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.
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.
Since the beginning of the 21st century, the economy has undergone immense change thanks to the creation and widespread usage of the Internet. The Internet has been the most pioneering facet of our world in the 21st century, and it continues to expand the bounds both in our private lives and in the public sector. The web has totally revolutionized the economy, and has become ubiquitous throughout the workplace. All businesses utilize the Internet in one way or another, and there are many industries that are based around the web. One of the most pioneering fields that are based around the Internet is ecommerce, as this business has sellers vend goods to consumers online throughout the world. The ecommerce field has grown incredibly large in the past few years, and this has been due to many pioneering techniques the industry. One of these techniques is the utilization of the dropshipping business model. Dropshipping is a top way to sell goods on your ecommerce site, and understanding the method will allow you to invest in it for your ecommerce company.
Dropshipping Model
One of the top utilized business models in ecommerce in today’s era is dropshipping. Dropshipping is a concept in ecommerce where sellers do not have warehouse or hold onto any goods, as they have their wholesalers ship the products that their customers buy on their websites directly to them. Wholesalers shipping goods to the customers ensures that ecommerce business owners do not have to deal with shipping and handling costs, and frees up time so that they can continue to grow their companies. Dropshipping allows sellers to pass off the responsibility of inventory management to their wholesalers, and this creates for streamlined business practices. There are numerous ways to run a successful dropshipping enterprise, but one element that all dropshipping businesses have in common is their branding and garnering of customers.
Building up Your Business’ Brand
While dropshipping creates a simplified way to successfully sell ecommerce merchandise, it is certainly still an extremely difficult field to be successful in. The way that dropshipping entrepreneurs attain success is by building up their business’ brand and utilizing the best tools available to them. One of the top tools that aids with branding and all ecommerce practices for dropshipping is a dropshipping ecommerce platform. Top platforms like Shopify dropshipping, allow your site to look incredible, have great functionality, and provide you with other e-commerce benefits like trying out new products and suppliers, and the ability to launch your site for a low cost. Using a dropshipping ecommerce platform is essential to success, but you will also need to invest in a social media marketing campaign as well that utilizes Facebook, Instagram, Twitter, Snapchat, Pinterest, and other social media sites.
Final Thoughts
The e-commerce industry is incredibly dynamic, and learning about the top facets of the field will certainly improve your business. Using a top business model, like dropshipping, is an excellent way to earn a great career in the e-commerce industry and will enable you to earn an amazing living and have great success.
Read Also:
How To Get Product Ideas For Your Ecommerce Business
Strategies For Running A Pet Supply Ecommerce Store
Recognizing How Important Inventory Management Is To Your Ecommerce Store
As the second decade of the 21st century is coming to a close, more and more companies are working with managed IT support company. When it comes to IT, even the smallest startups require a serious approach. However, maintaining a large IT department isn’t just costly, it’s time-consuming and often impossible.
That’s why many companies turn to managed IT support. This delegation scheme is useful for businesses of all sizes and types. You can get a variety of IT services at any time for a reasonable price, which is much lower than you would be paid as salaries to a full-time IT department.
Let’s take a closer look at what managed IT support is and how it can benefit your business.
What is Managed IT Support?
Essentially, by hiring a managed IT Managed Companies of Singapore, you are delegating all your IT-related affairs to a team of experts. Here is a detailed description of what managed IT Support is all about.
Instead of maintaining a large IT department, which may not have sufficient experience and expertise to attend to all problems, you get access to a large number of experts in different IT fields.
Depending on the type of contract you sign with the company, you can get 24/7 monitoring and support. These companies offer a wide variety of services, from cabling to software development. Anything in-between, such as antivirus updates, disaster recovery plans, hardware repair, can also be included.
You can either pay a flat rate or choose a “per device” plan. Additionally, you can remove and add services to your contract throughout the collaboration.
Unlike traditional IT services that companies use for fixing different problems, managed IT support is proactive. These specialists work to prevent various issues and offer professional advice about necessary changes according to the latest developments.
Most companies, which are choosing managed IT support, know the risks associated with a lack of professional IT assistance. They want to save time and money while staying ahead of the competition.
By 2024, the global managed service market is expected to reach $296.38 billion. Hundreds of thousands of companies are already taking advantage of such services. Thousands yet are contemplating them.
Benefits of Collaborating with a Managed IT Support Company
Besides saving time and money, numerous benefits of working with a managed IT support company exists.
