GOLDEN KRUST Franchise Startup Cost, Revenue and Profit Margin
I know you will be wondering what Golden Krust Franchise is all about, what are its benefits, the cost required to start it, and the necessary steps needed in starting it and many others. Don’t worry, all your questions will be answered in this article.
Just read on.
There are many established businesses offering franchises. But, you need to do to find out the one that is closely related to the type of business you are interested in doing.
For example, if you are interested in the food business, then you should consider investing in Golden Krust Franchise.
About Golden Krust Franchise Information
Golden Krust Caribbean Bakery & Grill Inc. is a Food Company that operates chains of restaurants that mainly serve Jamaican cuisines. The company also manufactures food products such as Jamaican Patties, bread, and cakes which they distribute to schools, hospitals, supermarkets, retail outlets, food services facilities, and their franchises.
Golden Krust was established in 1989 in Bronx, New York City.
Lowell Hawthorne and his four siblings alongside their spouses pooled resources together to start the company. It was an offshoot of Hawthorne & Sons Bakery which was founded in St. Andrew, Jamaican by Ephraim and Mavis Hawthorne, parents of the present owners. The company was very successful that by 1996 it had 17 restaurants in the United States. This success encouraged the owners to start creating franchises.
The company now has over 100 restaurants in operation in nine states which include the United States, Florida, Maryland, North Carolina, Georgia, Connecticut, Pennsylvania, New Jersey, and Massachusetts.
Benefits of Golden Krust Caribbean Bakery and Grill Franchise
Golden Krust Company was established 28 years ago and over these years, the company has developed a strong brand identity, built credibility and a strong customer base that helps them to generate good sales and profits. By extension, all Golden Krust franchises also enjoy these benefits.
So, if you decide to start a Golden Krust Franchise, you don’t have to worry about building a strong brand and customer base for your business. The parent company of Golden Krust has already done that for you.
Another thing is the dedication and commitment of the Golden Krust company to the success of their franchisees. This is expressed on the company’s website as follow:
“Our franchise program is predicated on the fact that the company only remain competitive if our franchisees are successful. We are dedicated to achieving that through our “partnerships” with our franchisees.”
This clearly shows that Golden Krust sees its franchises as an extension of their company. So, rather than abandoning their franchisees to struggle with the success of the business, they partner with them to achieve that success.
They do this by:
- Guiding their franchisees in making informed decisions required in starting the business.
- Helping their franchisees in selecting a suitable site for their business.
- Giving quality training to their franchises before the opening of the business.
- Helping their franchisees in the hiring and training of their staff.
- Offering marketing support to their franchises through advertising on the media.
- Giving their full-fledged support during the grand opening of a franchise.
This is not all, even after the opening of a franchise, Golden Krust continue to offer their supports to the franchise. They monitor the performance of the franchise and if they see that a franchise is not performing up to their expectations, they will get the franchisee a consultant who is familiar with the business to provide advice and the needed strategies.
They also have regular meetings and properly follow up with their franchisee to ensure that they are following the franchise laid down the system.
Startup Cost of Golden Krust Franchise
The cost of starting a franchise is $25,000. You first have to make the initial investment which ranges from $173, 400 to $564,000 depending on the location and the size of your franchise.
However, if you cannot afford this, Golden Krust offers another cheaper alternative that you can consider. This alternative is a kiosk and the startup cost is $15,000 with an initial investment that ranges from $185,000 to $387, 500.
For any of the two options, franchisees are required to pay 3% of their gross revenue weekly to Golden Krust Franchising Inc.
Also, franchisees are to set aside 2% of gross revenue for advertising. They are to remit 1% to Golden Krust every week for national advertising and then use the remaining 1% on local marketing.
How to Start Golden Krust Franchise
The first step to take in starting a Golden Krust Franchise is to inquire about the financial requirements and other requirements for your area. This will help you in making the right preparations.
The next thing to do after this is to apply on the company’s website and then wait for their approval. Once your application is approved, you can then pay and start your Golden Krust franchise business.