and get started on your franchise application. It could be your next big break.