Do you have $10,000?
It’s a lot of money — but not an unimaginable sum to have in the bank, especially if you’ve been saving for a while.
Well, if you’re looking for a new direction, you might give that chicken sandwich you had for lunch a second thought: It only costs $10K to open a Chick-fil-A restaurant, according to Yahoo Finance.
Chick-fil-A Franchising is Crazy Cheap
Yeah, you read that right. Although it costs $2 million to open a Taco Bell, you can be the owner of a brand-new Chick-fil-A for much less than you probably spent on your college degree.
Plus, everything’s included: You don’t need to worry about real estate, construction or equipment costs.
You will, however, have to pay much higher monthly fees to headquarters than industry standard: 15% of sales plus 50% of remaining pretax profit. Compare that to the 8.5-12% McDonald’s owners pay on average, per a 2013 Bloomberg report.
But still — I mean, it’s 10 grand. And you get to own a business.
Prioritizing Prize Partners
Why’s the cost so low?
It’s because the company is passionate about partnering with the best service-minded businesspeople available, regardless of their net worth.
“The barrier to entry is never going to be money,” company spokeswoman Amanda Hannah told Yahoo.
Rather, Chick-fil-A focuses on finding the very best folks for the job — and their application acceptance rates prove it. They only choose about 80 new franchisees a year from a pool of more than 20,000 applicants.
Finalists can expect a rigorous interview process, which may extend to friends and family members as well as business partners.
Successful Business at a Low Cost
Even with heftier monthly fees than you might find elsewhere, it franchisees should feel confident in their investment: Chick-fil-A’s the eighth most successful fast food brand in the country, according to QSR.
I mean, you have to admit. The food is pretty darn good.
Catch the full story at Yahoo Finance. And if you go through with it… can I get some free waffle fries?
Your Turn: Will you apply to own a Chick-fil-A?
Jamie Cattanach (@jamiecattanach) is a junior writer at The Penny Hoarder. She also writes other stuff, like wine reviews and poems.