Starting a business might be many people’s dream. 7-Eleven, previously known as Tote’m, has over 60,000 convenience stores all around the world. It is widely popular for selling large-sized drinks and 24-hour accessibility. It can be traced back to 1927 when several ice house companies merged to sell ice blocks. One of the ice house companies shortly started selling retail food in the area. To attract customers, they installed some Tote’m poles. That is how the name originated. But, it was renamed as 7-Eleven in 1946 generally based on the working hours.
At present, it is located in North America and Asia. 7-Eleven is worldwide known as the quality provider with amazing customer service as well as groundbreaking products and drinks.
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Steps to Follow on How to Open Your Own 7-Eleven Franchise
In just three to six months, you might be the new store owner through a quick process. The process consists of some basic steps. These are briefly explained below:
1. Attend a 7-Eleven Franchise Seminar
By attending a seminar, you can capture the nitty-gritty of how to start a franchise. From the seminar, you will learn about the brand history, training, and financial information. You get to hear from the professionals in this field who have worked actively on the 7-Eleven franchise. The question and answer session is interactive and helps in clarification. The schedules of these seminars are available on their websites according to each location.
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2. Make Sure that You Qualify
The latest requirements are: you must be at least 21 years old of age. U.S. citizenship or at least a permanent residence is required as well. You will have to pass an inclusive background check by the respective authority. The background check is done to ensure compliance with the law with no criminal records. Needless to say, you cannot have such a business idea that might imperil the 7-Eleven franchise business in any way, shape, or form.
You can view and fill up the franchise request form on their website. Before that, make sure you have the qualifications. It takes less than 10 minutes to submit the form online. A representative will shortly review your form and get back to you in a small period.
4. Assessment and Meeting
Now you shall be contacted by one of the 7-Elevens sales representatives. They will professionally assess your business skills. Not only that, but you would also be able to discuss your potential business. You will be able to interact and ask your questions as well.
5. Pick Your Location
One of the most important choices is to pick up a neighborhood or location that fits the cause. Your Franchise Sales representative will ask about your most-desired locations. This is a vital yet cautious task since the location you select will be the community you’ll take care of. It is important to do some research on the areas to make sure you reach more potential customers. After this step, the agreement is done and you will become an official business owner.
6. Pay Initial Investment
The initial franchise fee is $25,000. You have to pay a down payment for an inventory charge of $20,000 to $40,000. Investment is worth it if you pay in for franchising. You will need to pay an initial franchise fee of $25,000. You might need to pay an initial fund for the cash register. 7-Eleven shares in the store’s gross profit, building rent, real estate taxes, etc. It even pays for electric, gas, water, and sewer bills. The franchise provides a business consultant who can assist you along the way with expert advice and direction. Thus you will get a lot of support to maximize your quality and production value.
7. Training Begins
While you might think that you will simply walk into your new location and take over management, you will receive training first. You will be taken to the 7-Eleven Store Support Centre which is in Dallas, Texas. You will be given world-class LAUNCH training. Moreover, a 3-day class is held to polish your skills. There will be additional computer-based training of 6-8 weeks. This will give you a clear idea about the big picture of ownership
8. Celebration Time
Finally, you can celebrate opening your new business. Start with an optimistic outlook with a precise vision. Always remember to communicate with the experts in case of any concerning challenges.
Benefits of Franchising with 7-Eleven
As soon as you start franchising with 7-Eleven, you are provided with many opportunities and support by the company. This includes support programs to help reach your minimum gross income goal. And if you are a US veteran, there will be discounts for you. Starting a franchise can bring some include strong brand, tech systems, robust products, corporate leadership, and advertising. Your business will benefit a lot if it is recognized globally. In today’s age, up-to-date technologies are required in order to run your business properly. Not only that, but you can also expect to provide robust products. Irrespective of the variability of the products, it satisfies according to the expected outcome.
You can connect and learn from the experienced leading managers of the franchise. This enhances your knowledge that will benefit your business in the long term. The corporate office will handle all the coordinate marketing and promotions. You are not obligated to develop or even design these advertising plans. The corporate company will provide all the support in this regard. Being an owner, you can expect to earn 5% of store sales.
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You can start planning on starting your very own 7-Eleven franchise today. It is undisputedly recognized as a leader among numerous retail and veteran organizations. Moreover, the company routinely ranks high on the list of top franchises by Entrepreneur magazine. One of its global accolades is getting ranked as the top franchise of “Entrepreneur’s Franchise 500 List in 2017”. It is a prime example of how successful a convenience retailing franchise can be!