1. Staying on Top of the Latest Developments
When working with a team of IT specialists, you can expect them to monitor the latest IT-related developments in your business niche. Today, failing to catch any changes in technologies could put you far behind the competition.
According to experts at preciseit.tech, even if your company doesn’t seem to have anything to do with tech, you may be surprised at how much such developments could affect you.
Monitoring the latest innovations in the IT field could be time-consuming. Doing that is part of the job done by managed IT support companies. As soon as they discover something important related to your business, they can take proactive steps to help you move forward.
2. Controlled Spending
When it comes to IT-related problems, it’s hard to predict how much money you would have to spend on dealing with them. It may not seem that much when one problem occurs. However, with time, you could find yourself paying large amounts to traditional IT support companies or hiring professionals, whose expertise you only need once or twice a month.
When you sign a contract with a managed IT, support provider, you get a clear picture of how much your company will spend on these services in the coming month or year. With this information readily available, you can plan your budget.
This controlled spending issue is especially important for small businesses, which often work with a limited budget.
3. Keeping Up with Large Companies
While small businesses are working hard to grow and develop, they often don’t get as many benefits as larger companies do. When it comes to IT support, the needs of small and large businesses don’t differ much. Only the scale does.
Why can’t small companies take advantage of the same 5-star IT support as their larger counterparts do? The reason is money. While a sizeable enterprise can hire a formidable IT team with a specialist for each of the company’s needs, a small business can hardly maintain an IT department.
That’s where managed IT support comes in. By delegating responsibilities to the managed IT support company, a small business can take advantage of the same services as larger enterprises do without paying a fortune.
4. Improved Security
Security is a serious issue faced by many companies today, especially when they are dealing with sensitive client information. Some businesses choose to hire security specialists to maintain a safe environment for their network. Meanwhile, outsourcing security issues to a third party may seem questionable.
When you work with a managed IT support company, you can be sure your security is in reliable hands. This company learns everything about the way your business functions and what security needs it has.
This helps IT experts set up powerful protection, create a disaster recovery plan, and ensure your clients’ safety. With cybercrimes costing American companies over half a billion dollars annually, paying for security could be the best investment in your company’s integrity.
5. Vendor Collaboration
One of the toughest tasks companies face is finding software and hardware vendors. While it may be time-consuming to choose the right hardware and software, it’s even tougher to find the right manufacturer and provider.
Managed IT support companies to research for you, looking for the most reliable vendors. Besides evaluating your company and figuring out which programs or hardware it needs, they can find the best place to buy them.
6. 24/7 Monitoring and Quick Response
Many companies require round-the-clock monitoring of their systems. In case something goes wrong during the off-hours, it could spell disaster to the functioning of the business. When a problem occurs, it must be fixed immediately.
Managed IT support companies have experts working round-the-clock to ensure your business is functioning flawlessly. In case something happens, these experts are ready to react ASAP.
7) Streamline Your Productivity
After researching the facts, it has been seen that managed IT support companies are dedicated to ensuring business procedures. This means that productivity and efficiency are critical to the entire IT environment. While working with an MSP, there is more minor network downtime.
On the other hand, the client data is safeguarded highly, ensuring you can efficiently regain it. In this way, users can access the crucial database during a network outage or disaster.
Further, MSPs will provide you with an on-call support service 24/7 to address the issues. In this way, MSPs will ensure that your business and its employees solve problems quickly.
8) Access Cutting Edge Technology
Another benefit of a managed IT Support Company is technology innovation. This will guarantee you a good fortune while working with an IT organization. Above all, this will focus on being a leading technical expert in the marketplace.
Multiple technicians regularly surround themselves with remarkable cutting-edge information.
On the other hand, the client benefit is that you will have the latest and most valuable technologies you can incorporate. Also, the clients are not responsible for paying to train the employees. This will be based on other advanced systems internally.
9) Ensure Experts have managed Your IT
With a remarkably managed IT support company, you can easily manage the IT environment with multiple experts. After all, the recent demand for IT infrastructure, software applications, and digitized businesses requires highly skilled and specialized employees.
In this way, users can fully optimize solutions. MSP already possesses remarkable knowledge where it would be costly to train in-house staff. These experts of MSPs are then held to high accountability standards via the Service Level Agreements. The SLAs will ensure accountability where the excellent service is enforced and outlined.
10) Improve RoI and Decrease Risk
With a remarkable IT provider of MSPs, your company will have access to the collective experience of several IT professionals. In addition, multiple reliable resources with outstanding technical expertise and knowledge. These are available to call you on such significant solutions. In this case, you can use this based on the industry's best practices.
11) Getting Benefits from Customized Solutions for Your Business
Managed IT Support company providers can quickly analyze business objectives. Do you know what your business goals are? How should MSP technology serve your business? And so on.
In this case, you can efficiently manage the service provider, which should not be an ad-hoc. It means that the sole goal is to fix the printer or reboot the computer.
The relationship should be about using IT strategically to reach the business goals. This would ensure further productivity, which would give you amplified and guaranteed.
12) Scale Your Operations
Being a technology expert, IT organizations will help you to understand what customers need and how they will develop the IT services. Understanding small and medium businesses requires a cloud computing solution, especially for their specific business operations.
Final Thoughts
Working with a large team of IT experts at a reasonable price has numerous benefits. More and more companies are getting rid of IT departments in favor of managed IT support services. Delegation is the future. Are you on the bandwagon? Managed IT Support company is critical to look at the technology landscape.
This happens especially with increasing cybersecurity attacks, companies continually going digital, and many others. Ensure your technology is also required to achieve the business goals. Above all, this is at the forefront of your technological relationship.
Thank you for visiting the website!
You May Also Like:
How To Sell A Small Business Without A Broker?
5 Intelligent Sources To Boost Business Strategies All Over The World
What is Business Intelligence And How Modern It Gadgets May Improve Them Effectively
You might have commonly heard an age-old proverb- ‘the customer is always right’. Even though this statement us very old, it still resonates today in our modern economies. This is because satisfying a customer and customer success is at the heart of any business.
Customer Success is not a narrow term. Rather, it stands for all interaction and engagement that a consumer has with your brand and product/service at all levels. This means right from Marketing to Sales and After-Sales. All the experiences together are cumulatively focussed on attaining customer success.
In this article, we will look at why ensuring customer progress is so important for any business. We will also look at how technology and software have enabled businesses to accurately fulfill customer success parameters for their brands and products.
Customer Success: Meaning and Definition
In recent years, business software that helps brands fulfill customer success is helping businesses contribute directly to profits and revenues. While there is no one standard definition of customer success, we have tried to create one for you-
“Customer Success is the process of creating positive and meaningful relationships with your consumers that encourage them to fully explore your brand, product, and services. It is also a process, which has at its heart, a desire to improve the longevity of commercial transactions and understand the evolution of a customer’s wants and requirements.”
Every brand, which utilizes a customer success strategy, wants the customer to feel like they are successful post purchasing a brand’s product. Think of all the automobile advertisements, which you have seen on YouTube. All of them have a highly successful executive who is well-groomed and dressed come out of his office and drive the car.
When it comes to customer success, it is important to remember that in addition to the usefulness of the product, it is also the experience, which matters. This is where the entire journey of the customer becomes important. It is also equally important to remember the period of engagement.
Is Customer Success Essential to growing your Business?
It is important to note that we live in a world where customers have access to information. From the web to social media pages, everyone is doing research all the time. An informed potential customer is more likely to evaluate his options and choices.
In such a situation, a customer success strategy should cover all the bases. This includes having an attractive and updated website, engaging content on social media and positive reviews on aggregator sites, Quora, Reddit, and other review sites. Please bear in mind that this is just the pre-sales research part.
All these characteristics are part of something which is known as the ‘Customer On-Boarding Process’ and the ‘Buyer’s Journey’. Once a potential customer is attracted to the next team/department and feature takes over. A robust and strategically executed customer success plan interacts with the customer on at least ten different levels.
In today’s times, customers are spoiled for choices. According to experts, customer success is probably the best-kept secret to increase overall productivity, generating revenues and scaling up the business.
Conclusion
Even though there are significant benefits to customer success, it is important to note that the field is vast and diverse. This is why most serious brands and businesses are turning to customer service software to help them automate the process. The software ensures the right data collection, maintains a track of actions taken and follow-ups made.
In the following years, customer service is going to be a number one priority for all businesses, irrespective of size or output. Do you think that customer success is essential for the success of every business? Drop your answers, in the comments section below.
Read Also:
Tips on How to Create Repeat Customers
Key Marketing Tips To Gain More Customers For Your Health Care Practice
4 Simple And Cheap Methods To Attract More Customers For Your Small Business
