TGI FRIDAY Franchising Information & Startup Cost
The TGI Friday franchise offers services in the restaurant sector through its chain of restaurants spread across the United States and across the world.With its initials meaning; Thank Goodness it’s Friday, Friday meaning relaxation, this is the atmosphere created at the TGI Franchise.
This franchise was incorporated in the year 1965 by its founder, Allan Stillman who was previously a perfume salesman, and invested a sum of $10,000 to open the very first TGI Friday’s Franchise outlet. It began franchising in 1988. Today, that little investment has grown into an international franchise with presence in over 59 countries.
TGI Friday Franchise Menu
It has a rich menu containing assorted dishes which include burgers, steaks, chicken, seafood, sandwiches, among a wide variety of dishes. Also, apart from the provision of restaurant services, TGI Friday’s Franchise provides bar services with assorted cocktails, beer, and wines. TGI Friday’s Franchise also caters for the needs of its health conscious clients through the provision of low-fat and low carbohydrate diets.
TGI Friday Franchise Financial Requirements
The TGI Friday’s Franchise has a set of financial requirements interested franchise candidates must meet before being allowed to own a TGI Friday’s franchise. Among these financial requirements are a Liquid Capital requirement to the tune of $2,000,000, and also a Net-Worth requirement of $6,000,000.
Other financial requirements such as the Initial Investment and the Ongoing Fees (made up of the Initial Franchise fee, the Ongoing Royalty fee and the Advert Royalty fee) are not supplied by the franchisor.
These however will be disclosed to the franchise candidate at the point of registration. Franchise candidates are required before application to have met these requirements before applying for this franchise opportunity.
Failure to possess these requirements will result in outright disqualification.
TGI Friday Franchise Training and Support
New TGI Friday franchisees are made to undergo a period of compulsory training to acquaint them with the operational procedures of a TGI Friday franchise. The training period is compulsory for new franchisees and their managers.
However, for existing franchisees, ongoing training is always provided to update them with current industry innovations and happenings. The ongoing trainings are provided in the form of refresher courses and seminars/meetings to franchisees.
TGI Friday’s franchise also offers support covering several areas of its business. However, these support types have not been revealed by the franchisor, but should be disclosed to the franchise candidate in the course of joining.
How Much Can Franchisees Make from TGI Friday Franchise?
This is a question almost every franchise candidate would be asking to know if they should jump at the opportunity or look elsewhere. However, there is no straightforward answer to this question as it depends on several variables. Among these is the desire to increase sales through the provision of quality products and services while at the same time cutting down on all operational costs.
Although most operational costs are by nature fixed (such as the purchase of equipment, the contract signing, and also renovations carried out, there are other costs although not much which come into play.
These may include product supplies, rent, utilities etc. whatever the case, knowing how to minimize these running costs will be the difference between profitability and loss.
TGI Friday Franchise Contract Renewal
This is an important section in any franchise agreement. It means that an extension to a franchise contract can be made after the exhaustion of the initial franchise contract term. However, this is not true in every case, as there are franchises that do not allow for a renewal of their contract for reasons best known to them.
TGI Friday’s Franchise has not made a disclosure on its contract renewal. This would be fully disclosed to the franchise candidate in the Franchise Disclosure Document.
How to Open TGI Friday Franchise
To join the TGI Friday’s franchise interested franchise candidates are expected to express or register their interests with the franchisor. The channel for this is through the franchisor’s website. Navigate to the franchise section of the website and carefully fill and submit an online application form made available solely for this purpose. Information supplied by the applicant is used to check if the franchise candidate is qualified to be a TGI Friday’s franchisee or not.
If found qualified, the franchise candidate is contacted by a TGI Friday’s representative. Other investment details are discussed, resulting in a physical or virtual meeting as the case may be. This results in the franchise candidate gaining access to the Franchise Disclosure Document (FDD) which he/she must go through.
It is recommended that this should be done with the help of a franchise lawyer. A period of time usually enough to have properly gone through the contents is given by the franchisor, after which the franchise candidate is expected to have made up his/her mind.
A note of caution is however sounded here. The information provided within this article should not be depended upon solely, as most of the requirements and guidelines for joining a franchise are not engraved in stone. They are periodically updated to reflect current realities faced by these franchises.
It is recommended that after reading this information, the interested reader or franchise candidate should visit the franchisor’s web address or directly contact the TGIF Friday franchisor for additional information.