Answers to Frequently Asked Questions when considering an investment in the Wing Lab Restaurant.
What kind of experience do I need to become a Wing Lab Franchisee?
We take great pride in the qualities and character of our franchisees. Experience in management/ownership, foodservice, retail, marketing or other related areas are indeed helpful, but not absolutely necessary. Some of our most profitable franchisees got started on dedication, enthusiasm and a true love of hot wings.
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What are the minimum financial requirements?
Franchisees are required to have a minimum of $90,000 in liquid assets. This information will be reviewed in conjunction with your complete financial data to determine compatibility to pursue a Wing Lab location.
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What is the average total investment?
Wing Lab has three development options:
1. Free Standing - Owning Real Estate
2. Free Standing - Leasing
3. Unique/Strip/Inline - Leasing
Because the majority of our franchisees choose to own their locations, the total cost of entry varies according to land and site development costs. Excluding land and development costs, our base cost of entry is approximately $90,000.
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What is the franchise fee?
$25,000.
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Does Wing Lab require Franchise owners to be operators?
No. We look to attract the best franchisees for the system, our customers and our communities. However, owners do not need to run the day-to-day operations and may choose to hire qualified general managers to fill that role.
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What are the typical steps toward owning a Wing Lab store?
Detailed steps to becoming a Wing Lab Franchisee are provided to qualified applicants. Basic steps include:
- Pre-qualification via completed Pre-qualification form
- UFOC (Uniform Franchise Offering Circular) Review and Q&A
- Signed Franchise Agreement
- Site Review and Approval
- Site Construction
- Finalize Building
- Management/Staff Training
- Grand Opening!
- Ongoing Support
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What type of training and support does Wing Lab provide?
Wing Lab provides comprehensive training to prepare you to successfully operate and manage your business. Training is conducted in both classroom and in-store settings to balance your learning. Additional coaching is made available during your grand opening!
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What type of ongoing support is provided by Wing Lab?
As part of our organization, you benefit from our experienced staff of professionals in the areas of real estate, project management, operations, finance and marketing.
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Does Wing Lab provide assistance with site selection?
Yes. Once your agreement is finalized, our Director of Real Estate provides you with all of the site requirements to assist you in the selection and approval of your Wing Lab location.
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How long does the entire process take?
From signing to grand opening, the average new store development period ranges from 2 to 4 months depending on the development option chosen. This time will depend on your decision-making process and the cooperation of various external partners. Our goal is to have you up and running as quickly as possible.
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Does Wing Lab offer Financing?
No. We do not offer financing; however, we do provide helpful tools that will assist you in your business plan preparation to secure financing.
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Does Wing Lab assist with Development Areas or Development Agreements?
Yes Wing Lab offers a development agreement that reserves a specified region under your name. Once the Development Agreement is signed, you will then proceed to secure the exact site location.
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How do I learn more?
All candidates must submit a pre-qualification form. Click here to view the Franchise Request Form. Once the form has been submitted you will be contacted by a member of our Franchise Development Department within a week of your request to learn about our next steps! |
