Ryan is an attorney and valuation specialist residing in Chicago. He chronicles his thoughts and research on FranchisePundit.com. You may reach him by email ryanknoll@gmail.com or mobile telephone 312-212-3423.
USA Today, world reknowned for their franchise evaluation skills (note the sarcasm) as evidence by naming Quinoz #2 in 2006, has named 7-Eleven as their #1 franchise for 2008.
7-Eleven management is very systematic and generally organized. With so many world-wide stores, it has invested heavily in automation and technology. Marketing partnerships are big with 7-Eleven to get people in the stores, see the Simpsons movie promos and Citibank ATMs as examples.
7-Eleven does not allow absentee-ownership, and each location generally must be a minimum of 1,400 square feet and must be at least 1/2 mile from another 7-Eleven franchise. Franchise fees are at least $70,000 plus typical build out costs.
The article mentions a unique system that builds “equity” in their store, so if the franchisee wants to sell, the seller can ask for a premium “goodwill” payment representing built-up equity.
Single store ownership is a way to make a living, but not make a six-figure income.
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Online sites and magazines like the Top 50 and Entrepreneur.com are a good start to finding the right franchise for you. Finding a good franchise is a difficult, but if done right, rewarding process. I recommend reading some of the highly rated books here: http://www.bestfranchisebooks.com.