Cousins Subs Franchise FDD, Profits & Costs (2025)
Cousins Subs is a family-owned, fast-casual sandwich franchise known for its focus on quality ingredients and strong community roots. Founded in 1972 by cousins Bill Specht and Jim Sheppard in Milwaukee, Wisconsin, the concept was inspired by the East Coast-style subs the founders missed after relocating to the Midwest.
The brand quickly gained popularity and established a reputation for hearty sandwiches made with fresh, local ingredients. Headquartered in Menomonee Falls, Wisconsin, Cousins Subs began franchising in 1985.
The menu features a variety of made-to-order cold and hot subs, fresh salads, soups, fries, shakes, and sides, all emphasizing high-quality meats, cheeses, and bread baked daily.
What differentiates Cousins Subs from other sandwich chains is its unwavering commitment to freshness and local sourcing, especially its use of Wisconsin cheese and meats. This dedication to regional pride and product quality allows the brand to stand out in a crowded marketplace while maintaining a loyal customer base.
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Initial Investment
How much does it cost to start a Cousins Subs franchise? It costs on average between $465,000 – $1,165,000 to start a Cousins Subs franchised restaurant.
This includes expenses for construction, equipment, inventory, and initial operating costs. The total investment required can vary based on several factors, such as the size and format of the Cousins Subs restaurant, the geographic location, and whether the franchisee opts to lease or buy the property.
| Type of Expenditure | Amount |
|---|---|
| Initial Franchise Fee | $25,000 |
| Leasehold Improvements | $205,000 – $600,000 |
| Equipment and Small Wares | $135,000 – $190,000 |
| Seating Package / Millwork | $30,000 – $75,000 |
| Initial Inventory and Supplies | $6,000 – $18,000 |
| Point of Sale System / Technology | $10,000 – $30,000 |
| Architectural Fees | $9,000 – $52,000 |
| Rent | $3,000 – $15,000 |
| Lease and Utility Security Deposits | $0 – $15,000 |
| Insurance | $700 – $1,500 |
| Training | $2,500 – $15,000 |
| Store Marketing Fee | $10,000 |
| Lease Addendum Review Fee | $0 – $5,000 |
| Signage | $8,500 – $63,000 |
| Additional Funds – 3 months | $20,000 – $50,000 |
| TOTAL | $464,700 – $1,164,500 |
Average Revenue (AUV)
How much revenue can you make with a Cousins Subs franchise? A Cousins Subs franchised restaurant makes on average $687,000 in revenue (AUV) per year.
Here is the extract from the Franchise Disclosure Document:
This compares to $838,000 yearly revenue for similar sandwich franchises. Below are a few Cousins Subs competitors as a comparison:
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Franchise Disclosure Document
Frequently Asked Questions
How many Cousins Subs locations are there?
As of the latest data, Cousins Subs operates 94 locations, among them 36 franchised locations.
What is the total investment required to open a Cousins Subs franchise?
The total investment required to open a Cousins Subs franchise ranges from $465,000 to $1,165,000.
What are the ongoing fees for a Cousins Subs franchise?
Cousins Subs franchisees are required to pay an ongoing royalty fee of 6% of gross sales. In addition, franchisees must contribute 2% of gross sales toward national marketing and advertising efforts. These fees support continued brand development, operational support, and promotional initiatives aimed at driving customer traffic and sales.
What are the financial requirements to become a Cousins Subs franchisee?
To qualify as a Cousins Subs franchisee, candidates must have a minimum net worth of $1,000,000 and at least $250,000 in liquid capital. These financial requirements help ensure that franchisees have the resources needed to cover startup expenses and sustain operations during the early stages of the business.
How much can a Cousins Subs franchise owner expect to earn?
The average gross sales for a Cousins Subs franchise are approximately $0.69 million per location. Assuming a 15% operating profit margin, $0.69 million yearly revenue can result in $104,000 EBITDA annually.
Who owns Cousins Subs?
Cousins Subs is privately owned and led by CEO Christine Specht, daughter of co-founder Bill Specht. The company remains family-operated and maintains a mix of corporate-owned and franchised locations.
Disclaimer
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