Is Steak N Shake or Firehouse Subs cheaper to open?

Steak N Shake costs $259,336–$997,942 and Firehouse Subs costs $405,350–$875,950 to open (FDD Item 7). Steak N Shake has the lower entry cost.

Which is safer, Steak N Shake or Firehouse Subs?

SBA 7(a) charge-off rate is 15.2% for Steak N Shake and 11.1% for Firehouse Subs. Lower is safer, so Firehouse Subs has the stronger loan-repayment record.

Which is the better franchise, Steak N Shake or Firehouse Subs?

FranchiseVerdict grades Steak N Shake B and Firehouse Subs A, from FDD Items 5–7, 19–21 and SBA loan performance. See the full side-by-side above.

Steak N Shake vs Firehouse Subs

Franchise Comparison 2026

Both Steak N Shake and Firehouse Subs are full-service restaurants franchises. Steak N Shake requires an investment of $259K – $998K while Firehouse Subs requires $405K – $876K. Firehouse Subs discloses average revenue of $974K; no Item 19 revenue figure is on file for Steak N Shake. Note: Reported for a subset of outlets rather than the whole system. On SBA loan performance, Firehouse Subs has a lower charge-off rate (11.1%) compared to Steak N Shake (15.2%). FranchiseVerdict rates Steak N Shake B (Above average) and Firehouse Subs A (Strongest tier).

Metric	Steak N Shake	Firehouse Subs
Verdict Grade	BAbove average	AStrongest tier
Investment Range	$259K – $998K	$405K – $876K
Franchise Fee	$10K	$20K
Royalty Rate	Not a simple percentage royalty. Franchise Partner pays a "System Fee" equal to the Established Percentage (up to 15%) of monthly Gross Receipts minus equipment rental and Admin Services Fee, plus an "Additional System Fee" equal to 50% of the Restaurant's monthly Net Profit; franchisee retains a contractual Minimum Profit ($1,000/month) plus 50% of Net Profit as "Additional Profit."	6.0%
Average Revenue (Item 19)	N/A	$974KOutlet subset
SBA Charge-Off Rate	15.2% (38 loans)	11.1% (638 loans)
Total Units	387	1,291
Unit Growth (YoY)	-5 units	+43 units
Year Began Franchising	1939	2004
FDD Year	2026	2026

Investment Range

$259K – $998K

$405K – $876K

Franchise Fee

$10K

$20K

Royalty Rate

Not a simple percentage royalty. Franchise Partner pays a "System Fee" equal to the Established Percentage (up to 15%) of monthly Gross Receipts minus equipment rental and Admin Services Fee, plus an "Additional System Fee" equal to 50% of the Restaurant's monthly Net Profit; franchisee retains a contractual Minimum Profit ($1,000/month) plus 50% of Net Profit as "Additional Profit."

6.0%

Average Revenue (Item 19)

N/A

$974KOutlet subset

SBA Charge-Off Rate

15.2% (38 loans)

11.1% (638 loans)

Total Units

387

1,291

Unit Growth (YoY)

-5 units