Get to know Epic Wings – an in-depth look at the franchise

Introduction

The restaurant industry is booming, with customers passing 3 billion in 2018 alone. At the heart of this growth is the rise of franchises and fast food outlets. Among the most popular cuisine chosen by customers are those offered by Epic Wings, with customers flocking to their outlets in increasing numbers.

Epic Wings is a well-known franchise brand around the world and with certain operating costs. These costs include a variety of investments ranging from advertising to employee costs and technology investments. Knowing how much these costs are and what they make up is essential for potential entrepreneurs and business owners looking to explore the possibilities of operating an Epic Wings franchise.

Operating Expenses

When considering the costs of running an Epic Wings franchise, it’s important to understand the different types of expenses needed to keep your business running smoothly. These expenses include:

• Franchise royalty payments
• Rental rental and related costs
• Cost of food and ingredients
• Employee and training costs
• Uniforms and Supplies
• Bookkeeping and bookkeeping services
• Marketing and Advertising
• Technology spending
• Legal and professional service fees

It is important to understand the costs associated with running an Epic Wings franchise so that you can adequately budget for these expenses and plan for success.

Franchise royalty payments

When considering running an Epic Wings franchise, you will find that there are several costs to consider. Of these, franchise royalty payments are among the most important. Indeed, this cost will appear on a recurring basis, as a percentage of total sales. Knowing what your franchise royalty payments might look like can help you decide if this franchise is right for you.

In 2020, the average Epic Wings franchise owner paid 5.6% in franchise royalty payments. These numbers have been very stable over the past few years, and if you look back, franchise royalty payments have remained near the 5.6% mark for the past decade. This cost is based on total sales revenue.

Although franchise royalty payments vary depending on the individual franchise, they include payments to be covered:

• Corporate Support – The parent franchise company provides ongoing support to franchisees in the form of advice, marketing materials and training. This ongoing support contributes to the value and value of the franchise.
• Business Expansion – Franchise royalty payments help fund business expansion, giving franchisees an edge when expanding or opening new locations.
• Competitive Advantage – Franchise-paid royalty payments help ensure franchisees have competitive technology and operational resources at their disposal.

Franchise royalty payments may vary based on market segment, type of operation, total revenue and other factors. For this reason, it’s important to speak with an Epic Wings franchise representative to learn more about the cost you’ll need to consider.

Rental rental and related costs

When choosing the ideal location for an Epic Wings franchise, it is important to consider the associated lease costs and related expenses. According to recent statistics, the average cost of commercial rent per square foot in the United States is .41 . This rate can vary depending on a number of factors, such as the type of space, local market rates, and the economy of the area.

Because a typical epic wing restaurant would require a minimum of 2000 square feet of operating space, you can expect to pay upwards of ,820 in annual rent fees. In addition to this figure, there may be additional charges associated with the rental agreement. These fees could include:

• Utilities , such as electricity, water, and sewage
• Renovations or upgrades to raise the space to industry standards
• Remodeling to distinguish the space from other businesses
• Security deposit or other special fees imposed by the owner

All of these costs must be considered when deciding on an epic wing location. Also, most agreements are two to five year terms and may include restrictions on how the space is used and whether or not it can be under-allocated.

It is worth exploring all available financial options before signing any documents. To reduce the burden of location costs, consider tapping into commercial loans, government grants, and other financing options. By being proactive and taking the time to understand the associated costs of the lease and related expenses, Epic Wings franchise owners can save time and money in the long run.

Cost of food and ingredients

When it comes to franchise operating costs, one of the most important things to consider is the cost of food and ingredients. According to Statista , the average cost of ingredients purchased was .7 billion in 2020 in the United States. This cost includes everything from bakery items to dairy, spices, and frozen goods. Additionally, it was reported in 2020 that taxpayers paid .5 billion for food purchased for government food assistance programs , such as the Supplemental Nutrition Assistance Program (SNAP).

When running an Epic Wings franchise, it’s important to keep these costs in mind. There will be initial and ongoing costs for items such as chicken wings, side dishes, and other ingredients. It is essential to develop a budget and know exactly how much these components will cost each month. To avoid overspending, a cost-benefit analysis should be performed to ensure that each item is worth it and no unnecessary purchases are made.

