Investing in a franchise brand is a great way to become your own boss, allowing you to be in business for yourself but not by yourself. When you open a restaurant franchise with Golden Chick, you’ll be joining a trusted and established brand that has over 50 years of industry experience. But as you learn more about the world of franchising, you might be confused by some of its terminology and language, which can sometimes be hard to understand. Here, let’s look at a few common franchise terms you’ll come across as you move forward in your journey, what they mean, and why they’re important.
Simply put, a franchisor is a company or brand that’s offering an investment opportunity to potential franchisees. But in reality, a franchisor is much more than that — or should be, especially when you open a restaurant franchise with Golden Chick.
The people behind the brand are what really determine the strength of a franchisor because those people will be the ones you’ll turn to for ongoing support. In addition to selling you the right to open stores and sell products or services using their brand name, they’ll also be the people who make sure you’re well trained and ready to do business. The training and support we offer is one of the best reasons to open a restaurant franchise with Golden Chick because it’ll allow you to be in business for yourself but not by yourself!
Franchise Disclosure Document
A Franchise Disclosure Document (FDD) is a very important standardized document required of all franchisors by the Federal Trade Commission. Serious potential investors always have at least two weeks to review ours, often with their attorneys. In it, they’ll find answers to many of the questions they may have about the Golden Chick brand, including answers to questions regarding our history, our team leaders, our investment numbers, and what they can expect from us in the way of training and support. Investors also learn more about what’s expected of them as a Golden Chick franchisee and any fees they’ll be responsible for.
A franchise fee is the one-time lump sum you’ll pay to become part of a brand family. All franchisors charge a franchise fee, payable upon the signing of a franchise agreement, and when you open a restaurant franchise with Golden Chick, you can expect to pay approximately $30,000. This fee is one of the most affordable in the industry and covers the cost of your onboarding and pre-opening training. It also grants you access to our proprietary materials, logos, and resources, as well as gives you the right to do business under the recognized and respected Golden Chick name.
Royalties are the weekly fees collected by the franchisor against your gross receipts. Among other things, this money is used to fund the ongoing support we provide you, R&D of new menu items, and improved operating processes. In our case, that fee is 4% of your gross receipts — again, one of the lowest in our industry!
We know you probably have questions about how to open a restaurant franchise with Golden Chick — and we have answers, so get in touch today!