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Convenience giant 7-Eleven has made a big push to grow its franchise network nationwide, a move that resonates with Frank Faisal.
A native of Pakistan, Faisal was a doctor in his home country. He moved to New York City in his 20s, where he gave up medicine to run a deli and fast-food restaurant.
Faisal liked running a business so much that when he was 32, in 2010, he and his wife relocated to Bradenton to buy a 7-Eleven. Faisal says he had enough money in savings to pay the franchise fee and cover the family for six months if it didn't work out. “We took a calculated risk,” Faisal tells Coffee Talk.
Things worked out for Faisal, and, coming up on the fifth anniversary of his first store, he now owns four 7-Elevens, all in the Bradenton area. The latest one, which he bought in January, is down the street from the entrance to IMG Academy, the massive sports-training facility. He says all the stores, formerly corporate-owned locations, are profitable, and sales are up 10% to 20% a store. Faisal declines to elaborate on sales figures. He has 32 employees for all four stores.
The moves corporate 7-Eleven made to recruit more franchisees include waiving franchise fees for stores with low sales volume. Stores available with a waived franchise fee, through June 30, include Bradenton, Palmetto and Sarasota locations.
Faisal might buy another store, possibly in Sarasota or St. Petersburg. “I don't want to bite off more than I could chew,” says Faisal, “but I think I can chew a little bit more.”
Faisal's biggest challenge: Like many business owners, it's finding the right employees. Faisal says he tries to pay more than competitors and treat employees well. But even that, he's learned, has limits.
“It's always hard to find good people, and it's even harder to keep them around,” says Faisal. “You would be surprised, but customers try to take employees. When they see someone is efficient and hardworking, they want to hire them away.”
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