Do I need to have Food, Franchise or Business background to succeed in YoYo's?
Although this experience would certainly be an asset, it is not required as we offer intensive training and ongoing support. Currently, our franchisee portfolio includes teachers, lawyers and sales-people! Our self-serve concept presents limited food preparation and proprietary recipes that are clearly outlined in our Operations Manual. Our self-serve model and proprietary recipes gives YoYo's a unique competitive advantage in the restaurant industry, reducing labour expenditures and Cost of Goods.
What cities/areas is YoYo's targeting for development?
We are looking at cities across Ontario. With proper input on site selection, cities can handle multiple locations. In addition, we are exploring Master Franchise Agreements and international development opportunities. Currently, we have 14 locations, all in SW Ontario (5 Cineplex, 4 Corporate, 5 Franchised)
What types of locations make an ideal YoYo's?
YoYo's store designers look at unique and traditional sites in strip plazas to mall locations with square footage of approx 1300-1500sf. Locations should be highly visible, within the retail centre and within the community. YoYo's Yogurt Cafe should be situated near major community markers i.e., recreational centres, high schools, universities, etc. Of course, each location will have different attributes so we evaluate each as presented for consideration.
Will you find me a site?
Site selection must be done in partnership between the candidate and the Development Team. We want candidates to play a pivotal role in site evaluation and selection as local knowledge is an invaluable asset in this process and in the ongoing networking needed once open. We highly encourage the use of Commercial Real Estate professionals to assist us in this quest and we can review the cost/benefits of this strategy with you directly.
What amount of cash do I need to get the process started?
You will need approx $135K liquid capital. Although we can connect you with Small Business Advisors at various financial institutions to advise you of the vast government and bank financing options, your personal institution should always be the first option in obtaining the necessary financing. Financing is very dependent upon your credit history, liquid cash position and possible sources of security so it is important to work with advisors who know you & small business financing.
What will be my total investment?
Total investment is approx. $275k-$325K, turnkey. This includes building plans, construction, yogurt machines, inventory, signage, POS system, right through to grand opening advertising. Some of these costs are covered by your liquid capital as they cannot be financed ie: grand opening advertising.
What type of training & ongoing support does YoYo's provide?
Training is provided with a corporate store manager, either in London or downtown Toronto and is customized based on an applicantâ€™s background. Training covers the day-to-day requirements of running a YoYo's including staffing, training, product knowledge, food handling, food safety, POS training, small business accounting, budgeting and finally, even some marketing ideas. Once you are ready to open, YoYo's support team will provide you with on-site support prior to and during your initial opening. When you are prepared to have your big 'Grand Opening', we will be there to help you plan, prepare and execute!
What are the Franchise Fees & Royalty/Advertising Costs for YoYo's?
The franchise fee is $25K. $5000 of this fee is taken along with the initial application as a deposit (see below). Royalties are 5%, National Advertising is 2%, Local Store Marketing is 2% for total of 9%. NOTE: we encourage you to spend your Local 2% in your local community to build your market share and Brand awareness. If you spend it locally, we do not collect it. If you elect to not spend it in your market, we will collect it and spend it for you. Every business should be playing an active role in their community and this 2% gives you a budget and some flexibility in how you accomplish this.
What drives customers into YoYo's frozen yogurt year round?
Quite simply, our products. The health benefits of our natural probiotic yogurt speak for themselves. We use a fresh liquid yogurt provided by London Ice Cream that provides the best taste and quality available today. From kids looking for that impulsive frozen treat to the older yogurt connoisseur looking for a healthy meal replacement option, customers consistently rave about the taste and available flavours that we strive to offer. Our complementary product lines such as Smoothies, YoJo coffee, Yo Craze bowls and handmade waffle bowls reach additional demographics and create additional revenue opportunities for franchisees. We strive to provide a warm experience @ each YoYo's for customers to enjoy our products, our WiFi and our relaxed atmosphere.
I am interested in opening a YoYo's in my neighbourhood, what's the next step?
Fantastic! Please email firstname.lastname@example.org to receive an application. Applications should be completed and submitted along with a deposit cheque of $5000. Applications are taken on a first come, first served basis. Applications received without the deposit cheque will not be considered. Your cheque serves several functions: it temporarily holds your location so we can assess it, it prevents others from developing nearby, and it shows your level of commitment to moving forward.
Is my deposit refundable?
YES! Your deposit will be fully refunded if we do not accept your application OR we accept it but we cannot mutually agree upon a location for your YoYo's Yogurt Cafe. If the Prospective Franchisee is approved, 50% of the deposit becomes non-refundable and will be forfeited to the Franchisor if the Prospective Franchisee does not sign a Franchise Agreement within 30 days after the application is accepted. Upon execution of the Franchise Agreement, the deposit will be applied against the franchise fee of $25,000, thereby reducing the amount due on signing the Franchise Agreement to $20,000.