With 7-Eleven’s W.E. Take the Lead contest, you could be a step closer to your dream. The company will give one female entrepreneur the prize of initial franchise fees up to $190,000.
Win a 7-Eleven franchise and enjoy free Slurpees for life? Sign me up!
But before you start dreaming about living the good life in the snack aisle, check out this article that covers the pros and cons of franchising.
The initial application for the 7-Eleven contest is due by May 7, 2018. It states you must have excellent credit and a passion for day-to-day 7-Eleven operations.
You also need to be at least 21 years old and a U.S. citizen or permanent resident, but you can’t enter if you live in Hawaii or either of the Dakotas.
(So much for my “Deadwood” 7-Eleven idea.)
The contest gets a lot more involved from there.
If your initial entry is selected, you’ll go through four progressively more difficult rounds of judging, which include (but are not limited to) the following:
- Submitting a financial history proving your creditworthiness
- Uploading a two-minute video about why you deserve to win
- Interviewing with 7-Eleven executives online and in person
- Traveling to 7-Eleven’s Store Support Center in Irving, Texas, for training
If you win, you’ll get the $190,000 prize toward your initial franchise fee, but you’re responsible for any amount over that.
The company notes that initial franchise fees range from $50,000 to $750,000, depending on location.
Upon winning, you’ll also have to cover the down payment of $29,000 plus the costs of inventory, supplies, licenses and permits. And don’t forget those local, state and federal taxes on your prize.
You’ll also be responsible for all royalties, ongoing franchise fees and operation costs when you open your location.
But you’ll own your own business! And it will be open 24 hours a day, 7 days a week (that’s required in the contract).
Tiffany Wendeln Connors is a staff writer at The Penny Hoarder. She prefers to enter contests that have snacks as the prizes.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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