7-Eleven, a convenience store established in 1927, offers aspiring entrepreneurs an opportunity to be a a part of their successful business model by becoming franchisees. They began franchising in the United States in 1964. As of 2010, there are more than 6,800 7-Eleven stores in the U.S. and Canada and more 36,000 stores worldwide. They have a strict set of requirements in place prospective franchisees must follow before being granted a store.
Submit Franchise Application
Prospective 7-Eleven franchisees must submit a franchise application. Applications are available on the 7-Eleven website. Before submitting a request for an application, 7-Eleven asks four questions about your age, residency, experience and credit score.
Ensure Age and Experience
Applicants must be at least 21 years of age to be eligible to become a franchisee for 7-Eleven. In addition to an age requirement, 7-Eleven prefers that their franchisees have retail, management or customer service experience with a company within the United States.
Reveal Financial Standing
7-Eleven expects its franchisee to be in good financial standing. Applicants need to have a credit score of at least 700 and cannot have filed bankruptcy within the last seven years.
Confirm United States Residency
Although 7-Eleven doesn't require applicants to be United States citizens, they do require applicants provide proof that they have permanent residency in the United States. If you cannot provide proof, your application for a 7-Eleven franchise cannot be approved.
Interview With Sales Manager
If your initial application is accepted, 7-Eleven will contact you to schedule an interview with one of their sales managers. The sales manager will review the 7-Eleven franchise program requirements, as well as The Franchise Disclosure Document. Franchise, an online resource for individuals interested in franchises, cites that there are 23 categories of information franchisers must provide potential franchisees before the final franchise agreement is presented for signing.
Take Tests And Assessments
Prospective franchisees are required to complete a franchise assessment test and a franchise disclosure test before moving onto the next phase of the application process. Those who pass the assessments can move forward to selecting a store.
Pick a Store
The location of a business is important to its success, so 7-Eleven shows prospective franchisees potential locations in their areas. You can visit each available store to get an idea of surrounding businesses and the community.
Create Business Plan And Budget
Whether you own a franchise or build a business from the ground up, business planning is an essential step in the process. 7-Eleven works with prospective franchisees to develop a business plan and a budget for their businesses. With a business plan and budget in place, the next step is a final interview with a manager in your area.
Sign Agreement
One of the final steps in becoming a 7-Eleven franchise owner signing the franchise agreement. You'll also get guided through the process of applying for necessary licenses and paying franchisee fees. 7-Eleven requires franchisees to pay a one-time initial franchise fee, which may range between $50,000 and $350,000. The fee is based on location and the previous gross profits of the location, if applicable. The initial fee includes a down payment on supplies, inventory, permits, licenses, bonds and startup cash for the register. Additional one-time fees ranging from $10,000 to $40,000 may be added for locations that have gas stations. Franchisees who elect to purchase stores from existing owners, must pay the fee to the owner, as well as 7-Eleven's franchisee fees. After the initial one-time fee, you pay royalties based on your store's gross profit. The calculation is net sales receipts minus the wholesale costs paid for the merchandise sold.
Get Trained And Hire Staff
7-Eleven provides franchisees with training to help them operate, manage and market their businesses. After your receive training, you can begin to hire and train staff for your store.
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About the Author
Miranda Brookins is a marketing professional who has over seven years of experience in copywriting, direct-response and Web marketing, publications management and business communications. She has a bachelor's degree in business and marketing from Towson University and is working on a master's degree in publications design at University of Baltimore.
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