Steps to Start a Sonic Franchise:
- Initial Research: Research the Sonic franchise thoroughly, including its history, operations, and market potential in Canada.
- Contact Sonic Franchising: Reach out to Sonic’s franchising team for an initial consultation and to receive the franchise disclosure document (FDD).
- Meet Financial Requirements: Ensure you meet the financial qualifications for the franchise. Sonic generally requires a net worth of at least $1 million and liquid assets of $500,000 or more.
- Find a Location: Choose a location that meets Sonic’s criteria, ensuring a suitable market and foot traffic.
- Franchise Agreement: Once you’ve been approved, sign the franchise agreement and submit the necessary fees.
- Build Your Sonic Drive-In: Secure funding for construction costs, typically ranging from $1.5 million to $3 million, depending on location and building requirements.
- Training: Complete the required training program, which will include both classroom and on-the-job training.
- Grand Opening: After setting up your location and completing training, you will be ready for your grand opening.
Costs to Start a Sonic Franchise:
- Initial Franchise Fee: Around $45,000
- Total Initial Investment: Typically ranges from $1.5 million to $3 million
- Ongoing Royalties: A royalty fee of 5% of gross sales
- Advertising Fee: 2.5% of gross sales for national and local marketing.
Additional Requirements:
- Franchise Term: 20 years with an option for renewal.
- Experience: It’s beneficial if you have prior restaurant management experience, though not mandatory.
Disclaimer: https://worldbusiness.blog/ has no guarantee of accuracy.