The Costs
The initial fee for joining the Mi Chaii franchise is £20,000 (plus VAT).
Included in this fee is:
- The full franchise licence and right to trade under our brand
- Full training and ongoing support
- Your own exclusive territory with excellent growth potential
- Assistance in locating and outfitting your restaurant
- Access to our integrated supply chain for food, drink and packaging
5On top of this, there is an additional fee of £1,500 for your initial stock, and £1,000 to go towards your launch marketing campaign. The initial franchise agreement lasts for ten years, which is renewable subject to certain criteria being met by the franchisee and in agreement with the franchisor.
Of course, there are also a number of other costs to consider, such as leasing and outfitting your site, business insurance, working capital etc. These costs can vary from location to location, but we have prepared a detailed breakdown based on our current outlets which we are happy to discuss further with you.
All in all, we estimate the total required set-up costs to open your own branch of Mi Chaii to be around £145,500 (exclusive of VAT).
Help raising funds
While Mi Chaii does not provide financing directly, there are a number of attractive options to help you with your investment.
For example, it may be possible to obtain funding from most major high street banks for some of the amount. Franchising is one of the safest and most secure ways of starting your own business, so many lenders rightfully see it as a much lower risk than a completely new start-up, and may be much more inclined to lend you money against your investment.
There are also some government funded loans which could be available, and we would be happy to point you in the right direction for more information.
Ongoing Costs
Of course, the vast majority of the money your make as a business owner stays with you. However, there are certain costs involved in maintaining our partnership.
We charge a Management Service Fee of 4% of your gross monthly turnover.
There is also a fee of 1% for our national marketing levy. This goes directly into our marketing efforts to raise and maintain brand awareness on your, and the network’s, behalf.