Starting Your Own GNC Franchising Business
General Nutrition Centers (GNC) Franchising Inc. has been one of the world’s leading vitamins and nutrition provider for the past decades. Started in 1935, the company now offers full line of mineral supplements, diet foods and drinks, and cosmetics.
The company now has a wide range of business opportunity for businessmen who are interested in building a career in sports and nutrition category.
How much Money Needed to Start a GNC Franchising Business
Interested franchisees will have to pay a franchising fee of $30,000 to $40,000. However, the total cost of investment in one franchise will need some $165,000 to $210,000 cash capital. This will be used in to put up stores and branches on the site of your reference.
Formalities Needed for Franchising a GNC Business
According to the company’s website, you have to undergo the necessary requirements before you can avail yourself a GNC franchise. This includes credit approval from your bank, financial statement showing that you have the capital to start the business, and a background check on health. Your own health records will show if you are qualified to sell their products, meaning, you cannot be an advocate of health when you do not abide healthy options. You’ll also need to have a net worth of $100,000 and a cash liquidity requirement of $85,000 to run the business in its first few months.
License Contracts with GNC Inc
Getting a franchise deal with the company, you’ll have to commit yourself for 10 years, this is renewable if you wish to continue running a franchise. The company will also require you to pay an ongoing royalty fee of six percent of your total annual gross. The company does not allow absentee ownership of franchise.
Opportunity in the GNC franchise is simply endless, especially now that people are looking to a more healthy options and lifestyle. In the United States alone, the GNC franchise has ballooned to some 978 stores from a five shops in the 1980s. The company is also looking to further expand business and seeking for interested franchisees worldwide. However, territorial exclusivities are being implemented by its regional offices, meaning that transactions will have to pass though them.
However, once you get in the business, your target profit will be easily accomplished since the company will take care of your advertising needs. Newsletters and print ads will be distributed in your area to orient people that a franchise has been constructed nearby. This is also to ensure the grand opening of your store. Other advertising promotions will be in the form of internet ads, and toll free hot lines to help your clients browse through the product lines that you offer.
Your staffs’ training will also be handled by the regional office or headquarters for one week. Another week will also be allotted to actual store training. Management and administrative training will be given to first time franchisees in order for them to know how to run the business. A prolific operator can handle 4-5 franchises under his name. Company records showed the around 65 percent of the owners handles more than one store.
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