How much does a Milkshake Factory franchise cost?
Opening a Milkshake Factory franchise takes a total initial investment of $510,492 to $772,548, according to the brand's 2025 Franchise Disclosure Document. That FDD's Item 19 publishes no median; it reports figures for gross revenue - consolidated first 3 months: an average of $181,580.
Milkshake Factory franchises single-unit restaurants and multi-unit development agreements for franchised Shops. Category: Food & Beverage.
Item 7
What it costs to open a Milkshake Factory franchise
The franchisor's own estimated initial investment, as disclosed in its 2025 FDD. The total is $510,492 to $772,548. Each line below carries the FDD page it was read from.
Where the money goes
The largest costs are Leasehold Improvements ($155,620 to $324,364), Furniture, Fixtures and Equipment (“FFE”) ($163,328 to $182,997), and Additional Funds – 3 Months ($15,000 to $40,000). Together they make up about 71% of the high-end estimate.
The initial franchise fee is $60,000, about 12% of the low-end total.
Our arithmetic from the Item 7 table below.
| Expenditure | Low | High | Source |
|---|---|---|---|
| Initial Franchise Fee2025 FDD, Item 7, p. 12 | $60,000 | $60,000 | 2025 FDD, Item 7, p. 12 |
| Initial Training Fee2025 FDD, Item 7, p. 12 | $8,500 | $8,500 | 2025 FDD, Item 7, p. 12 |
| Training – Costs and Expenses2025 FDD, Item 7, p. 12 | $6,345 | $9,220 | 2025 FDD, Item 7, p. 12 |
| Lease – Security Deposit2025 FDD, Item 7, p. 12 | $3,500 | $8,500 | 2025 FDD, Item 7, p. 12 |
| Architectural and Design Services2025 FDD, Item 7, p. 12 | $21,500 | $24,000 | 2025 FDD, Item 7, p. 12 |
| Real Estate and Construction Management Services2025 FDD, Item 7, p. 12 | $20,000 | $20,000 | 2025 FDD, Item 7, p. 12 |
| Leasehold Improvements2025 FDD, Item 7, p. 12 | $155,620 | $324,364 | 2025 FDD, Item 7, p. 12 |
| Furniture, Fixtures and Equipment (“FFE”)2025 FDD, Item 7, p. 12 | $163,328 | $182,997 | 2025 FDD, Item 7, p. 12 |
| Signage (exterior)2025 FDD, Item 7, p. 12 | $4,917 | $10,944 | 2025 FDD, Item 7, p. 12 |
| Initial Inventory (pre-opening)2025 FDD, Item 7, p. 12 | $14,976 | $22,604 | 2025 FDD, Item 7, p. 12 |
| Computer System and IT Equipment (and any initial Required Software fees)2025 FDD, Item 7, p. 13 | $14,000 | $20,530 | 2025 FDD, Item 7, p. 13 |
| Interior Signage2025 FDD, Item 7, p. 13 | $8,500 | $15,500 | 2025 FDD, Item 7, p. 13 |
| Opening Marketing Spend2025 FDD, Item 7, p. 13 | $11,913 | $16,500 | 2025 FDD, Item 7, p. 13 |
| Professional Fees2025 FDD, Item 7, p. 13 | $1,258 | $2,890 | 2025 FDD, Item 7, p. 13 |
| Business Permits and Licensing2025 FDD, Item 7, p. 13 | $635 | $4,499 | 2025 FDD, Item 7, p. 13 |
| Insurance – Deposit and 3 Months of Premiums2025 FDD, Item 7, p. 13 | $500 | $1,500 | 2025 FDD, Item 7, p. 13 |
| Additional Funds – 3 Months2025 FDD, Item 7, p. 13 | $15,000 | $40,000 | 2025 FDD, Item 7, p. 13 |
| Total estimated initial investment2025 FDD, Item 7, p. 12-13 | $510,492 | $772,548 | 2025 FDD, Item 7, p. 12-13 |
Source Milkshake Factory, 2025 FDD, Item 7, p. 12-13, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-27. Read from a scanned copy of this FDD; figures and page citations were transcribed from the page images.
Item 19
What Milkshake Factory franchisees actually report earning
Milkshake Factory's 2025 FDD publishes no median in its Item 19. What it publishes instead is set out below, in the document's own terms. An average is not a median: it is pulled upward by the strongest outlets, and it does not tell you what the middle outlet made. We do not calculate a median the document does not state.
Part I in this Item below discloses the historical average Adjusted Gross Sales generated by the nine (9) Affiliate-Owned Shops that were open and operating over the entirety of the 2024 calendar year. Part II of this Item discloses historical averaged for the first full three months of operations for our first three Franchised locations which opened in 2024.
