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.

Read Also:

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.

View all posts

Ideas For An Excellent Product Packaging

An average supermarket in the United States has about 40,000 different items for consumers to choose from. How does one consumer choose a product from the number of choices? Every industry relies on manufacturers, consumers, and distributors, but how do they grab the attention of potential buyers? Product Packaging. An industry in itself, proper packaging has the power to attract consumers. If you want to build a strong brand, consider optimizing your product packaging with a unique design and sustainable solutions. What makes an excellent Product packaging design? 1. Simplicity and clarity: When you walk into a supermarket, just go through products and take a glance at them. Do you identify the product or the brand by simply looking at it? The best example of quality packaging will be a clear and simple but highly distinctive packaging design. You will be amazed to learn that most consumers will decide to buy a product or not within a few seconds only. There will be numerous product listings with no specific brand name and you will also look at products that look great from the outside but they are unable to explain what is inside the box. Most importantly, packaging design should not confuse consumers. It should always deliver on clarity. There are some categories that allow a little bit of mystery but if the consumer fails to identify the product in terms of usage, content, or brand identity, it needs to be revamped. Be clear about what you are selling. Do not complicate it in any manner. 2. Be honest: A lot of brands try to depict the product in the most perfect way one can imagine. The packaging shows something about the product which is not real at all. When you try to depict a product ten times better than it actually is, you end up misleading the consumer and eventually disappointing him. This only leads to poor sales performance and builds a very bad brand image. Honesty plays a crucial role here. A lot of consumers like simplicity, they want to know what is the product is about and how it will serve them. You can do face lifting to a small extent but not where the product is something totally different. You need to show the product in the finest manner possible and ensure you show all honesty in it. Remember that the consumers need to be treated in an appropriate manner at all times. 3. Be authentic: Character and originality need to be at the core of great brands and excellent packaging designs. There are numerous products in the market and every product is competing for the attention of the consumer. If you want to set yourself apart, you will have to be very authentic. Product packaging is a matter of creativity and it is not possible to create a fake impression based on the design only to sell the product. People have a number of brands to choose from, they have different appeals and looks to try. You need to remain authentic in your product design in order to ensure that your product design is memorable. Do not get on with a genetic-looking design. Look for strong visual standards and an uncommon style to appeal to the consumers. If you notice that most brands have a contemporary product design, opt for something retro. Be creative and always look for different options for your product. With more customers looking for eco-friendly options, Brad Zaikov from Jansy (https://www.jansypkg.com/) says that businesses that use biodegradable packaging will attract more customers. 4. Consider shelf impact: If you look at a product from the view of a consumer, you will notice that no product is ever seen alone. It is also not seen in exceptional detail. All the products are organized in columns and rows and there are numerous patterns and designs you see. Until a particular design or pattern catches your eye, you are not going to take a better look of the product. The appeal of a product when it is placed on a shelf is known as shelf impact and it will make a huge difference to the sales of a product. You need to check shelf impact and explore the designs. Do this by copying the placement of the design on a shelf and then surrounding it with different products. It will sell better if it looks good. 5. Keep space for extensibility: The idea of product packaging should leave space for the introduction of a new product or a new brand. There should be a possibility to make easy variations to the product without it losing its appeal. The initial design concept should not heavily rely on one product or one color. You might expand in the future or introduce a new product and you need to leave space in product designing for the same. Create a visual design that will allow for easy alterations in the visual of the packaging or will allow for easy addition or removal of information. 6. Practicality: Last but not least, practice is important when designing the packaging of a product. It not only deals with the label but deals with the shape, functionality, and size of the product you are selling. To get higher sales, the product needs to be more practical. A lot of business owners tend to overlook the aspect of practicality in packaging design because they think consumers are simply going to pick the product off the shelf without any thought. Unfortunately, this does not happen and consumers are looking for innovation. Practicality merged with innovation can solve a number of packaging design challenges. Product packaging is as important as product manufacturing. If you have an excellent and highly functional product to sell but if you do not spend enough time and effort on its packaging, you might never be able to reach out to the consumers. Packaging is your last opportunity to convince the consumer to purchase the product. Read Also: How To Pack Clothing Properly For Shipping Simple Packaging: Your Guide To Branded Design Make Sure Your Product Hits The Market As Soon As Possible 6 Shameless Examples Of Product Placement In Movies We’d Like To Forget

