Steak N Shake vs Harlem Shake
Franchise Comparison 2026
Both Steak N Shake and Harlem Shake are full-service restaurants franchises. Steak N Shake requires an investment of $259K – $998K while Harlem Shake requires $412K – $849K. Steak N Shake discloses average revenue of $130K; Harlem Shake does not report Item 19 data. Steak N Shake has SBA lending data on file with a 15.2% charge-off rate. FranchiseVerdict rates Steak N Shake B (Above average) and Harlem Shake D (Below average).
| Metric | Steak N Shake | Harlem Shake |
|---|---|---|
| Verdict Grade | BAbove averageAbove average | DBelow averageBelow average |
| Investment Range | $259K – $998K | $412K – $849K |
| Franchise Fee | $10K | $40K |
| 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) | $130K | N/A |
| SBA Charge-Off Rate | 15.2% (38 loans) | Limited data |
| Total Units | 387 | 2 |
| Unit Growth (YoY) | N/A | N/A |
| Year Began Franchising | 1939 | 2022 |
| FDD Year | 2026 | 2025 |
Investment Range
$259K – $998K
$412K – $849K
Franchise Fee
$10K
$40K
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)
$130K
N/A
SBA Charge-Off Rate
15.2% (38 loans)
Limited data
Total Units
387
2
Unit Growth (YoY)
N/A
N/A
Year Began Franchising
1939
2022
FDD Year
2026
2025