What the FDD does publish
| Measure | Average | Low | High | Outlets | Source |
|---|---|---|---|---|---|
| Gross Revenue - Top 1/3 StoresPart I table; the nine Affiliate-Owned Shops are divided into thirds by Adjusted Gross Revenue. | $922,771 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Gross Revenue - Middle 1/3 StoresPart I table. | $693,759 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Gross Revenue - Bottom 1/3 StoresPart I table. | $531,706 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Adjusted Gross Revenue - Top 1/3 Stores | $875,094 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Adjusted Gross Revenue - Middle 1/3 Stores | $655,034 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Adjusted Gross Revenue - Bottom 1/3 Stores | $502,323 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Net Revenue less COGS, Labor, Other Operating Costs and Expenses Disclosed Above - Top 1/3 Stores | $144,398 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Net Revenue less COGS, Labor, Other Operating Costs and Expenses Disclosed Above - Middle 1/3 Stores | $93,658 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Net Revenue less COGS, Labor, Other Operating Costs and Expenses Disclosed Above - Bottom 1/3 Stores | $31,864 | – | – | 9 | 2025 FDD, Item 19, p. 1 |
| Gross Revenue - Consolidated First 3 MonthsPart II table. | $181,580 | – | – | 3 | 2025 FDD, Item 19, p. 1 |
| Adjusted Gross Revenue - Consolidated First 3 Months | $173,086 | – | – | 3 | 2025 FDD, Item 19, p. 1 |
| Net Revenue less COGS, Labor, Other Operating Costs and Expenses Disclosed Above - Consolidated First 3 Months | $5,242 | – | – | 3 | 2025 FDD, Item 19, p. 1 |
A dash means the FDD does not print that figure. Milkshake Factory's Item 19 covers the 2024 calendar year; first full three months of operations for the first three Franchised locations which opened in 2024. Basis: Affiliate-Owned Shops and Franchised locations.
What the franchisor excluded from these figures
- Part I excludes one Affiliate-Owned Shop that had hours of operation and staffing in 2024 substantially different from the franchise model.
- Part II excludes one location that opened in 2024 because it operated for only a partial month and was not open for at least three months.
- Part IV excludes one location because it did not have a complete month in operation in 2024.
- Part V excludes franchise locations because no franchise locations operated for an entire year.
- The Item excludes a licensed Shop located in the Southside area of Pittsburgh, Pennsylvania, because it is a non-traditional venue and offers a single menu item that is not substantially similar to the other Affiliate-Owned Shops or the Franchised Business offered under this Disclosure Document.
This is a disclosure of what some existing outlets reported, not a projection of what a new Milkshake Factory outlet would earn. Your results will differ.
Source Milkshake Factory, 2025 FDD, Item 19, p. 44-45, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-27. Read from a scanned copy of this FDD; figures and page citations were transcribed from the page images.
Item 20
How many Milkshake Factory outlets there are, and how many closed
Milkshake Factory ended 2024 with 4 franchised outlets and 10 company-owned outlets. In that year 4 franchised outlets opened and none left the system.
Three years at a glance
From 2022 through 2024, Milkshake Factory opened 4 franchised outlets and no outlets left the system. That is a net gain of 4, from 0 to 4 franchised outlets.
The system had no franchised outlets at the start of these years, so there is no departure rate to calculate.
Our arithmetic from the FDD's Item 20 table below. "Left the system" counts every outlet the franchisor reports as terminated, not renewed, bought back, or closed for other reasons.
| Year | Start | Opened | Terminated | Non-renewed | Reacquired | Ceased, other | End | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 2025 FDD, Item 20, p. 51 |
| 2023 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2025 FDD, Item 20, p. 51 |
| 2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2025 FDD, Item 20, p. 51 |
Source Milkshake Factory, 2025 FDD, Item 20, p. 50-51, via Public FDD bucket (storage.googleapis.com/franchiseindx_fdds) (source record). Figures read and verified 2026-09-27. Read from a scanned copy of this FDD; figures and page citations were transcribed from the page images.
Compare
How Milkshake Factory compares with other Food & Beverage franchises
Measured against the 256 Food & Beverage franchises on this site, using each brand's own FDD.
- Cost to open. The middle of Milkshake Factory's estimated range is $641,520. It costs more to open than 55% of Food & Beverage franchises here.
- Earnings disclosure. 152 of the 256 Food & Beverage franchises here publish earnings figures in Item 19. Milkshake Factory is one of them.
Our arithmetic from each brand's Item 7 and Item 20. Growth and departure comparisons leave out brands with fewer than 10 outlets, where one opening or closure distorts the figures. See every Food & Beverage franchise side by side.
Alert me when Milkshake Factory files a new FDD
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