Transform Your Office: Why A Clean Workplace Is A Game Changer

Maintaining a clean office is a low priority in today's environment. However, the impact of a clean and organized workspace extends far beyond just aesthetics. Let's delve into why a clean workplace is not just a nicety but a necessity and how it can transform the very ethos of your office. Moreover, you can find professional service providers at Real World Commercial Cleaning. These services help you find strong support in maintaining cleanliness in a commercial space. However, the major duty of maintaining a clean space still depends on you. You must ensure your workspace is clean and hygienic. The Power Of Cleanliness In The Workplace To unveil the importance of cleanliness in the workspace, you must understand its benefits. There is a reason why people spend on maintaining cleanliness in a workspace. So let us discuss these reasons here. Given below are some of the fruitful outcomes of maintaining a clean workspace— Increased Productivity A cluttered, disorganized workspace often hampers productivity in the workplace. Employees must spend precious time navigating through the chaos, searching for important documents or necessary supplies. On the contrary, a clean and well-organized office provides a seamless workflow. It allows employees quick and easy access to all the essential resources, ultimately significantly increasing overall productivity. Enhanced Professional Image As we know, the first impression is the one that lasts. However, what can make that good first impression when a client or job seeker visits your office? It is always the look of the place! A clean and tidy office space can significantly affect how your business is perceived. A clean workspace projects an air of professionalism and attention to detail. It is where you can take pride in your work. Improved Employee Health And Wellbeing Maintaining a clean and hygienic office environment is paramount for every employee and individual present. An unclean workspace becomes a breeding ground for germs and bacteria. This, in return, spreads diseases among employees and visitors. Furthermore, it leads to a higher rate of sickness and absenteeism, ultimately affecting the productivity and profitability of the organization. Boosted Morale And Job Satisfaction Maintaining a clean and organized workspace is crucial for employees as it fosters a sense of pride in the workplace. This pride can then translate into higher levels of job satisfaction, improved morale, and better employee retention rates. A tidy and well-maintained workspace can create a conducive environment by promoting productivity and creativity. Thus, it helps improve business performance. Therefore, companies need to prioritize the cleanliness and maintenance of the workspace. It ensures your employees feel valued and motivated to contribute to the organization's success. Encouraging Respectful Behavior Having a clean and well-organized office enhances the workspace's aesthetic appeal. It also plays a crucial role in setting a standard of excellence and professionalism. Employees working in a clean and tidy environment increase their motivation and productivity levels. Additionally, a clean office fosters a sense of respect for the workplace and encourages employees to take ownership of their personal spaces. Saving Cost Maintaining a clean workspace is crucial for keeping up appearances and reducing maintenance and repair costs. By implementing a clean-as-you-go policy, you can prevent safety incidents and avoid unexpected downtime. Moreover, a tidy workspace can boost productivity and improve employee morale. Therefore, you must make cleanliness and organization a top priority in any work environment. Implementing A Clean Workplace Strategy You must lay the ground rules as a business owner to maintain a clean and productive workspace. Here are some workspace cleaning strategies that you must follow: Regular Cleaning Schedule: Establish a routine cleaning schedule. This can involve professional cleaning services and encouraging employees to maintain their personal spaces. Clutter-Free Policy: Implement policies that discourage clutter. Encourage digital filing systems to reduce paper clutter. Health and Hygiene Facilities: Provide adequate facilities for employees to maintain personal hygiene, like hand sanitizers and clean restrooms. Employee Involvement: Involve employees in maintaining cleanliness. This can be through regular clean-up drives or assigning responsibilities for communal areas. Maintain A Clean Office Maintaining a clean and well-organized workplace is crucial for increased productivity and efficiency. A tidy workspace reduces clutter, enabling you to keep your documents and files in order, making them easier to locate. Additionally, a clean environment makes identifying any potential repairs needed for your equipment and machinery easier, allowing you to stay on top of maintenance tasks without any undue stress or hassle. Keeping your workplace clean and well-maintained is not Read Also: 7 Ways To Improve Your Company Culture 7 Tips To Get Started On Your First Virtual Meeting A How-To Guide For Every Entrepreneur – How To Use Unified Communications

