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

14 January 2019

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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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Pros and Cons of Oil and Gas Investment

Gas and oil are commodities that will always be in demand globally. No matter where you are in the world, people seem to be needing oil and gas more and more, be it for transportation, to run businesses and factories, and machines, and to do daily tasks such as cooking. Because of its increasing demand, it’s a highly favored investment choice by business owners and investors around the world. However, as with all other industries, the petroleum industry does have its pros and cons. Here are some of them: The Pros: 1. There Are Tax Benefits And Advantages: Naturally, economists and the respective governments encourage investors to put their money in the energy and petroleum industry. The more businesses in the energy sector, the higher the demand for this commodity, as the price per barrel of oil also tends to stabilize more. Remember this is important as almost all aspects of man's daily life are highly dependent on the energy and petroleum industry. To encourage investors to stay attracted to gas and oil businesses, governments provide for annual tax benefits and deductions. Some of these include the following: When you invest in a limited liability partnership/gas company, such as the CEFM Oil & Gas Investment Fund, 15% of your share can become a part of your tax-sheltered income, which means that this 15% of your total stock will not be subject to taxes. In the event of stock depletion, governments can allow for certain allowances to keep your company's cash flow reports stable. 2. The Gas and Oil Industry Is a Lucrative Trade: Gas and oil are both commodities. You cannot go through your daily life without either of these two. Even the simplest and most rural forms of living require gas, such as lighting up gas lamps at night. At present, the petroleum industry makes up 10% of the total gross domestic product of the world, representing an amount of around $10 trillion. This figure does not end here, as it is bound to grow even more as the global population increases in number. 3. The Rate of Return on Investment Is High: Economists around the world found that the return on investment from oil and gas companies is usually around 5 to 10 times more than the capital that you put in. It is tough to find any other investment opportunity that allows for the same favorable returns. When exploration of an oil reserve starts, profit can begin to accumulate after the first two months; this speed is unrivaled by any other business sector. The Cons: 1. There Is a Limit to Growth: Oil and gas reserves are not taken from a renewable source. Eventually, the time will come when these resources will be fully depleted. As the demand for oil continually increases by the day, so does the rate of these reserves eventually being maximized and fully depleted. You can only do so much. Further, this industry needs to fulfill a lot of environmental responsibilities, such as the rehabilitation of the reserve that was drilled up for oil explorations. Doing this entails costs for the company. 2. There Is a Huge Political Risk Involved Because oil is a commodity, it is but natural that political governments intervene. As much as they would want to protect a private company's interests to make sure investors in the market will stay, they are also protecting their political interests. Therefore, any change in trade factors concerning political state agreements, tax reform laws, treaties, and the like will significantly affect the price and stability of the oil. This would mean that you cannot ever shy away from any involvement of politics in your business if you decide to invest in the petroleum industry. 3. The Market Price of Oil Is Always Fluctuating: As more and more individuals demand gas and oil, its market price will continue to fluctuate as well. Increased demand for goods will increase the supply; hence, the competition is high, so the costs have to decrease. This economic fact is good for the consumers but bad for you as the business owner. Profit is always what you have in mind, and in the oil industry, there is a ceiling as to how much you can increase the price of gas and oil. Conclusion: As lucrative as the oil and gas trade may be, do remember this list of its pros and cons. The disadvantages are not to discourage you from investing in this business sector, but it will help you make a better and wiser decision on where to plant your hard-earned money. Anchoring your investment in an informed decision will help you earn better growth on your commodity investment plan. Read Also: Investing In Property Is Investing In Your Future Safeguard Your Loved Ones Against The Dangers Of Radon Gas

