Georgia entrepreneurs who want to start a business may decide that purchasing a franchise is the best option for them. Once that decision is made, however, the search for the perfect opportunity could prove to be a challenge. If an individual is open to different prospects, a franchise opportunity could come along that provides some savings that can be invested in the business.
For instance, 7-11 is offering 200 franchise locations in areas where the revenues are typically below the average of other stores across the country. As an incentive, the company is waiving the franchise fee, which can be upwards of $80,000. Of course, prospective owners still need to meet 7-11’s qualifications and pay other initial costs, which can total somewhere in the neighborhood of $30,000.
Other businesses that offer franchise opportunities may offer similar cost breaks from time to time. It is important, however, to be sure that the deal is going to be in the best interests of a Georgia entrepreneur. A cost savings, no matter how significant, may not be enough if there is not a good fit between the company and the prospective franchisee.
A thorough review of all of the information from the company — about the company and about the particular store and location involved — is in order to be sure that an individual understands the challenges of a particular franchise. All of the fine print on any franchise agreement will also need to be scrutinized before the transaction is finalized. A large corporation such as 7-11 will survive if one store does not meet expectations, but the same may not be true of the owner of the franchise if the proposed location proves too challenging.
Source: entrepreneur.com, “7-Eleven Is Waiving the Franchise Fee on More Than 200 Locations“, Kate Taylor, Feb. 19, 2015