Charleys Philly Steaks Moving Up On The Franchise 500
Charleys Cheesesteaks Ranks #89
After another year of incredible growth that saw hundreds of new store openings, Charleys Philly Steaks continues to climb Entrepreneur magazine’s esteemed Franchise 500 ranking. Every year, for the past 44 years, Entrepreneur magazine highlights the top performing franchises in the U.S. Regarded as the most comprehensive franchise review in the industry, Entrepreneur magazine evaluates a franchise’s cost & fees, size & growth, support & training, brand strength, as well as financial strength & stability – just to name a few!
“With this year’s record-breaking number of applicants, the list offers a comprehensive overview of the state of the franchise world as it emerges from the most challenging days of the pandemic into uncertain economic conditions—and still keeps going strong,” Entrepreneur magazine reported. “There’s something here for every prospective franchisee, whether you’re interested in finding an opportunity within a brand that has been around for decades or in getting in on the ground floor of the next emerging trend.”
Charleys Philly Steaks has regularly been featured on the Franchise 500 ranking, yet this year, continued its rise to the top. In fact, Charleys Philly Steaks climbed more than 100 spots from last year to place #89 this year, and it’s not hard to see why. Over the past year, Charleys Philly Steaks has opened hundreds of new store locations across the country. All the while, the franchise remains affordable and accessible for aspiring entrepreneurs. And with the popularity of Charleys Philly Steaks continuing to grow, the brand has plans to open even more locations in the coming years!
Why Our Franchise Continues to Climb
Other brands simply cannot compete with Charleys Philly Steaks. For starters, Charleys Philly Steaks boasts one of the most recognized and beloved brand names in the QSR industry, synonymous with the classic Philly cheesesteak, high quality ingredients and unmatched customer service.
For franchise owners, the support systems in place are world class. From day one, our corporate team helps franchise owners secure the absolute best location for their franchise, and then assists them through the real-estate process and site build out. Each franchise owner undergoes three weeks of in-person, hands-on training where you master every aspect of the business model, from preparing menu items to managing inventory to leading a team. Also, Charleys Philly Steaks has one of the most innovative and cutting edge marketing strategies in the industry, and we help you build a marketing plan that is tailored to your community. And the support doesn’t stop there – for the life of the franchise, the Charleys Philly Steaks team is with you every step of the way.
“We’re in business to help our franchisees thrive in their restaurants,” says Charley Shin, CEO and founder of Charleys Philly Steaks. “We’ve worked hard to make our business model efficient, profitable, and deliver a product and customer experience that leads to long-term growth. The success that we’re having is evident in how many of our existing franchisees are investing in new restaurants. In fact, 70% of our current growth comes from our existing franchisees scaling up to multi-unit ownership, which tells us that we’re on the right track – and that’s incredibly exciting for us.”
Why the Franchise 500?
For nearly 50 years, Entrepreneur magazine, the premier source for everything small business, has released its esteemed Franchise 500 list, recognizing franchises that continually excel, and prove time and again they are a smart investment with a strong opportunity for growth. Now, aspiring entrepreneurs use these rankings across the world to research which franchises are the smartest investment.
The evaluation is incredibly comprehensive, taking into account a company’s franchise fees and start-up costs, size, growth rates, training support, and brand strength. The rankings also evaluate a company’s financial strength and stability through audited financial statements.
Indeed, we consider the Franchise 500 ranking the most prestigious list in the franchise industry.
Five Pillars of the Franchise 500
Let’s break down the Five Pillars of the Franchise 500, and how Charleys Philly Steaks stacked up.
Cost and fees: Charleys Philly Steaks boasted one of the most affordable franchise start-up costs, with initial investments ranging from $251k-$1m.
Growth: Despite the unprecedented challenges over the past few years, Charleys Philly Steaks has seen consistent growth – 8% every year over the past 3 years. As a result, the franchise has nearly 650 locations across the country. And with the mega-deal with Walmart, that growth is sure to see new heights.
Support: Charleys Philly Steaks offers one of the most comprehensive and robust training and support programs. We offer 90 hours on-the-job training, as well as 60 hours classroom training. On top of that, our franchises get ongoing support on all aspects of the business, including help with site selection, marketing, SEO, website development, field operations, technology – and much, much more.
Brand Strength: What more can you ask of a brand that has become the No. 1 Philly cheesesteak restaurant in the world? Founded in the 1980s, Charleys Philly Steaks has continued to grow and evolve, now becoming a household name. The brand is ready for even more recognition as locations start popping up in Walmarts across the country.
Financial Stability: Since Entrepreneur started tracking Charleys Philly Steaks in its Franchise 500 rankings in 2012, the franchise has seen continued financial stability. Since that time, Charleys Philly Steaks has grown from 463 locations to nearly 700 locations. And, Entrepreneur ranked Charleys Philly Steaks as No. 1 in the Best of the Best in Philly Cheesesteak Sandwiches category for 2022.
Ready to Join a High Ranking Franchise?
Charleys Philly Steaks is a franchise catching the attention of the industry, not only because of its incredibly tasty sandwiches, but also the unprecedented growth in the past few years, at a time when many other businesses struggled. With a landmark deal with Walmart that will redefine our brand’s future, now is an exciting time to consider investing with Charleys Philly Steaks.
To request more information, please fill out our form here. One of our dedicated team members will be in touch to start a conversation with you!