Steak n Shake franchise: cost, fees and total investment
Short answer: The Steak n Shake franchise fee is $25,000 and the total initial investment ranges from $1,207,909 to $2,695,052, with about $315,000 in liquid cash required, based on franchise disclosure data compiled in October 2026. Confirm current figures in Items 5 and 7 of the Steak n Shake FDD.
What are the Steak n Shake franchise fees and investment?
The Steak n Shake franchise requires a franchise fee of $25,000 and a total initial investment of $1,207,909 to $2,695,052. The franchise fee is one line inside the total investment, which also covers location, equipment, opening inventory and working capital.
| Franchise fee (FDD Item 5) | $25,000 |
|---|---|
| Total initial investment (FDD Item 7) | $1,207,909 to $2,695,052 |
| Minimum liquid cash | $315,000 |
| US locations | 233 |
| Industry | Food & Restaurant (Fast Casual) |
| Headquarters | Indianapolis, Indiana |
| Founded | 2005 |
| Franchising since | 2005 |
How does the Steak n Shake investment compare with other food & restaurant franchises?
Steak n Shake's minimum investment of $1,207,909 is above the median minimum investment of $297,082 across the 1213 food & restaurant franchises in the SelectFranchiseList database. 97 of the other 1211 brands in this industry start at a higher investment. Its franchise fee starting at $25,000 compares with an industry median of $35,000.
By minimum investment, Steak n Shake belongs with franchises over $500,000.
What should you verify in the Steak n Shake FDD?
Verify six parts of the Steak n Shake Franchise Disclosure Document before you sign, because figures change with every annual FDD:
- Item 5 and Item 6: the current franchise fee, royalty, marketing fund and technology fees.
- Item 7: the full investment range by expense line, including working capital.
- Item 19: whether Steak n Shake discloses financial performance data, and which units it covers.
- Item 20: openings, closures and transfers, plus contacts for current and former franchisees.
- Item 21: the franchisor's audited financial statements.
- Item 12: whether your territory is protected.
The full list of Items is in the FDD guide. You must receive the FDD at least 14 calendar days before you sign a binding agreement or pay any money.
Which franchises are similar to Steak n Shake?
These food & restaurant franchises have the closest minimum investment to Steak n Shake:
| Franchise | Franchise fee | Total investment |
|---|---|---|
| Anchor Bar | $60,000 | $1,210,000 to $1,835,000 |
| First Watch | $40,000 | $1,210,150 to $2,028,800 |
| Bruster's | $20,000 to $40,000 | $1,202,620 to $2,644,060 |
| Gyu-Kaku Japanese BBQ Restaurant | $50,000 | $1,215,444 to $2,606,540 |
| Popeyes Louisiana Kitchen | $50,000 | $1,222,045 to $3,923,245 |
See every brand in food & restaurant franchises.
Frequently asked questions
How much does a Steak n Shake franchise cost?
The total initial investment for a Steak n Shake franchise ranges from $1,207,909 to $2,695,052, including a franchise fee of $25,000, according to franchise disclosure data compiled in October 2026. The exact amount depends on location, build-out and working capital, as shown in Item 7 of the FDD.
How much cash do you need to open a Steak n Shake franchise?
Steak n Shake lists a minimum of about $315,000 in liquid cash. Lenders usually finance part of the remaining investment, and the franchisor confirms its capital requirements during qualification.
How many Steak n Shake locations are there?
Steak n Shake reported 233 US locations in the data compiled in October 2026. Item 20 of the FDD shows openings, closures and transfers for the last three years.
How long has Steak n Shake been franchising?
Steak n Shake started offering franchises in 2005 after the company was founded in 2005.
Figures are compiled from franchise disclosure data and public franchise listings as of October 2026 and may have changed. Steak n Shake and its trademarks belong to their owner; SelectFranchiseList is not affiliated with or endorsed by Steak n Shake. This page is not an offer to sell a franchise. Only the franchisor's current FDD is authoritative.