The cost of opening a Subway franchise varies depending on factors like location, size, and lease agreements. On average, the initial investment ranges from $150,000 to $330,000. This includes a franchise fee of around $15,000, equipment, signage, and other startup expenses. Additionally, Subway charges ongoing royalties of 8% of gross sales and a marketing fee of 4.5%. The total investment for a new Subway franchise typically falls between $200,000 and $500,000.