7-Eleven's Zero Franchise Fee Offer Moves Closer to Deadline
IRVING, Texas — Entrepreneurs looking for the right financial opportunity to start a business still have a month to take advantage of 7-Eleven Inc.'s Zero Franchisee Fee Initiative.
Until Sept. 30, the convenience store retailer will waive the franchise fee — a savings of up to $80,000 — on select U.S. stores available to franchise.
7-Eleven first launched the zero-fee program in 2015 following a period of rapid growth. Since then, the company has franchised more than 200 stores.
Currently, approximately 200 more eligible stores available to franchise are located in metropolitan areas across the country, including Buffalo, N.Y.; Richmond, Va.; and Jacksonville, Fla.
Earlier this year, Entrepreneur magazine ranked 7-Eleven the No. 1 franchise business opportunity on its 2017 Franchise 500 list, making the Zero Franchisee Fee "an ideal opportunity to join a recognized global brand," the company said.
"The Zero Franchise Fee program has been successful on several fronts," said Larry Hughes, 7-Eleven vice president of Franchise Systems. "It has provided an attainable, affordable entry point for many people wanting to go into business on their own. The company has gained greater diversity with more military veterans and Hispanics joining the franchisee family. And existing franchisees have taken the opportunity to acquire additional stores."
The c-store retailer is offering these stores to prospective, qualified franchisees and existing 7-Eleven franchisees who want to grow their business by adding stores. Prospective franchisees for Zero Franchise Fee stores will undergo 7-Eleven's standard franchise approval process, which takes five to seven months.
Basic 7-Eleven franchisee qualifications include being 21 years or older; being a permanent U.S. resident; and having excellent credit and $50,000 in liquid assets. Prospective franchise owners will still be responsible for the costs of licensing, permits and the initial down payment on inventory, totaling approximately $30,000.
After acquisition and rebranding, 7-Eleven works to establish a local customer base before looking to transition these stores from company to franchise operations, according to the company.
2017 marks the 53rd year of franchising for 7-Eleven.
Because these stores typically have lower sales volume compared to the national average, they may qualify for additional, limited-time financial support, according to the company.
Based in Irving, 7-Eleven operates, franchises or licenses more than 63,000 stores in 18 countries, including 10,900 in North America.