The Importance of Writing Business Reports in College

A business report is an important document because it reveals specific information about the organization. Entrepreneurs write these reports with the aim of attracting investors to their organization. Business reports also keep employees aware of the goals of the organization as they strive to achieve them. As a student, you need to have a clear understanding of the operations of the real business environment. It beats logic to finish college yet you cannot write a business report. Remember you are preparing to work in the actual business environment. Therefore, you need to gain practical skills in addition to the theory that you learn in class. One of the critical practical sessions in college is to write business reports. Currently, most organizations are under pressure to enhance their reporting processes. As a student, you will be expected to undertake this responsibility once you get to the field. The information you provide has to be reliable and sufficient. Remember everyone will be looking for you to meet these requirements with a high level of precision. The best way out is to present your facts in the form of a business report. Most modern organizations rely on the finance department to assist in the decision-making process and offer critical support to the business. There is an increase in the demand for fast and transparent reporting and most finance practitioners aim towards minimizing the time they use in compiling data to provide high-quality information at a fast pace. However, they cannot meet this objective unless they have a deep understanding of the concept of business report writing. You need to gain these skills at the college level and then sharpen them once you go to the field. Here are some of the benefits of writing business reports in college. Business Reports Provide Students with Deeper Insights : Business reports have an integral role to play when it comes to the active management of organizations. The management team uses them to track progress and attain organizational goals. Business reports can also help managers in controlling business expenditure and increasing revenue. Analysis of business reports will help both students and managers gain useful insights into the prevailing business trends. This knowledge ultimately helps business practitioners to put in place effective strategies that enhance the overall performance of the organization. Managers normally review the business reports and check for any abnormalities. Students need to have these insights from the onset for them to become better managers in the future. There is a definite format for writing business reports. Students should learn this before they get into the field. You have to understand the various sections of a business report and the information to include in each paragraph. As students write a business report, they get to understand the importance of this document to the management. No one will have the time to teach you all this information while at work. It's important to write business reports in college so that you don’t struggle later in life. Reporting That is Aligned with the Key Performance Indicators (KPI’s) of the Organization : It is meaningless to provide a report that is not aligned with the overall strategy of the entity. You cannot achieve this objective unless you practically engage in writing business reports in college. You should bore the KPIs in the mind during the reporting activity. The advantage of providing accurate business reports is that they offer decision support and assist incorporate strategies of the entity. These are some of the things that you need to learn in both practice and theory. Business reports that are aligned to the KPI’s of the organization help in the attainment of the organizational goals. There is no better way of learning these skills unless you do it practically. No wonder you will find most professors insisting that college students must write a business Help in Highlighting the Current Position of the Enterprise: Some business reports are crafted with the aim of highlighting a particular problem that the company has been going through. The reports should contain effective solutions that help in bringing the problem to an end. For instance, suppose an organization is planning to downsize, this decision will ultimately affect the employees. In this case, the business report has to state the position of the business and the reasons behind the downsizing. The report should suggest the strategies that the management team can adopt so that the downsizing does not have adverse effects on the employees. The best time to gain such skills is at the college level. Business Reports Help in the Adoption of the Right Marketing Strategy: Companies find business reports to be used when setting up their marketing strategies. If a company is targeting a particular section of consumers with the aim of entering a new market, it can give its report to an advertisement agency. The best time to learn to write such a business report is at college. The report will help the marketing agency to develop a successful and effective marketing strategy for the organization. Business Reports Assist in Decision Making: Finally, college students should learn the various approaches to making decisions. One of these techniques is writing business reports. An annual report can help investors, employees and customers get the true picture of the organization. The business report is a critical step in the decision-making process and college students should gain these skills. An accurate and high-quality report will help the organization to track its expenses, improve its operations and also set new goals. As you read the business report, you should be able to identify the bottlenecks and come up with the various strategies that you can use to eliminate them. In summary, business reports play a critical role in the day to day running of the organization. College students can’t gain these insights unless they learn how to write a professional business report online. Lecturers should give college students business report assignments from time to time so as to prepare them adequately for the job market. Read Also : Why Every Business Needs Digital Marketing Small Business Guide To Private Health Insurance Exchanges Get The Details On How Sferic Protect Can Benefit Your Business & Its Safety

