5. You don’t need any experience!!! So this is a good starter business.
“Wait!!”, you say, “That can’t be true!!”… well here’s the funny thing: even though having experience would be tremendously beneficial, after spending sometime around the 7-Eleven’s qualification process, I can honestly say that if you were competent enough to complete high school (know how to read, write, and some basic arithmetic) you will more than qualify as long as you come across confident in your interview.
But watch out!! If this is your starter business, make sure you have a clear exit strategy because if you’re not careful, this business will suck you in, and in a blink of an eye it will be 10 years later and you’re exactly where you were on day 1 (Maybe $150K or so richer)
4. Are you a social person?? Get to know your local blue collar community!
Often more than you ever wanted :-). You will be a star. Everyone in the neighborhood will know you. An average 7-Eleven has over 800 transactions a day, that’s a fair amount of people. So if you’re looking for some exposure (usually among the blue collar crowd) this is the business for you.
3. Established business system with all the tools in place (turnkey business).
Yea I know, this could be said for any franchise, but I think 7-eleven does a lot more handholding than most. After training, you walk into a fully merchandised store and start ringing sales. Unlike many other businesses, franchise included, (short of some act of god), or new competition you’re almost guaranteed those 800, or so customers per day. Now if only you could plus sell them something 😀
2. Fairly low start up costs.
When compared to other franchises. When you buy a 7-Eleven you have two major costs: Franchise Fee (money you pay to the company) and Goodwill(money you pay to the outgoing franchisee). Both amounts vary depending on the sales and profitability of the store in question, but a rough estimate for an average store without gas could be $125K for the franchise fee and $225K in goodwill. That’s pretty much it… so as you can see $350K is fairly affordable compared to other top franchises (especially if the outgoing franchisee is willing to carry your loan 😉 )
Have a doctor’s appointment today? No problem… you can always finish the paperwork tomorrow (just don’t put it off too much or you’ll get a breach of contract). This is a great business for parents as you can always make time to pick up kids from school, take them to soccer practice, or just about anything else.
If you are considering purchasing a 7-Eleven and would like unbiased answers to all of your questions as well as advice on specific store locations:
You can reach me at: email@example.com or post a question/comment right here: