15 Steps How To Starting A Jiffy Lube Franchise

(doylc.com) How to Open a Jiffy Lube Franchise - If you've always dreamed of owning your own US business and have an interest in cars, you should consider opening your own Jiffy Lube franchise. Jiffy Lube has been providing quick lubrication and other automotive services since 1979. To open a Jiffy Lube franchise, you should start with extensive market research. This will help you determine where to find the company and whether the company is right for you personally. Then contact Jiffy Lube and secure financial support if you need it.

• How to choosing a location

1. Analyze the market. That means doing your research and then thinking carefully about whether you should open a Jiffy Lube franchise. There are several related questions that you should consider when analyzing the market. Are there many Quick-Lube locations near you? If so, is the competition so fierce that it would be difficult for you to turn a profit? Do they offer a level of quality and service that you could surpass?

Who in your community needs the services of Jiffy Lube the most? The very young? The really old ones? Men? Women? Use government data available at https://www.sba.gov/starting-business/how-start-business/business-data-statistics/demographics to research information about the car and driving habits of your local population.

Contact your local small business community for more advice.

2. Find out about local laws and regulations. Some areas are more business-friendly than others and may offer tax breaks and other small business incentives. If you can locate your business in a community or area that promotes businesses like Jiffy Lube, do so.

Contact your state or county department of commerce for more information on how to better understand local regulations and be successful with your Jiffy Lube franchise.

The Small Business Development Center, Women's Business Center, and Better Business Bureau may be able to direct you to helpful resources to understand local regulations.

3. Decide where you want to locate your business. For any business, location can mean the difference between success and failure. If your business is hidden or difficult to reach, it hurts your bottom line. A prominent, central location where you are visible and accessible to a large portion of the local population is the ideal spot for a Jiffy Lube. Use your market research and pre-analysis to identify a suitable location.

Place your Jiffy Lube in a low crime area. Employees and customers should feel comfortable on the site. Identify low crime areas and place your business there.

Your location should be accessible to your suppliers. They often need supplies of oil, oil filters and related auto parts. Make sure your suppliers are within reach.

Remember the zoning regulations. They determine what type of building can be placed on a given lot. Contact your local city planning office to learn how the land in your area is zoned. Consider hiring a state attorney to guide you through the process and ensure your franchise is legally zoned.

• How to creation of the franchise

4. Calculate the start-up costs. Starting a Jiffy Lube franchise generally costs between $220,000 and $400,000, not including real estate expenses. The cost of starting a Jiffy Lube depends on the economics, construction costs, permitting costs, and material costs in your area.

Your initial investment includes the franchise fee, first month's rent and deposit, equipment, signs and fixtures, initial inventory, opening marketing costs, insurance, training costs, and enough funds to cover bills for the first six months.

Converting an existing Quick Lube shop to a Jiffy Lube costs less than opening one from scratch as you already have the necessary premises, permits, tools, staff and materials to run such a shop.

Don't forget to factor in state income, property, and sales taxes.

5. Familiarize yourself with the ongoing fees associated with operating a Jiffy Lube franchise. Jiffy Lube charges a 3% fee on the revenue of all franchise operators. This is called a royalty and means that if you make $100,000 in your first quarter, you must pay Jiffy Lube $3,000 to continue using the Jiffy Lube brand name and services.

Additionally, there is a 1.5% fee on all ads.

6. Assess your finances. Individuals wishing to open a Jiffy Lube franchise should have a net worth of at least $450,000 and approximately $150,000 in cash and cash equivalents. If this doesn't apply to you, then opening a Jiffy Lube franchise may not be a viable option.

After considering the costs associated with starting a business, you might decide to further your plan to franchise a Jiffy Lube by securing financial backing from outside sources such as a bank.

7. Request more information. If you have specific concerns about opening a Jiffy Lube franchise, contact Jiffy Lube directly. Use the online information request form at https://www.jiffylube.com/become-a-franchisee. Fill in your name, postal and email address, and your questions and someone will get in touch with you.

8. Sign an agreement to open a Jiffy Lube franchise. The terms of contract you sign allow you to operate your franchise location for a period of 20 years. You then have the option of renewing or extending your franchise agreement for a further 10 years.

Jiffy Lube is committed to not opening any other stores within a three mile radius of your location.

9. Receive financial support. If you need financial help to get your franchise off the ground, you have a few options. Jiffy Lube itself offers two forms of indirect help. One is through FranFund, Inc., a loan broker. Loans through FranFund are made directly through them. SOPUS Products, the company that owns Jiffy Lube, also offers financing programs for Jiffy Lube franchisees. Contact SOPUS Products to find out more about their financing.

In addition, many lenders, brokers and equipment leasing companies are familiar with the Jiffy Lube brand and will offer you competitive interest rates when you renew a loan for your franchise.

• How to get training and support

10. Complete the training required to open a franchise location. Jiffy Lube requires approximately three weeks of training before you can start your business. Both you as a franchisee and your day-to-day decision makers need to attend the training. As you develop the franchise as a business, the executives must also be present.

The training covers various aspects of opening and operating the franchise. Key concepts developed in the training include understanding operations, brand management and customer satisfaction.

You will be trained on Jiffy Lube's procedures related to health, safety and environmental protocols.

During your time as a franchisee, you must regularly attend other training courses to keep your education up to date. If you hire new partners or managers, they also need to be trained.

Training must be renewed every five years.

11. Get ongoing support. As you step into operations as a Jiffy Lube franchisee, you will encounter challenges along the way. Jiffy Lube has an extensive network to help you grow your business and answer your questions. For example, they have support available to help you make the most of your opening. You can always use the Jiffy Lube website and toll-free number to request assistance or advice in running your business.

Read the Jiffy Lube newsletter for market updates.

Jiffy Lube also advises on day-to-day business and purchasing.

12. Get marketing support. Even before the opening, you want to let people know where you stand and what you can do for them. Jiffy Lube provides promotional support at a regional and national level. Contact Jiffy Lube to learn more about how to get the most share of your local market.

• How to developing the skills required to own a franchise

13. Develop interpersonal skills. This is extremely important when dealing with the public and with your own employees. You want your customers to be satisfied with your service and your employees to feel that their concerns are taken seriously.

An important part of developing strong interpersonal skills is the ability to motivate people. Find out what your employees want and need at work and find ways to make their work easier and more enjoyable.

14. Learn to work within the established system. When you start a Jiffy Lube franchise, you can't just run it the way you want. You must follow certain Jiffy Lube policies to protect the brand's reputation. Customers familiar with Jiffy Lube and other Quick Lube franchises will also be drawn to your store because they like the Jiffy Lube approach. Therefore, following established Jiffy Lube procedures is an important part of franchise business.

15. Invest in the business. The most successful franchisees are those who are involved in day-to-day operations. You should know your employees and customers and understand business in general. While it's important not to micromanage the affairs of your franchise, neither should you leave everything to the managers without providing abiding vision, guidance and decision making when needed.