Starting a vitamin store franchise is easy but expensive.
Starting a vitamin store franchise is easy if you have some business experience and a good work ethic. The most common vitamin store franchises, such as a GNC store or Discount Sports Nutrition store, typically requires an initial investment of $25,000 to $40,000 for the franchise fee, with a total investment of anywhere from $100,000 to $300,000 to set up the store. Financing is available from the franchise itself or from third-party lenders. Starting a vitamin store franchises of this type requires a net worth of $50,000 or more.
Instructions
1. Determine which vitamin store franchise you will open. Analyze the different types of vitamin store franchises by their costs, their reputation and how likely is it that you will be profitable and successful running one of their stores. For example, you may choose to open a Discount Sports Nutrition store over a GNC store because the initial costs are lower and there’s not another vitamin franchise or store nearby. However, if there is already a Discount Sports Nutrition store around, you may be more successful and profitable opening a GNC store.
2. Contact the franchising company and ask for franchising information. The company will usually send you back an application form, and they will request information about your business background and personal net worth. They will want to know if you have the means, organizational skills and financial liquidity, to start and run a successful vitamin store franchise.
3. Evaluate your personal commitment. GNC store franchises do not allow absentee ownership; this is means they require you to be the main operator of the store. Discount Sports Nutrition, on the other hand, does allow for absentee ownership, and currently 33% of owners are also operators.
4. Follow their instructions and get support. The benefit of starting a franchise is that the parent company lays out every step you need to have the best chance of success. This includes help with picking out the best location for your store, help with financing and ordering inventory and classroom training to ensure a consistent standard from every store owner.
5. Open your store. The parent company will help you set-up a point-of-sale cash register system, help with hiring employees and even layout the merchandise in your store.
Tips Warnings
Be sure to analyze how long it will take to make your money back. Even though the parent company of the vitamin store franchise will help with most of the details regarding set-up, hiring and advertising, the downside may be a long payback period.
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