Tips for Your Next Business Conference

For many businesses, 2020 has been the Year of the Video Conference. Companies around the world kept the show on the road by relying on the impressive and innovative software available on the market, without which business would have stalled or stopped. For employees, the experience has involved a steep learning curve, as they attempted to adapt to a whole new way of working. Gone was face-to-face interaction, in its place came the video conference. If new to the world of virtual conferences, it can be useful to remember a few essential tips to ensure your next business conference goes smoothly. Here are Tips for Your Next Business Conference: 1. Plan Ahead Don’t wait until just before the call to try out the software. Before the meeting begins, you will want to check that your speakers, webcam, and microphone are all working correctly. Nothing looks less professional than scrambling to fix a tech issue. You may also want to test the connection in your area. The more people on a call, the higher the demands on your computer and connection. It can also be helpful to set an agenda for the meeting or to sketch out a plan. By giving each attendee talking points to follow, you can keep the meeting on track and on-point, ensuring a productive conversation. 2. Explore the Tools One of the main benefits of video conferencing is the incredible array of tools at your disposal. Many video conferencing services allow you to share your screen, use a digital whiteboard to sketch out concepts, or to schedule meetings through Google Calendar or Outlook. If you’re using Zoom, you can also hide a cluttered or bland backdrop, with their virtual background feature. You can pick from the standard options or download one of the beautiful videos or high-quality images from hello backgrounds (hellobackgrounds.com/zoom-backgrounds). They have hundreds of options to play around with, including private offices, home interiors, skylines, and even a few images of tropical paradises – for those into wishful thinking. 3. Options for Hosts When hosting on a video call, you have a lot more options than in person. At a regular meeting, you can’t just mute someone, but then again, nor can people multitask without anyone noticing. Consider your options. By preventing people from being muted, you will ensure they cannot multi-task or get distracted from the call. However, this can lead to issues with background noise, as children or pets cause disruptions. Additionally, you’ll also be able to record the meeting for those who could not attend, or for future reference. It can provide a fantastic resource for training new employees, as well as ensuring complete organizational transparency. Plus, it’s convenient for anyone to take the minutes. Finally, consider the number of people you want at a meeting. Some may say, the more, the merrier. However, large conferences are prone to distraction and can hamper the connection. Keeping meetings more streamlined might seem exclusionary. But it can help promote better organization and collaboration as people feel their meetings are more impactful and useful. Read Also: 7 Ways To Communicate With Customers In A Better Way! What Are the Ways to Prepare a New Employee? 4 Reasons Your Home Business Needs A Virtual Receptionist

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.

Leave a Reply

Popular

Technologies For Creating A Startup Idea

How to Download Facebook Videos on Android?

7 Rules of Effective Ecommerce Web Design

The 10 WordPress Plugins Every Sucessful Blogger Uses

Follow Us

Recent

The Craft Of Wine Bottle Design: All That You Need To Know

Caribbean CBI and Does India Allow Dual Citizenship?

Self-Driving Cars And Pedestrian Safety: Who’s Responsible When Tech Fails?

Ryan McCorvie on Helping Kids Develop a Global Perspective

Related

Ideas For An Excellent Product Packaging

Transform Your Office: Why A Clean Workplace Is A Game Changer

Tips for Your Next Business Conference

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