Wingstop is a well-established brand that is known for a strong customer loyalty base and an incredible customer appeal system. Wingstop can offer clients chicken wings and is a good business to try out. Interested? This is what you need to know about buying a Wingstop franchise:
Wingstop Franchise Is A Viable Business
Wingstop currently has over 1,200 stores in the United States of America and other countries outside the U.S. Out of these stores 980 are franchises and if you are keen on Wingstop’s history, the company began franchising three years after it was established. Because of the viability of working with franchises, the company always has opportunities for expansion through franchises. According to Entrepreneurs at the company, Wingstop is “in the flavor business” and is therefore willing to have more partners on board in order to increase its global presence. Wingstop has a long history of successfully working with franchises, and therefore it is worth buying a Wingstop franchise.
The Wingstop Franchise Cost
While Wingstop franchises are a good investment opportunity for you, the company has certain prospects that you must meet. You must have a net worth of $1,200,000 on the lower end and have $600,000 of this amount being in liquid form. You also must have a minimum store of three stores. You can only buy a Wingstop franchise if you have a multi-unit franchise restaurant development experience. You can easily buy a Wingstop franchise if you have franchise ownership authority.
Think About Your Target Market
Wingstop can offer customers a variety of flavors. This characteristic can make it easy for you to brand your franchise and couple your chicken with appropriate accompaniments. It can market your restaurant so make good use of this brand. Wingstop also encourages takeaway options for its clients so if you can ride on this trend you can enjoy robust business activities at your brick-and-mortar Wingstop franchise shop. This also gives you an advantage as you only need to have a storefront that is smaller in size than an average fast-food store. Wingstop policies can also allow you to acquire a license to sell wines and beer and these items can help you attract different categories of clients and hence make more sales.
Wingstop Franchise Sales Trend
Wingstop sales are charged highly per square foot compared to the amount charged for any other store size in the chicken selling industry. An average franchise store is expected to yield a revenue of not less than $1.25 million annually. Chain restaurants are also facilitating the growth of Wingstop franchises. Likewise, the fast-food franchise chain has been growing steadily over the last six years. Wingstop thrives on online sales to take advantage of the big numbers of people who place their orders online. If you intend to buy a Wingstop franchise therefore you must think about how to drive sales online and this can ensure that as you try to settle in your new business, you can simultaneously be marketing your business. The Wingstop franchise commitment is also very strong and needs religious adherence. Franchise agreements also take at least ten years to expire and this means you can have enough time to recover your investment costs and make yourself some reasonable amount of profit.
Wingstop has a Corporate Support System
Once you buy a Wingstop franchise, the franchisor can help you learn how to run the business. Such help can include but not limited to the identification of real estate, construction management, and set up operations. If you are a new entrepreneur without any prior knowledge on how to manage a restaurant or any other business, you can receive enough support to help you stand on your feet upon buying a Wingstop franchise. As a new franchise owner, you must undergo extensive training both online and in-the-restaurant physical training for at least 25days before you can open a franchise. You can also enjoy guidance for at least two weeks from the day of opening a franchise right in your restaurant.
Wingstop Franchise Costs
There are many franchise costs, and they differ with locations and company adjustments. There are one-time costs that involve the initial investment fees. This fee varies with the franchise location and the type of restaurant you own. The franchise fee is $20,000 per store. Additionally, you will be required to pay a development fee of $10,000 for every store you own and remember you cannot run fewer than three stores. Wingstop’s net worth is $1.2 million. You must pay the royalty fee of 6% of your monthly gross sales, a marketing fee of 4%, and an advertisement fee of 1%.
Wingstop franchises are a good business opportunity if you are considering starting a business. You can run the business both online and offline as shall be convenient for you. Understand the criteria you must meet before buying a Wingstop franchise. You can enjoy some corporate support services and training. The Wingstop franchise sales trend is also encouraging and the business has been steadily growing since its establishment.