Fortunately, it is possible to save money in this area by making well-informed decisions . Franchises may be able to take advantage of bulk discounts, seasonal specials and deals with distributors. Purchases can be made with minimal waste, so fewer resources are wasted in the process. By being aware of the cost of food and ingredients, franchises can ensure that they operate as efficiently as possible.

Employee and training costs

Employee and training costs are among the most important aspects of running a franchise and can significantly affect a franchisee’s bottom line. Employees must be properly trained to manage all aspects of the business, from customer service to marketing and operations. Training costs can range from low to high, depending on the amount of training employees receive and the method of instruction used. According to the US Small Business Administration, the average training cost per hour is approximately 2 , with an average training time of 24 hours for an unskilled worker and 40 to 45 hours for a skilled worker.

These costs should also include salaries for the instructors who teach the course, as well as supplies and materials, such as textbooks and course books. Generally, franchises in the food industry require more training than franchises in other industries. For franchises with multiple employees, such as restaurants and retail stores, additional training will be required to ensure everyone is on the same page and understands procedures and standards. Hiring an outside consultant to develop and deliver a training program could cost ,000 or more.

It is important to consider employee related expenses and training costs when investing in a franchise. These costs can add up quickly, so it’s important to make sure you have enough funds to cover these expenses. Also, ensure that qualified employees are on hand to implement the training program quickly, as delays could be costly for the business.

Uniforms and supplies

While owning an Epic Wings franchise may seem lucrative, it’s important to remember that operating costs are a reality. When considering operating costs, an owner should consider the cost of uniforms and supplies. According to Franchisehelp.com, the average cost of uniforms and supplies for a single fast food franchise is ,500 USD.

From the outset of opening a franchise, a sense of professional unity must be enforced. As a symbol of this unity, employers and employees should don uniforms that represent the brand. These uniforms are also a great way to advertise the company. In addition to uniforms, all necessary supplies should also be considered. For example, paper towels, napkins and cleaning products will be needed for daily tasks. Along with these essentials, it is important to provide the right atmosphere. Music can help create a pleasant atmosphere, as can televisions or decorations.

Necessary costs for uniforms and supplies should be considered. All employees must have their own uniforms, which must all be of the same type. Logo clothing should also be considered. The following list provides some examples of items a franchise might need:

• Matching Logo Tees
• Embroidered or screen printed caps
• Aprons with the logo on them
• Name tags with franchise logo
• cleaning supplies
• Food decorations
• Napkins
• Gloves
• Paper napkins

Remember: when it comes to uniforms and supplies, quality should not be compromised. It is better to spend more money upfront to ensure the materials are of high quality. This will ensure that they last longer and need to be replaced less often. All of these items will have their respective costs which should be considered.

Bookkeeping and bookkeeping services

When considering a franchise like Epic Wings, it’s important to keep in mind the operating costs associated with franchising. One of the most important costs that any business must consider is bookkeeping and bookkeeping services. It is an essential tool for managing finances, expenses and profits. According to a recent survey by the American Institute of CPAS, the average cost of bookkeeping and bookkeeping services for businesses with less than 100 employees was almost ,000 per year . Depending on the size and services needed to manage day-to-day finances, the cost of bookkeeping and bookkeeping services can be much higher for larger businesses.

For Epic Wings, accounting and accounting services will vary depending on the number of locations and other factors. However, there are many services that need to be accounted for, such as payroll processing, accounts receivable, accounts payable, bookkeeping, and financial statement preparation. These services can be provided by an in-house accountant, which would require hiring employees, or they can be outsourced to a professional services provider, depending on the size and needs of the business.

Whichever method you choose, it’s important to understand the associated costs of bookkeeping and bookkeeping services before committing to an Epic Wings franchise. The average cost for companies with less than 100 employees is just under ,000 per year, but for larger companies the costs can be significantly higher. Also, some services may need to be included in the cost estimate, such as payroll processing or tax filing. It is important to consider all of these costs when determining the overall price of operating an Epic Wings franchise.

