Could your community use a fun place to party? Would you love to invest in a business that has a sole focus of helping people relax and have a good time? When what you might just be looking for is a Wet Willie’s franchise opportunity! This organization began 1988 thanks to the efforts of a close group of friends who wanted to create their own relaxed mix of good drinks, good flavors, and good fun. As a franchisee, you’ll be focused on serving appetizers, unique menu items, and the best frozen daiquiris on the planet.
Is this the right investment opportunity for you? How much does it cost to become a franchisee in this opportunity? And will you receive the right level of support to help make this a successful franchise in your community?
What Are the Initial Required Investment Costs?
The initial investment into a Wet Willie’s franchise begins with the franchise fee, with is $35k and ue about signing the franchise agreement. This fee is charged for single units and is a lump sum fee per unit. In order to qualify as a franchisee, you’ll need to be able to prove a net worth of at least $600k and have two-thirds of that be in the form of liquid assets. Wet Willie’s also has a requirement that no more than 80% of the initial costs can be leveraged.
There are ongoing royalties that are required upon the achievement of your grand opening as well. The corporate royalty is 5% and is based off of the weekly sales of the franchise. There’s also a required advertising fee of 2% that comes from your annual gross sales and the contribution to a national brand fund of 1% is also required from the weekly sales. All told, the initial investment ranges from about $975k to $1.3 million when inventory, advertising, and build-out improvements are taken into consideration.
Wet Willie’s also requires all franchisees to be owner-operators. This requirement is in place because the organization believes that what sets this opportunity apart is the level of world-class service that is provided to each customer. This organization believes that the customer is always right and demands conscientious, courteous staff that presents food and daiquiris that have the highest of quality.
To provide the high level of quality, there are strict requirements as to the furniture that you utilize for your new franchise. All items will either need to come from an approved vendor list or be specifically approved by Wet Willie’s before being able to proceed with the development of the franchise. Not getting approval before the installation or build-out can result in a disqualification of the franchise agreement.
You’ll also be required to be on-hand to enforce the global zero tolerance policy that Wet Willie’s has with all of their franchisees. No dangerous or unlawful behavior is allowed in or near the premises. Franchisees are encouraged to hire off-duty police officers to patrol the premises to help provide an increased level of safety. The goal is simple: to create brand loyalty and satisfied customers that will want to spend money in your franchise.
What Kind of Support Do You Receive?
The initial advantage of running a Wet Willie’s franchise can be seen in the setup of the bar. Bartenders don’t need to be mixologists because all of the drinks that are served come from a single-lever tap or the twist of a cap. That means you’ll be able to serve more customers in a shorter amount of time, giving you the chance to boost revenues. You’ll also have to spend less on training new employees to get them up to speed.
As part of the investment, you’ll also gain access to the logos and trademarks that create brand recognition for your franchise. The organization will help franchisees with site selection for their new business and this includes a visual inspection of the proposed location for your business. You’ll receive draft architectural drawings if necessary, a detailed equipment and inventory list, and instant access to relationships with approved suppliers.
As the site develops, you’ll also be required to spend 8 weeks training at one of the organization’s existing locations, including some weekends in a hands-on fashion. Being able to attend this training is part of the initial vetting process and a franchisee will be disqualified if they cannot make the training. Ongoing guidance and support is also offered to all franchisees so that their time tested concept can be just as successful for you.
How Good Of an Investment Opportunity Is This?
For the right community, this could be a good investment. Wet Willie’s is perfect for a community that doesn’t have many informal atmospheres where people can come as they are and just kick back to relax. Customers love the concept because they can mix their own daiquiri blends if they want, get a frozen drink that will help them release the stresses of a long day, and have good food from recipes that have been perfected over the years.
You’ll receive a comprehensive set of control systems that will help to keep all of your standards up. You’ll benefit from the ongoing experiences of other franchisees to improve the safety of the environment so everyone can have a good time. Most importantly, you’ll be able to offer your community a relaxing atmosphere that they may desperately need.
If you have the ability to meet the vetting requirements, then considering this opportunity is a logical thing to do. This niche has the chance to generate high levels of profit thanks to the large margins that people don’t mind paying for a quality experience. Although the initial investments are high compared to other franchise opportunities, there is more potential for immediate profitability with this opportunity and that’s what makes it an intriguing proposition.
If you’re looking to get into this space, then contact Wet Willie’s today about this opportunity to begin the mutual vetting process.