4 Considerations Before Investing in an Oil Change Franchise Under 100k

Published on: 14 January 2019 Last Updated on: 02 March 2020

With such a wide array of goods and services on the market nowadays, it’s no wonder that several types of franchises have emerged in various industries. The competitive market is already saturated with restaurants and coffee shops. If you want to invest in this type of business, think about going for an oil change franchise.

Here are some factors to consider before investing a substantial amount in an oil change franchise:

1. Study the Ownership Model:

Most oil change franchisors give their franchisees the freedom to develop their branches the way they want it to grow. However, it’s still best for you to determine whether the ownership model stipulated by the terms and conditions of the business will be useful for your goals and work style.

When buying a franchise, you’re required to support the brand’s rules and processes from accounting to hiring and marketing. Be familiar with the regulations implemented by the leading company and consult with online resources such as franchiseknowhow.com to learn more about how franchising works.

2. Know the Franchise Costs:

You won’t just be buying legal rights to use the brand name and logo for your oil change business. The franchisor may also expect you to purchase equipment from them. Fortunately, you can assess if you can pay off the business’ costs since the law has mandated corporations to present a Uniform Franchise Offering Circular (UFOC).

This document provides an outline of the fees that come with the franchise. It also includes your rights and restrictions. This way, you can gauge if the franchisor’s prices are reasonable and realistic.

Other costs you must consider include:

Initial Payments – This franchise fee serves as a down payment to secure your spot as a franchisee. The average initial franchise cost ranges from $20,000 to $35,000 for most franchises.
Royalties – Also known as ongoing franchise fees, franchisors require royalties to be paid monthly or annually. The amount depends on your agreement with the company. Typically, it can be a percentage of your gross revenue or a fixed amount such as $1000 per month.
Marketing Fees – Because you’ll be part of a bigger organization, you may need to finance a common advertising or marketing fund. This money will be used for promotional efforts usually at a national level.
Required Purchases of Goods – The franchisor may restrict you from buying oil from other suppliers. Check if their pricing is competitive and if you can actually get a profit if you push through with the franchise.
Real Estate – If you’ll be renting a place for your franchise, include the cost in your calculations because you may need to pay for deposits before you can start your business.
Legal Files – This includes the cost of insurance, licenses, permits, and other legal documents.

3. Determine How to Fund Your Franchise:

One of the significant advantages of an oil investment is that it has a high return on investment. However, before you think about your profits, you need to consider how to fund your franchise first. It’s vital that you know the best sources of financial support that will help your business grow.

These are a few financial options for you to start an oil change franchise:

Franchisor – The main company can help you through debt financing. Franchisors often offer financing for some parts of the business instead of you shouldering the entire cost.
Small Business Administration (SBA) – This agency can help you with your bank loan to jumpstart your business. Their loan programs guarantee longer repayment periods to bolster your franchise’s growth.
Banks – These lenders work with the SBA to provide financial aid to small businesses. You can also use a home-equity line of credit or a second mortgage on your house, but it’s not encouraged because you risk losing your property if you can’t repay your debt.
Family and Friends – The people you trust, and who believe in you, are valuable sources of funds. You can negotiate the repayment period and interest rates with them. Be sure to pay them back according to the terms you both agreed on.

4. Talk with Your Target Market:

The people in your city or town probably already have a place where they have their oil changed. Don’t be discouraged, though. You can talk to prospective customers about their experience with the oil change stations in your area. Take note of their complaints on a particular shop and use those to improve your service.

Conclusion:

Investing in a franchise can provide you with an established brand that will be easier to market than a startup. You will also get enough support from other franchises and gain insights from them on how to facilitate the growth of your business. Consider the factors above and assess whether an oil change franchise is best suited for your goals.

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Necessary Spaces to Include in Building Your Office