Marketing and Advertising

Marketing and advertising play an important role in a successful Wings Epic franchise. An effective marketing and advertising strategy must be tailored to the customer base, consistency and repeatability, and to complement the wing consumption experience. It’s important to remember that marketing and advertising costs can add up quickly and affect the bottom line of an epic wing franchisee. The US Small Business Administration reports that the industry average for marketing and advertising is 7% to 9% of gross revenue, although this may vary from franchise to franchise.

Some of the expenses included in the average marketing and advertising cost are:

• Traditional Advertising: This includes print advertisements in publications such as newspapers, magazines, and directories, as well as radio and television advertisements.
• Digital Advertising: This refers to advertisements placed on websites and social media like Google, Facebook and Twitter.
• Public Relations: This is a cost that many business owners forget to consider when creating their budget. This includes hiring PR professionals, as well as press releases, sponsorships and events.
• Promotions and Coupons: Epic Wings franchises may choose to offer discounts, coupons or promotional items to increase sales.

According to the franchise disclosure document, Epic Wings franchises should be prepared to spend substantial funds on marketing and advertising. Amounts can range from .5,000 to ,000 per month, depending on restaurant size and geographic location. On average, most EPIC Wings franchises allocate around 7% of their gross revenue to this type of advertising.

Technology spending

For entrepreneurs interested in franchising a restaurant, the initial costs of operations can become overwhelming. When comparing Epic Wings franchises with competing franchises, it is important to consider all of the operational costs involved. When it comes to technology spend, Epic Wings’ technology investments are comparable to other franchises. According to recent data from CFA LLC, the franchise industry estimates that the average cost of technology can range from ,500 to ,000 per location . While this figure includes the cost of back-office and point-of-sale (POS) systems, the operational costs associated with ongoing implementation and maintenance of technology can be substantial. These costs typically include:

• Hardware and software provisioning, maintenance and support (e.g. POS systems, cash registers, mobile devices, printers, scanners, etc.)
• IT service and support (e.g. website and app design, troubleshooting, software updates, cloud storage, etc.)
• Application and network configuration, configuration and optimization (e.g. network configurations and security, compliance with data privacy regulations, etc.)
• Data management and analysis (e.g. building and managing customer databases, analyzing customer buying behavior, etc.)

Epic Wings typically requires franchisees to outsource many of these technology operations. According to the franchise agreement, franchisees are responsible for covering these costs out of their own pockets. Thus, when evaluating the financial viability of a franchise opportunity, entrepreneurs should include estimates of these technology operating costs. It is important to assess whether franchisors are making an effort to offset these expenses for their franchisees. Franchisors should provide their franchisees with sufficient advice and assistance in finding the most profitable technology solutions.

Fees for legal and professional services

Starting a business and running an established business both require legal and professional services. For a business such as an Epic Wings franchise, these services relate to accounting, legal fees, and consulting services. According to the U.S. Census, the average annual expenditure for legal and professional service fees in 2019 was ,311 per establishment.

Legal fees can vary greatly, depending on the complexity of the legal issue. You’ll need to budget for corporate onboarding, capital raising documents, contracts, property management, and a host of other situations that require legal advice and transactions. Professional services are generally one-time contracts for short-term or long-term projects. Some of the professional services a business may need to budget for include accounting and auditing services, taxes, marketing campaigns, advertising, and medical and safety consulting.

Legal and professional services are important parts of an Epic Wings franchise. Since expenses for legal and professional services can vary, a comprehensive budget should estimate the cost of each service. Some of the tasks that should be included in the budget are:

• Legal – Incorporation, contracts, property management
• Accounting – Taxes, audit, financial consulting
• Advertising – campaigns, campaign analysis
• Marketing – social media campaigns, newsletters

These tasks required for a comprehensive budget to estimate legal and professional services should not be underestimated. Planning ahead and carefully budgeting for these services will help ensure that the Epic Wings franchise remains successful.

Conclusion

The full costs of running an Epic Wings franchise have been outlined, showing potential entrepreneurs and business owners what to consider when exploring this option. From employee costs to marketing and legal expenses, these investments make up the cost of running a successful and profitable Epic Wings franchise.

Franchise owners must carefully consider the total investment and plan for costs such as royalties, rental and staffing times, and other miscellaneous costs such as uniforms and accounting services. With proper planning and budgeting, it is possible to enjoy a successful and profitable business despite the many costs associated with running an Epic Wings franchise.