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DALLAS — With less than a month remaining to apply for 7-Eleven Inc.'s Zero Franchise Fee Initiative, 67 convenience stores have already been franchised or are in the approval process.
Between now and June 30, the company will waive the franchise fee on select U.S. 7-Eleven stores available for franchise, a savings of up to $80,000. The franchising process can take anywhere from five to seven months.
Approximately 250 stores across the country are eligible for the initiative in areas such as greater Charlotte, N.C.; Dallas/Fort Worth; Manhattan; Baltimore; Richmond, Va.; Portland, Ore.; Orlando; and Jacksonville, Fla. These stores typically have lower sales volume compared to the national average, according to 7-Eleven, and may qualify for additional limited-time financial support.
"We have had great response from aspiring entrepreneurs who saw a chance to go into business for themselves without the upfront expense of the one-time franchise fee," stated Greg Franks, vice president of franchising systems for 7-Eleven. "The Zero Franchise Fee Initiative offers the new owner a chance to build a strong customer base and business, while backed by our proprietary systems, processes and ongoing support."
Since the Zero Franchise Fee program launched in mid-February, the company has added 80 more eligible stores, according to Franks. "We reviewed our store inventory and, based on candidate interest and initial demand, identified additional stores that we thought would be a good fit for the program," he said.
The Dallas-based chain has added more than 1,300 units in the United States over the last four years and is looking to transition these stores from company to franchise operations now that a customer base has been established.
Prospective, qualified franchisees, as well as existing 7-Eleven franchisees who want to grow their retail business by adding stores, are invited to apply for the program. Prospective franchisees for Zero Franchise Fee stores will undergo the standard 7-Eleven franchise approval process.
Basic 7-Eleven franchisee qualifications include being 21 years old or older and a permanent resident, as well as 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 downpayment on inventory, totaling approximately $30,000, the company said.
"This limited-time offering presents a great opportunity for individuals to franchise their own business with a major franchise brand, but the clock is ticking," Franks said.