Building your office space can be a tricky project if you’re starting. Moving to a business district means that you’ll be near other companies. You need to develop your image while at the same time making sure that you’re on par with how your neighbours present themselves. Taking a close look at their office spaces can give you a good idea of how to layout a workspace. What they emphasise and develop are necessities when it comes to having an office. Reception area: Keeping a reception area is not just for face value. The first impression is lasting after all, and the same thing can be said when it comes to businesses. A reception area would enable you to have a consistent log of your workers, guests, and clients. The essentials for your reception area are soft chairs, preferably a long sofa, and a coffee table with magazines with subjects of interest to your industry or essential items such as calling cards ready for onlookers to take. Conference room: A conference room is a necessity, especially if you’ll be dealing with business partners. With technological advancements making interconnectivity more accessible, it’s no longer an uncommon event to have a meeting in a conference room with multiple business shareholders. Working in a collaborative setup means that it won’t just be enough for you to represent yourself as the face of the company, you would also need to give your staff the chance to pitch in and give their opinions on business operations. Along with a conference table and seats, having a projector screen or a TV display stand to hold a mobile television screen can be a simple and practical solution in creating a conference room. Work area: Your work area depends on your brand as a company. Sometimes the most optimal workspaces are quiet to allow your staff to concentrate on dealing with clients through the phone if necessary. Other work practices involve allowing your employees to listen to music that they are into to improve their performance. Whichever the case, the ambience that you want to establish in a workspace should provide them with a personal space to have as their own. Having an area to themselves can be quickly done through panels built as cubicles so that they can concentrate on individual tasks. An alternative is having shared desks between staff members so that it’s easier for them to ask questions and give opinions on their assignments. Lounge area: Though your workspace needs a business-vibe to be efficient, you also need to give them avenues to relax. A kitchen area for eating pre-made snacks or a shared fridge where they can keep their drinks is a great way to make them feel at home even when in the workplace. A lounge doesn’t need to be too fancy, a couple of sofas and a TV could work well. Giving your workers a chance to sit down and chat about work without working at their stations can help build individual motivation and company camaraderie. Read Also: Choosing Open Office Space Vs Cubicle Office Space Office Spaces – Which One Is Right For Your Business?

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13 Things To Consider When Choosing Fonts For Sales Posts

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One way is to go with serif or sans-serif fonts for your entire post, but another way is to mix the two, perhaps by using a serif font for larger titles and sans-serif for smaller ones. 6) Keep In Mind That Some Might Not Be Able To Read Certain Fonts This isn't something that I've personally experienced, but some folks have trouble reading fonts that contain a lot of curves and slants, such as cursive-type ones. Not a biggie if it's just your boss or professor you're sending the post to, but if it's going out to a large audience then it might be something to keep in mind! 7) Overusing Certain Fonts Can Be Annoying I do this too sometimes-- use a font or color that I like way more than I should, resulting in my having to re-do the post later on. It's not professional looking and it's hard for readers to focus on what you're saying when they're distracted by the pretty colors and fonts. Keep this in mind if you decide to use anything aside from the ones I've mentioned. 8) Use Them Sparingly You don't want to go overboard, even if you do it by mixing serifs and sans-serif fonts or using different fonts for titles/chapter headings etc. Like I said above, even though there are no 'wrong' fonts to use, you should still keep in mind what you want the post to convey. Be consistent, but also consider giving yourself some room for spontaneity/creativity! 9) Make Sure They're All Legible And Easy On The Eyes I know this is a repeat of 1, but it's worth reiterating-- not everybody wants to read everything in Impact. There are plenty of options out there, so test them out and see which ones work best. 10) Serif Fonts Could Also Be Helpful For Certain Audiences Kinda similar to the point I mentioned above, serif fonts are often considered easier to read for larger chunks of text (like novels). It may not hurt to use a serif font in your article if you're concerned that some people might have a hard time reading it! Whether it’s serif, sans serif, or script fonts you’re looking for, CreativeMarket has it for you. 11) Make Sure The Fonts And Colors You Choose Don't Clash This can be a really difficult thing to avoid and is often more of an art than a science. I usually try to look for styles that go together but aren't necessarily matching (think pastels vs. neons). Remember that text color can also influence how easy it is to read your fonts, so try to keep that in mind as well! 12) Leave Readers With A Good Impression This is probably what you're all thinking about regarding fonts, and it's totally true- the last thing you want to do is leave your reader feeling negative about your post or article because of something as 'small' as the text! It can be really difficult to achieve this sometimes but considering these points should help ease your mind. 13) Last But Not Least: Proofread! There's nothing that screams unprofessionalism more than a few typos or random letters scattered about your post. You may think this doesn't apply to you because it seems like such a small thing, but having your post read well is just as important as how it looks! Final Note The points above are just helpful guidelines. There's nothing wrong with using fonts that don't fall into any of the categories I mentioned here; it might even be what you're going for! The take-away point is simply to consider how your readers will perceive the text, and whether it should be kept, reworded, or scrapped. Read Also: 5 Ways to Prepare for Black Friday Sales Top User Tips For Getting Started With Salesforce

4 Considerations Before Investing in an Oil Change Franchise Under 100k

1. Study the Ownership Model:

2. Know the Franchise Costs:

3. Determine How to Fund Your Franchise:

4. Talk with Your Target Market:

Conclusion:

What are the best business opportunities for 2019?

The Dos and Don’ts of Product Label Designing

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Necessary Spaces to Include in Building Your Office

Heavy Duty Polythene Sheets For Construction: Applications & Benefits

13 Things To Consider When Choosing Fonts For Sales Posts

4 Considerations Before Investing in an Oil Change Franchise Under 100k

1. Study the Ownership Model:

2. Know the Franchise Costs:

3. Determine How to Fund Your Franchise:

4. Talk with Your Target Market:

Conclusion:

Share this Article

What are the best business opportunities for 2019?

The Dos and Don’ts of Product Label Designing

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related