7-Eleven was one of the first convenience stores, originally opening in 1927. 7-Eleven now has franchise stores in the U.S. and Canada, as well as more than 15 other countries. They have won repeated recognition in the franchise industry in categories such as Low-cost Franchise, Fastest-growing Franchise, Fortune 500 Franchise and the #1 Ranked Franchise.
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Determine the costs associated with opening a 7-Eleven franchise. Express your interest to the company and get the detailed information for start-up costs for your area. The costs vary by area, but the initial capital and fee required is upwards of $150K, and the total investment may range between $1 and $2 million.
Prepare a resume with business management experience and financial credentials. 7-Eleven requires that franchisees be a minimum of 21 years of age, be a permanent U.S. resident and have liquid assets.
Identify the time requirements to not only open the business, but also to operate the business and supervise a staff of seven to 10 employees. 7-Eleven does not allow absentee ownership; therefore, all 7-Eleven franchises are 100 percent owner operated.
Consider the business conversion opportunity. If you already own a convenience store but are looking to expand upon the trademark name of 7-Eleven, check into the requirements for their conversion program. These usually require a minimum of 1,400 square feet and must be at least 1/2 mile from another 7-Eleven franchise.
Secure third party financing. 7-Eleven will assist you with inventory, accounts receivable, payroll and training, but they do not provide finance assistance to their franchisees.
Attend training. 7-Eleven will provide owner/operators with six weeks of training at one of their local centers. They will also provide ongoing support in areas such as grand openings, newsletters, purchasine cooperatives as well as national media and marketing support.
Expect to work some long hours to reap the benefits of a successful store with name recognition. However, with good leadership, good customer service and reliable support, owning a 7-Eleven franchise may be the right opportunity for you.
Tips and warnings
- If purchasing an existing 7-Eleven franchise from another franchisee, there will be a "goodwill" or "premium" paid that is above the usual fee and initial investment.