Charleys Philly Steaks vs My Friend's Place Franchise Comparison

Below is an in-depth analysis and side-by-side comparison of Charleys Philly Steaks vs My Friend's Place including start-up costs and fees, business experience requirements, training & support and financing options.

Start-Up Costs and Fees
 
Charleys Philly Steaks Franchise
My Friend's Place Franchise
Investment $253,231 - $637,568$156,650 - $260,400
Franchise Fee $24,500$20,000
Royalty Fee 6%5%
Advertising Fee 0.25%1%
Year Founded 19861980
Year Franchised 19911980
Term Of Agreement 10 years-
Term Of Agreement 10 years-
Renewal Fee $5K-


Business Experience Requirements
 
Charleys Philly Steaks Franchise
My Friend's Place Franchise
Experience
  • General business experience
    		• -

    Financing Options
     
    Charleys Philly Steaks Franchise
    My Friend's Place Franchise
      In-House/3rd PartyIn-House/3rd Party
    Franchise Fees No/No-/-
    Start-up Costs No/Yes-/-
    Equipment No/Yes-/-
    Inventory No/Yes-/-
    Receivables No/Yes-/-
    Payroll No/Yes-/-

    Training & Support
     
    Charleys Philly Steaks Franchise
    My Friend's Place Franchise
    Training On-The-Job Training: 120 hours Classroom Training: 60 hours 1. Headquarters 12 Business Days

    2. Franchisee Site 12 Business Days
    Support Purchasing Co-ops Newsletter Meetings/Conventions Toll-Free Line Grand Opening Online Support Security/Safety Procedures Field Operations Site Selection Proprietary Software Franchisee Intranet PlatformField Operation Evaluation

    Field Training: At Additional Cost

    Initial Store Opening

    Inventory Control: At Additional Cost
    Marketing Co-op advertising, Ad slicks-
    Operations

    Number of employees needed to run franchised unit: 20

    Absentee ownership of franchise is NOT allowed. (100% of current franchisees are owner/operators)

    		Average Number of Employees: 2 Full-time, 2 Part-time

    Passive Ownership: Not Allowed

    Expansion Plans
     
    Charleys Philly Steaks Franchise
    My Friend's Place Franchise
    US Expansion YesYes
    Canada Expansion No-
    International Expansion Yes-

    Company Overviews

    About Charleys Philly Steaks

    Visits 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 Steakery 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.

    The #1 Cheesesteak in the World

    The total investment necessary to begin operation of CPS Restaurant is $253,231 to $570,540 (excluding real estate and related costs). This includes $24,500 that must be paid to the franchisor.
    The total investment necessary to begin operation of a CPSC Restaurant is $458,996 to $637,568 (excluding real estate and related costs). This includes $24,500 that must be paid to the franchisor.

    Veteran Incentives   50% off franchise fee

    ""  "Entrepreneur
    #126 in Franchise 500 for 2020.
    #294 in Franchise 500 for 2021.







    About My Friend's Place

    A quality franchise opportunity for your financial independence and future. Our restaurants cater to the quality-oriented customer interested in a quick, yet light and healthy lunch, specializing in sandwiches, salads, soups and home-made desserts. MY FRIEND'S PLACE is a 'Fresh Food Express!'