Have you ever stopped at a gas station and wondered, “how does somebody get into this business?” When you think about it, it’s not a bad idea to own a gas station. With the right location, you can almost guarantee you receive enough business to turn a profit.
If you think getting into a gas station business seems right for you, consider buying into the 7 Eleven franchise. This franchise has over 50,000 locations, with operations in more than a dozen countries.
If you’re wondering how to buy a franchise, we’ve got you covered! Check out our guide to learn five essentials you need to know when purchasing a 7 Eleven franchise.
1. 7 Eleven Franchise Cost
To buy franchise properties, you have to start with the initial investment. This investment helps you own and operate a location based on the individual gross profit of the location.
Typically, that figure falls anywhere between $50,000 and one million dollars. With that figure comes a net worth requirement between $100,000 and $250,000.
However, the corporation, not the franchise, bears responsibility for affording a down payment on the store’s inventory. It also covers other essential documents like licenses and permits. You can also rely on the corporation to provide the initial cash register funds.
2. 7 Eleven Pays for Many Utilities
7 Eleven has a widespread reputation as an excellent franchise opportunity. One of the reasons for this reputation is because 7 Eleven pays for many franchiser utilities.
These utilities include basics like water, sewage, gas, and electricity needs. However, they also go beyond these essentials to cover building rent and real-estate taxes.
In case you thought things couldn’t get better, they also pay for the cost of obtaining and maintaining the land, building, and storage equipment. These actions free you from several financial burdens.
3. Weekly Consultant Meetings to Grow the Franchise
Another excellent feature of 7 Eleven’s policy is that they don’t settle for letting their franchises remain stagnant. Instead, they provide several opportunities and resources to help grow a franchise.
One of the ways they do so is through weekly business consultant meetings. These meetings help franchisers grow and expand the business, making it more profitable for themselves and the corporation.
4. A Hands-On Approach to Management
If you’re used to running your own business without any outside interference, there are a few cons to working with 7 Eleven. As you can probably tell, this corporation takes a robustly hands-on approach to its franchises.
As a result, you may feel that the company encroaches on your freedom. If you’d rather run your business without that interference, consider other franchises under 100k.
5. Potentially Face Lower Profits
7 Eleven franchise profit levels may not meet your goals if you’re a business owner. Part of the reason the corporation puts so much effort into maintaining and growing your franchise is to reap a profit for itself. In the process, you may lose out on the money other franchises would provide.
Consider Whether a 7 Eleven Franchise is Right For You
In many ways, 7 Eleven makes it easy for you to buy franchise property. A 7 Eleven franchise provides you with several benefits, not least of which is a recognizable brand.
However, in exchange, you may lose some freedoms you’d otherwise have. So, decide whether that trade-off is worthwhile, and start your franchise soon!
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