Top DevOps Metrics in Development Companies

DevOps, though exclusively focused on the improvement of software development businesses’ operations, are often misunderstood, especially at the initial stage of their adoption. This concept means different things in different companies, primarily due to the distinctions in focus and various tools’ choices for solving specific business needs. But measuring the DevOps success is imperative for any business, as the large-scale transformation they require is usually expensive and long-term. So, how can you determine whether the project succeeded or not? To keep the progress under control, every company has its own comprehensive list of DevOps metrics to measure the success of its operations. Here we offer a detailed guide on choosing your metrics and making sense of them. Features of Actionable DevOps Metrics Overall, there are dozens of metrics experts recommend, but your company may need a specific set thereof. How to choose the ones that fit your organization the best? We advise focusing on the following characteristics and checking these points before including the metric in your checklist. i. Relevance When you put DevOps tools in use, you probably pursue a specific business goal or close a performance gap. Thus, your DevOps approach may differ from the one in another company, and your metrics for measuring success should also match the initially set goals. If your problem was a large number of errors, then the defect escape rate will be the number one metric of interest. If you struggled with deployment delays, then the deployment frequency is a metric to focus on, and so on. ii. Measurability There’s no sense in relying on abstract, subjective evaluations when assessing the impact of DevOps introduction in your company. Such measurements will be vague, giving no concrete data for analysis and further action. So, always choose parameters that have standardized values and can be re-measured over time. iii. Traceability When you want to measure something, you need to have a clear idea of what issue or parameter that metric points to. Otherwise, you won’t draw valuable conclusions even with accurate data in your hands. iv. Actionability What does the metric show to you? What problems can it highlight, and what improvements can it suggest? Every metric should be valuable for evidence-based decisions and strategic actions. v. Reliability The metric should be objective and out of the control of any team member. Otherwise, people in your team can easily manipulate the data or present their subjective views that distort or conceal the general perception of the situation. What Metrics Won’t Do? With the features of good metrics in mind, you should also learn a bit more about poor metric choices. This information can prevent DevOps beginners from relying on wrong or inaccurate data, which may lead to wrong, counter-productive decisions. So, bad DevOps metrics are usually: a. Beyond the DevOps mindset Make sure that you adopt the DevOps culture in its entirety to avoid non-DevOps metrics in performance measurement. Your values change, and the team’s performance is measured in entirely different terms. Thus, for instance, measuring compliance won’t help as it is not suitable for the DevOps development environment. b. Focused on competition inside the team Collaboration and competition often contradict each other. Thus, a company with a competitive culture rewarding winners and punishing losers will hardly succeed in the DevOps transition. If you understand this, don’t introduce metrics fostering competition in the team or between teams; it will kill all DevOps progress. c. Individually rewarding Appreciation of individual input is a metric irrelevant to DevOps, as the latter focuses on the communal outcome. So, even if a single person does the lion’s share of work in the team, it doesn’t necessarily mean that they are the best. The team’s added value to the end-user experience becomes the top priority when you want to integrate the DevOps approach. The Top 6 Metrics to Focus On #1 Lead Time Lead time is the key metric in most speed-focused businesses. It measures the amount of time your team needs to write and deploy the code. This metric is highly informative for future planning, showing how much time a coder will need to complete a specific task. #2 Frequency of Deployment Every development company focuses on more frequent code deployments, which is typically achieved by reducing the deployment size. The latter simplifies the testing and release operations. However, this metric is more complex than one might think. To get to the core of your deployment statistics, you need to understand the number of production and non-production deployments, factor in the number of deployments to QA checks before the final release. Once these metrics are collected and analyzed in a union, you will understand how this metric affects your defect escape rates. #3 Defect Escape Rate The QA check at the pre-production stage is an excellent filter for ensuring that defective code doesn’t get to production. However, companies focused on fast delivery often skip the QA stage and launch poorly working code without proper testing. The defect escape rate metric will give you an idea of how many defective deployments are there; it is calculated by dividing the total number of deployments by the number of defective ones identified at the QA stage. #4 Error Rates Unfortunately, errors are unavoidable in the software development world. Still, you can derive tons of valuable data from analyzing your errors. Identify their types, the stage at which they occur most frequently, and look for spikes in error rates. These metrics will help you spot systemic problems and oust them to achieve sizable performance improvements. #5 Mean time to detection (MTTD) Errors can go unnoticed for a certain period, and the longer that period is, the greater risks they pose. Thus, it would be best to keep the MTTD metric under tight control to minimize the time for error detection and correction. Otherwise, your system may suffer downtime or expose its critical vulnerabilities, which is very risky. Always Measure Your Progress As you can see, DevOps can turn into a concrete and measurable issue if you use proper metrics for its assessment. Invest time and effort into picking the right metrics for your business, even if you decide to get a devops automation service. In this way, you will always be in complete control of your operations, introducing adjustments and corrections where necessary. Read Also: Lucrative Business Ideas to start Near Water Bodies 5 Factors To Consider When Hiring A Branding Expert For Your Business What Really Matters When Choosing a Domain Name for Your Business How You Can Grow Your Small Business By Taking Help From Crypto

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

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Pros and Cons of Oil and Gas Investment

The Importance of Writing Business Reports in College

Top DevOps Metrics in Development Companies

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

Tags

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related