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Great Steak costs and fees

The average cost to open one of the 200 biggest franchises in the US is $1,202,874 — see how Great Steak compares.


Fact checked
Overall costs for Great Steak run anywhere from $82,000 to $355,300. See how the costs break down and what funding options might be right for your new venture into the franchise foray.

How COVID-19 affects franchising costs

Strict sanitation and employee protection measures during the coronavirus outbreak add to the typical costs you face when opening a new franchise. Paired with the unusually heavy amount of promotions that may be required by the franchise, you may not see as much in the way of profits starting out. For more information on what support is out there, read our guide to loans for businesses affected by the coronavirus.

Estimated initial costs

Our cost estimates are accurate as of 2019 from and include opening fees and expenses only. Your location may result in higher or lower fees.

Franchise fees

Great Steak franchise fees total around $17,800, which beats out the $37,000 average for the 200 largest franchises nationwide.
Franchise Cost
Initial franchise fee $5,600 to $30,000
Estimated total $5,600 to $30,000

Equipment fees

Equipment fees total $21,000 for Great Steak. This is less than the $180,023 average for the top 200 franchises.
Equipment Cost
Exterior signage $9,000 to $20,000
Computer hardware and software $3,000 to $10,000
Estimated total $12,000 to $30,000

Real estate fees

Real estate will set you back $150,250 for Great Steak, thought it's less than the average of $788,376 for the top 200 franchises.
Real estate Cost
Lease review fee $0 to $2,500
First three months' rent and security deposit $6,000 to $20,000
Real estate Varies to
Architectural fees $5,000 to $17,000
Leasehold improvements $40,000 to $210,000
Estimated total $51,000 to $249,500

Inventory costs

Initial inventory for Great Steak shakes out to $4,750. This is less than the nationwide average of $53,119.
Inventory Cost
Opening inventory, including food and paper $2,500 to $7,000
Estimated total $2,500 to $7,000

Insurance costs

Initial insurance costs for Great Steak run $3,000. This means you'll be paying less than the overall nationwide average of $6,311.
Insurance Cost
Business insurance $1,000 to $5,000
Estimated total $1,000 to $5,000

Administrative fees

Great Steak administrative fees total up to $725 — which comes in under the overall nationwide average of $6,761.
Admin Cost
PCI compliance costs $150 to $1,300
Depository account $3,000 (Must be replenished on a regular basis.)
Audit Cost of audit plus interest at Default Rate on underpayments or the maximum rate permissible by law.
Estimated total $150 to $1,300

Other expenses

Miscellaneous expenses for Great Steak total $21,125 — less than the nationwide average of $69,970.
Other Cost
Miscellaneous opening costs $4,750 to $17,500
Three months' additional funds $5,000 to $15,000
Estimated total $9,750 to $32,500
All costs were found using the 200 largest franchises nationwide using Franchise Direct's list of more than 300 franchises, and are accurate as of 2019.

How to finance

The best way to finance Great Steak comes down to your personal financial situation. What assets you have available will largely determine how much you need to borrow, and which option suits you best. Potential solutions include:
  • Bank loan. Your personal credit plays a large role in getting a business term loan from a bank. Typically this type of funding is for larger amounts.
  • Online loan. Credit requirements may be more flexible for an online loan than a bank loan, but amounts may max out at a lower amount — typically around $1 million.
  • SBA loan. The good part about SBA loans is that they top out at $5 million, but your business has to meet a number of requirements.
  • Credit card. Small costs that aren't fixed, such as stray inventory and supply purchases, may be better off on a business credit card. Just make sure you can pay it off quickly to avoid high APRs.
Also check if Great Steak franchise financing is available. You may be able to get some of the costs covered for less than you would with other traditional funding options.

Compare small business lenders

Data indicated here is updated regularly
Name Product Filter Values Min. Amount Max. Amount Requirements
Lendio business loans
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
Fora Financial business loans
1+ year in business, $250,000+ annual revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Great for SBA loan applicants.
First Down Funding business loans
At least 2 years in business, an annual revenue of $300,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
ROK Financial business loans
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

Compare up to 4 providers

How Great Steak stacks up

Compare how Great Steak holds up against two similarly sized franchises.
Archadeck Great Steak LaVida Massage
Average Franchise fees $27,225 $17,800 NA
Average Equipment fees $6,100 $21,000 NA
Average Real estate fees NA $150,250 NA
Average Training fees $3,500 NA NA
Average Inventory fees NA $4,750 NA
Average Marketing fees NA NA NA
Average Licenses and permits fees NA NA NA
Average Insurance fees NA $3,000 NA
Average Admin fees NA $725 NA
Average Personnel fees NA NA NA
Average Other fees NA $21,125 NA

Bottom line

Great Steak franchise costs run a total of $218,650. Before you decide to become a franchisee, compare the total costs against industry averages. And to learn more about financing read our guide to franchise financing.

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