AM I A GOOD CANDIDATE?

This is a common question as you begin the franchise research process, and everyone has their own “reason why”. The important thing is that your reason why is strong, have an open mind to learning new things, you’re coachable and have the desire and determination to succeed. People that will ultimately achieve success with our seafood franchise opportunity will likely have all of these traits as the foundation.

In the application review process, we’ll want to learn about you and your reasons for wanting to own a Seafood Diner.

The right reasons for wanting a Famous Fish shop are things like:

• Wanting to be your own boss
• Having more control of your time
• Wanting your family to work together
• Loving seafood and really caring about quality

​​Often the motivation is something as simple as having seen one of our stores, loving the product, talking with the owners or their staff, and deciding you want the same thing for yourself.

FINANCIAL CRITERIA

Based onthe Management team’s extensive collective experience in the franchising and seafood industry, we have established some minimum financial requirements. We genuinely want you to succeed, and we take these minimums seriously given that we've seen good businesses close their doors because the owners were under-capitalized.

The requirements are:

A minimum of 30% of the average total cost of opening a store as liquid unencumbered cash. The entry cost can vary from store to store for a number of reasons which is why we can’t quantify what that entry cost might be in your particular situation. In some instances, the landlord will provide Steve Costi’s Famous Fish with a monetary contribution towards the fit out of the store. In all instances where this is the case, Famous Fish will pass the full contribution on to our franchisees, therefore reducing the fit out and entry cost in the process. The cost will also vary based on the size of the actual store. Store sizes can vary from 100Sqm (excluding any external seating) to 160Sqm. In all instances whether there is a fit out contribution or there isn’t, you will require 30% to 35% of the total cost of opening a store as liquid unencumbered cash.

In addition to this, you'll need to have the resources and/or ability to finance the balance needed to open the store. Please keep in mind that banks typically regard 75% to 80% of the equity you have in your home as collateral which can in turn be used to secure the required funds to open the store.

You will also want to consider personal living expenses from the time you quit your job to completion of the storesFit Out works. On opening day, you should still have at least $20,000 in cash reserves as a cushion for the first few months. This is a very conservative amount for most people.

Financial Expectations

Your biggest question —and we can't blame you— is usually: "How much money will I make?" Profits are important for every business.

However, it's a question that, in the strict sense, we can't answer. The best we can do is help you as best we can along every step of the journey so that you can make the most informed decision possible. Legally, we cannot make financial representations, as this is heavily regulated by the federal government under the franchising code of conduct.

During your information gathering and due diligence process, you will have the opportunity to seek whatever data that an existing franchisee consents to giving to you specific to their business and its financials, along with your own assumptions, business plans and financial forecasts that you will have the opportunity to conduct with your independent financial advisor prior to committing to the opportunity. 

Local Connections

We contribute our knowledge from extensive previous experience in property and leasing to the applicants knowledge of their suburb or town, and only together once we are comfortable with the particular site will we then move forward. There is normally a strong correlation between a store owners being a local to that particular suburb or town and the performance of their store, as truly local store owners will almost always have a feel for the community that no amount of careful outside research can duplicate. Of course, this does not mean that you cannot have a strong business if you weren’t local to that particular suburb or town so long as you are committed to investing the time and effort into embracing and building strong community ties.

Patience is often a big factor in securing the right location. It's important to recognize the high cost of self-imposed deadlines during startup, and to put yourself in a position where patience can come naturally. It is critically important that the best available and most suitable location is secured. If you're not local to the area where you are applying, that's OK. We will work with you on a plan to overcome this through local area marketing and community action plans.

EXPERIENCE

People often ask, It is quite normal for you to be wondering how you can succeed when you don't know anything about seafood. Having the benefit of hindsight through extensive experience with franchisees, we’ve seen so many success stories develop beyond that initial question. Whatever unique life experiences you bring are an advantage. In fact, teaching someone who has had seafood experience would likely be much more difficult than starting with a clean slate.

Our experiences have taught us ways to systematize every aspect of the business so it can be easily taught to new employees, and new owners, and just as importantly replicated. Our training program is constantly growing and incorporating new improvements.

DETERMINATION

We take an instant liking to anyone with a dream of working for themselves and ideals about quality. People who hang onto those ideals always get there. Whether you end up with Steve Costi's Famous Fish or not, if we can get you fired up toward that dream, it's worth it to us. Any questions at all, just call or send us a message.