At a Glance
Products & Services: Philly cheesesteaks, fries, lemonade
Number of Locations: 537
Total Investment: $153K - $450K
Began Franchising: 1991
About Charleys Philly SteaksVisits to his relatives near Philadelphia inspired Charley Shin's entrepreneurial spirit, and he saw his future in cheesesteak sandwiches. In 1986, Shin opened his first Charley's Grilled Subs at Ohio State University. The then-22-year-old's restaurant became an instant hit with professors and students.
Since then Shin has expanded to locations nationwide. In 1999, he was named Entrepreneur of the Year by Ernst & Young.
Startup Costs, Ongoing Fees and Financing
Franchise Fee: $24,500
Ongoing Royalty Fee: 6%
Term of Franchise Agreement: 10 years, renewable
Financial RequirementsNet Worth: $300,000
Liquid Cash Available: $100,000
OperationsNumber of employees needed to run franchised unit: 20. Absentee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators).
|Financing Type||In-House||Third Party|