7 Eleven Franchise – Franchise cost, Investment Required & Requirements

By Startup Authority June 11

How to get 7 Eleven Franchise in Singapore ?

In order to get a 7 Eleven franchise in Singapore you need to meet the following requirements :

Your Nationality should be Singaporean.
Your permanent resident should be in Singapore and above 25years old.
You have the ability to fulfil financial requirements and excellent credit.
You have good interpersonal skills.
You have the ability to recruit, manage and motivate own team members.
You must have a good grasp of e-technology and equipment.
You have leadership quality and ability to effectively embrace change in fast retail business environment.
Always be ready for every challenge that comes and work hard for whatever guidance you get.

For getting a 7-Eleven franchise for young entrepreneurs, they must have to qualify FMTP (Franchisepreneur Management Trainee Program).

To qualify under FMTP, the franchise must be a tertiary graduate with less than 6 years of experience. They will have to place a $20,000 security deposit (refundable upon exit) and undergo a 6-months training program.

7 Eleven Franchise cost

It costs at least $70,000 to start a 7-eleven Franchise in Singapore, comprising a Franchise fee and working capital.

Initial investment required for 7 eleven franchise

To set up the 7-eleven franchise you have to signing the franchise agreement after that you have to make a payment of initial working capital of $40,00 for the coast of the store’s initial inventory, supplies, business licences, permits and cash register fund.
Find the right location for the 7 eleven franchise and that place should also be good for the future.
Find the right city.
Hire a person who agrees to your terms and condition and who works 7-11 with you without any excuse.

Outlet location for 7-eleven

When you are starting to look at location for your Franchise, the thing you need to consider is what you are offering and who your customer base is. Setting up store in the right spot is a key to helping your business succeed.

Scope out your community

Looking around your area to see what spaces naturally see the most traffic and where your competitors are located is a good place to start. You should also be keeping track of how many types of franchises within your industry are located near the space you are considering.

Additionally, you should find out what your territorial restrictions will be and if anyone is able to open up the same brand of franchise near you. Some franchise have geographical space requirements, it means no one could open up the same business within a certain number of miles of your store.

Knowing this information in advance can help you better understand where you can and should open up a new franchise location.

We are wondering why site location is so important.

First thing is visibility.

When a location is hard to see or find, it is going to significantly limit how many people come to it. A poor location that’s hard to access can even discourage potentional costumers who were planning to come.

Enlist your franchisor

Every brand has their own specific requirements that relate back to what your space can look like and where you can be based. Plus, your franchisor has a say in where you put your business, and it’s their goal to help you be successful after all, your success equates to success for them so, they definitely want to help steer you in the right direction.

Talk to Franchisees

If you have the ability to chat with some other franchisees, then do it. Understanding how they chose their particular location and what’s been successful as well as what they wish they would consider during the set-up process can help you select a better location for your franchise. In this situation, knowledge really is power.

Requirements for 7-eleven Franchise

Sufficient money for the start-up

Before you setting up your franchise, you will need to have enough credit as well an overall net worth before even considering starting a franchise. And if you are independently wealthy, you may borrow money. Start with commercial banks since they fund many types of franchise.

A perfect plan for your start-up

First thing, do your personal research. Collect data as much as possible from the prospective franchisor, present it to a lender. You should have very careful while presenting your details, it must have contain your estimated investment expenses, besides project returns. One thing you make sure that your all plans are well written because this can make a difference in whether a lending company approve your loan.

Exceptional Management skills and experience

For your franchise to succeed, you will need to possess the right skills and management experience. Therefore, be sure you have the right set of skills that meet a franchisor’s requirements before trying to buy the franchise.

Regulatory or legal requirements

This requirement is satisfying any regulatory or legal requirements that the parent business mandates. While sometimes the requirements are simply obtaining permits and lease, in other situation, it could involve education requirements or specific licensing.

A good Accountant

You will also need a skilled, experience and highly qualified accountant for creating financial statements. Another reason for hiring an account is for giving you advice on your business’s financial structure.

7-Eleven Franchise Profit Margin

Well, a lot depends on what you are selling as some items have higher margin, but a very approximate estimate is 5% of store sales so a store doing $1,000,000 in sales would generate about $50,000 for the owner.

7-Eleven Return on Investment (ROI)

ROI is calculated by dividing the profit earned on an investment by the cost of hat investment. ROI is often useful for measuring success over time and taking the guess work out of making future business decision.

Is 7-Eleven Franchise profitable

To make it profitable we should have to perform better than others. And the important things are: -

Location

If your store located on roads that have lots of foot traffic, making it convenient for people who need something fast especially on the way to work.

Product

Your store could have that customer may have more of a preference. Having low budget product.