How to Buy a Verizon Franchise Store
Verizon Wireless has emerged as a leading supplier of smartphones and internet services. The company is a subsidiary of Verizon Communications, a global organization with over 150 locations and $131 billion in annual revenue. In 2018, the median gross profit for a typical Verizon store franchise was $382,572. If you're ready to start a business, consider teaming with Verizon to turn your passion for technology into a successful venture.
The Wireless Zone, Verizon's franchise program, appeals to business-savvy entrepreneurs who strive to exceed customers’ expectations. Franchisees are not required to have experience in the wireless and telecom industry, but they do need to possess specific skills. Having a good understanding of business retail environments is essential.
The company has been offering franchising opportunities for over 30 years. Today, it's the largest 4G LTE network in the United States. The Wireless Zone University, its training program, aims to teach franchisees everything they need to know about starting and running a Verizon store. Franchisees also receive ongoing support and attend regularly scheduled meetings where they can exchange ideas, share business strategies, ask questions and more.
Another advantage of opening a Verizon store franchise is that you will have dedicated field-support staff. A team of professionals will visit your store at regular intervals and help you with any issues you may have. Furthermore, Verizon’s marketing team provides support for each store. Franchisees receive printed and online promotional materials and can enroll in a proprietary media distribution system for maximum local impact.
The median gross revenue for a typical Verizon store was $1,387,745 in 2018, and the average gross profit is approximately $382,574. These numbers vary from one location to another and depend largely on how much work you put into your business. Even if you're just getting started, you will learn the ropes of the trade at the Wireless Zone University.
The company's support system is designed to help franchisees maximize their profits. Whether you're having trouble with your staff or struggling with accounting issues, you may contact a representative and submit your inquiry. Additionally, you will have access to high-impact, branded advertising materials to help you expand your reach and increase customer engagement.
Verizon has strict eligibility requirements for franchisees, which contributes to its global success. Candidates with business experience are highly preferred. The ideal franchisee should possess a specific combination of skills, attitude and determination. He should have in-depth knowledge of the retail environment, strong customer service skills and the ability to adapt to change.
The company is seeking franchisees who are willing to promote themselves and make a difference in their communities. They also need to stay on top of the latest industry trends and adapt to the ever-evolving market and technology. Candidates also need to be eligible for financing or have the funds needed to start a franchise.
According to Franchise Times, the cost of opening a Verizon store is anywhere between $160,000 and $395,000. Franchisees who earn $5,000 or less per month pay a 22% royalty fee. The higher your earnings, the lower the fee. For example, if your monthly gross profit exceeds $100,000, you will only pay 9% in royalty fees. The initial franchising fee is $32,000, and franchisees are also required to pay a fee for brand licensing, which increases each year and ranges between $400 and $2,150 per month.
Once you've decided to invest in a Wireless Zone franchise, contact the company via its website. Next, you will receive a welcome call to discuss this business opportunity. After this step is completed, candidates must fill out a prequalification form online and sign a franchise disclosure agreement.
The next step in the application process is a follow-up call with a representative. You will also be invited to tour the company's building, visit an operational store and meet the key employees.
If you decide to continue, discuss your store’s location with a representative, submit your application for approval and sign the franchise agreement. Before launching your store, you'll work with a coordinator and attend training sessions to set you up for success.