When the holidays come around, nothing is better than having your primary meal baked for you. There’s less stress, more time to spend with everyone, and your friends and family still remain satisfied with the meal. That’s the goal of the HoneyBaked Ham Company, which started in 1957 after the invention of the spiral slicer. The company didn’t incorporate until 1974 and has been family owned for three generations. Turkey, side dishes, desserts, and sandwiches are also on the menu at many locations.
Does this sound like something you’d enjoy investing into? If so, here are some of the details you’ll need to know to get started on this exciting opportunity!
What Are the Initial Costs Needed To Begin?
The HoneyBaked Ham Company requires a $30k fee at the beginning of the franchising process and this includes both the franchise and development fee. In order to qualify for their program, you must also have a minimum net worth of $350k and you must have $100k in liquid assets throughout the franchising process. Your credit history must also be incredibly strong, so any credit scores below 700 will likely disqualify you from the franchising process.
When you go through the interview process, your franchisee application may also be rejected if it is believed that your skills or experiences are not a close enough match to what this organization wants to see in its franchisees. Sales and managerial experiences is a must, but so is a willingness to follow a proven system of success. If you are accepted through the interview process, financial support is available through HoneyBaked Ham.
The total investment costs anticipated to start a new location begin at $278k. The most expensive startup cost for a franchise location has been $409k. There is also an ongoing royalty that must be paid of up to 6%. You can be an absentee owner if you prefer, but 95% of the owners of a new HoneyBaked Ham franchise are operators as well.
What Kind of Support Do Franchisees Receive?
If you choose to become a franchisee of the HoneyBaked Ham Company, you’ll receiving a two-week training course that will comprehensively look at how the organization does business. It’s a very hands-on program that will give you the basics of how a store operates and you’ll be working inside an approved training store. There’s also classroom training to further increase your learning curve.
There isn’t any specific timing that must be met in order for your franchise to begin operations. This organization realizes that your location is the primary determining factor in how much time may be required in getting your new franchise to its grand opening. Real estate, site selection, lease negotiation, and build-outs all receive advice from HoneyBaked Ham so that you can achieve your goals.
For leased locations, a majority of new franchises are able to open within six months of signing the lease. For real estate locations that are wholly owned, the process could take twice as long.
Once you have your franchise up and running, you’ll have continued support through the use of conferences and webinars. You’ll also receive help with local public relations, have access to national advertising and promotions, receive support to get involved with community programs, and have access to a virtual store.
Are There Any Additional Requirements To Be a Franchisee?
When you become a franchisee of this organization, you’re also assigned a Franchise Business Consultant who has one primary job: to promote your franchise’s success. You’ll get IT support that includes a specific POS system and cash flow modeling that must be adapted. Inventory control and labor scheduling are also part of the required package. In return, your assigned consultant can help you with food safety, QA throughout the store, and addition inspection support.
The organization will also help you source your equipment, contracting support, and assist with construction site visits if necessary. You’ll also receive help in analyzing your market to determine additional selling strategies that may be effective in the future.
Why Choose HoneyBaked Ham Company As Your Franchise?
Even though it is a restaurant, the franchise operates more like a retail establishment. During non-holiday periods, most locations can operate with just 2 or 3 employees, which means overhead stays low. You’ll have better hours because you’re working retail times instead of restaurant times and because you’re baking your products, there is no frying involved. In return, you get very loyal customers who enjoy the quality product that you will produce!
What makes the HoneyBaked Ham different than other products on the market? Although the spiral slicing that originated with this organization is at the core of the product, it is the sweet glaze and incredible flavors that drive people back for more ham and turkey. Each item is hand-selected by the home organization so that you can always know you’ll be presenting a good product to your customers. They are then smoked slowly over 24 hours to give it extreme tenderness and arrives at the store fully cooked.
This gives you a wide variety of options for your new franchise to find success! You can sell items through a retail venue. You can open up a small cafe storefront that is open during lunch hours for additional customer traffic. You can choose to open up a catering venue for your new franchise as well to get involved in the local business community! For a relatively small investment, you can join over 100 different franchisees and over 200 company-owned locations that provide a quality food product to their community every day!
Are you ready to get started exploring this opportunity? The place to begin is to contact HoneyBaked Ham directly to discuss your finances and have your credit history run. Once your financials have been proven, you’ll then schedule an interview and go through an online introduction to the products that you’ll be representing. There’s a holiday coming up right around the corner… could that be the best time for you to have your grand opening and find investment success?