If you ever thought about opening a fast food franchise and actually owning it... you may want to think twice about trying to open one. According to Yahoo, it takes more than you think to open. Here are a few of our favorites:
Initial down payment: 40 percent of the total cost for a new restaurant and 25 percent of the total cost with an existing restaurant
Net worth requirement: At least $500,000
You need to have some solid cash on-hand when you buy a Mickey D's. “The down payment must come from non-borrowed personal resources, which include cash on hand; securities, bonds, and debentures; vested profit sharing (net of taxes); and business or real estate equity, exclusive of your personal residence,” McDonald’s says on itswebsite. The total cost varies, depending on what you’re buying and where, but McDonald’s requires that you have a minimum of $500,000 in “non-borrowed personal resources” to even be considered. However, they add this caveat: “There are limited opportunities to enter the program with less cash available (primarily in rural or urban areas), and, in some situations, the financial requirements may be substantially higher depending on the specifics of the transaction.”
Initial down payment: $10,000
Net worth requirement: None specified
Once you pay $10,000, you’ll be given the rights you need tooperate a franchised Chick-fil-A, the company’swebsitesays. The company requires that you be free of any other “active business ventures” and that you’ll operate the restaurant on a full-time, hands-on basis, so this really isn’t for you if you want to kick back and enjoy free nuggets with an initial cash investment. Once you’re in, you have to go through an “extensive, multi-week training program,” as well as development courses. Just a heads up: Chick-fil-A is super selective about franchises. "We do not offer franchise opportunities to all qualified candidates," the website says. "Rather, we select the best candidates for a limited number of franchise opportunities."
Initial down payment: $45,000
Net worth requirement: $1.5 million, with $750,000 personal liquidity
It’s not cheap to become a Taco Bell owner. A publicist for the company tells Delish that the total investment to get things moving ranges from about $1.2 million to $2.85 million. If you want to take over an existing restaurant, you could shell out anywhere from $175,000 to $1,800,000 or more—and that doesn’t include the cost of the actual real estate. Like Chick-fil-A, franchisees need to devote themselves to overseeing the day-to-day operations of the restaurant.
And we thought Fast Food was cheap... Are you sure you want to open one up?!