Imagine, every time you buy something from a convenience store or supermarket, you're slowly but surely putting in more money in the pockets of its owner. And since millions of people buy groceries and other necessities everyday, just imagine the cumulative profits of these company owners. Don't you wish you could have this same kind of opportunity yourself?
If you have skills in business and management, convenience store retailing is one of the best places you could invest your money. Apart from the fact that the things a convenience store sells are considered necessities, capitalizing on a well-established brand will be one of the best ways to attract customers. One of the most established brands of convenience stores is 7-Eleven, with branches all over Europe and Asia (aside from the US and Canada, of course). So if you're looking into buying a 7-Eleven convenience store franchise, here are some pointers:
- Know whether you're ready to manage a franchise. Buying a 7-Eleven store entails a lot of experience and skills from you as a franchisee. Some of the relevant experience you would need would include the ability to supervise and manage employees; experience in retail or food service; know-how in budgeting, finance management and store operations. Skills would include being detail-oriented; ability to multi-task; and having leadership and decision-making skills. If you feel that you are lacking in business experience, perhaps it's a good idea to try setting up a smaller-scale store or supermarket of your own first, one that caters to your own small community (in this regard it's good also to have strong ties to your community). Once you get the feel of managing your business, you could put up your small store for sale (the profits you receive could be your capital to buy a 7-Eleven franchise), or level up your store to a 7-Eleven franchise.
- Plan for the details. It's highly important that you plan for the details of your franchise well. Start out by planning out the location, taking into consideration such factors as its accessibility, the consumer traffic, and the crime rate.
- Know the details of the franchise store agreement. Typically, profits would be split between franchisees and the company 50-50. What the company would provide would include the equipment and supplies along with support and maintenance, while the franchisee is in charge of the employee wages, utilities and other in-store expenses. You would need capital to purchase the 7-Eleven franchise store. Typically, franchise fees are at $50,000 to $350,000. Since 7-Eleven is an international company, expect it to be at the higher end of the spectrum. Contact a 7-Eleven company representative for further details. Expect to undergo training that briefs you on the core values and specific systems of 7-Eleven. 7-Eleven gives ample allowance for you to manage the store your own way; however, there are some hard rules that you'll have to follow to subscribe to the tried-and-tested regulations and systems of the company.
- Do primary research. Make sure that you learn more about 7-Eleven before you engage in business with it. Some websites you could learn from include franchise.7-Eleven.com, and franchises.about.com.
There you have it! Hopefully these tips will help you open a successful 7-Eleven store. Good luck!