How to Buy a GNC Franchise
General Nutrition Center (GNC) franchises sell vitamin and mineral supplements, herbal remedies and sports nutrition products. They also offer spa and bath products, aromatherapy products, some workout equipment and certain cosmetics. Franchisees can receive protected territories from the parent company.
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Instructions
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Investigate all of the requirements to buy a GNC franchise. Franchise information can be found on their website at gnc.com. Franchise terms are for ten years and then must be renewed. GNC requires franchise owners to have a net worth of at least $100,000. $65,000 must be in liquid assets. The startup fees do not include rent, or any expenses involved in operating your GNC franchise. GNC also charges an ongoing 6% royalty. If you are thinking of taking over an existing GNC franchise, the startup costs will be more.
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Send all of the necessary paperwork to the GNC corporate headquarters including the get acquainted form, franchise application and any financial paperwork that are required. Forms can be downloaded at gncfinancing.com. The corporation will contact you in regards to your application. Note the details.
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Consult with a representative of the GNC parent corporation to learn about everything involved in owning a GNC franchise, including finding an approved location. Bring a list of questions to this meeting and make notes. Owners must operate their GNC franchise; absentee ownership is not permitted. You probably will need 3 or 4 employees.
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Locate a third-party lender to fund the initial startup costs, which will be approximately $133,000. to $183.000. In certain cases, GNC will provide direct financing, depending upon the location and the franchise applicant.
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Write your business plan and contact a lawyer that specializes in business franchises.
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Prepare for intensive training. GNC offers new franchisees one week of training at the company headquarters, one week at a corporate store and one week at your location after it opens. In addition, there are ongoing training and support in marketing and procedures.
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