7-Eleven is a really popular franchise that is made out of gasoline stations and convenience stores, all in one location. When you open such a franchise you get the chance of practically practicing the entrepreneurial skills while following a startup process that is standardized and proven. When you open such a franchise, it is really easy to reduce crashing risks. The market for such a location is great and can do really well when the owner is suitable. With this in mind, here is how to open your 7-Eleven franchise.
Required Franchise Costs
In the year 2010 you had to have an amount ranging from $50,000 to $350,000 in order to open your 7-Eleven. The amount is based on location and on size. Besides this, you also need up to $40,000 in order to pay for the gasoline necessary if you decide to run a gas station. The franchise is responsible for the opening day inventory deposit and the funding of the cash registers in order to have suitable change during the first business day. It is 7-Eleven’s job to take care of the required licenses and acquisitions, together with permits from the local and state authorities.
Personal Requirements
The owner of the new franchise needs to have a spotless credit store. In addition, age should be over 21 and residence should be legal in the country. No bankruptcy statement in the last 7 years will be allowed.
The Interview
You will need to have an interview with a representative of 7-Eleven and testing requirements have to be fulfilled. Make sure that you bring in references, the resume and outstanding management accomplishments records. The contact at 7-Eleven will talk to you about the agreement and will assess the financial and personal qualifications. You can easily work with the contact in order to choose a suitable store location.
Business Plans
The next step is to complete a suitable business plan. Although 7-Eleven already has a set of standard operational procedures in place, there are marketing, legal and financial aspects that are important in various locations. The contact from 7-Eleven can help you with a guide so that you can easily draft your strategic objectives, your marketing plan and your financial plan.
Training
The last step is to attend the official training course that is offered for all 7-Eleven franchises. There will be a final interview and you sign a final franchise agreement. You receive all the necessary information in order to properly run your franchise through the training. As soon as your store is complete, you are ready to open for 7-Eleven business.