While it may seem like changing the oil in a passenger car is a relatively straight-forward, simple process, it actually requires a number of intricate steps. As cars become more complex, even something as simple as changing the oil could require a manual. We all know this chore requires one’s hands to get dirty, and for this reason alone, many car owners are perfectly okay paying a quick lube business to do the job for them.
This is where you come in! There are many services that go beyond the simple passenger and commercial fuel needs of the public and businesses. Quick lube stations provide services ranging from basic oil changes to transmission flushes and windshield wiper replacements. Does becoming a quick lube business owner sound good to you? If so, read on about what it takes to become one.
Make a quick lube business plan
Before you can think about putting shovel to dirt, you must make a business plan outlining the services you will offer and how you plan to make a profit. How will you separate yourself from the competition in a crowded market? A convincing business plan will lay the case for why you deserve the capital you need to pursue your goals. Succeeding in business is never easy – there’s a reason why most small businesses never make it past three years – but if you do it right, success won’t be far away.
If you plan to open an oil change business, you should investigate any quick lube business within your vicinity and determine how they may impact the viability of your investment. You would do the same if you were to open a gas station serving commercial fuel needs, wouldn’t you? It must also be done for a quick lube business. Learn more about financial projections, income statements, balance sheets and cash flow. Additionally, franchising a business comes with an entirely different set of understandings and obligations.
Find your investment partner
Whether you plan on bankrolling your business yourself or finding backing from a lender, no business plan can see the light of day without some cold, hard cash backing it up. Groups exist on the state and federal level to help with seed money. Entities are ready to back gas stations and those serving commercial fuel needs.
Going with a credit union or other financing structure might work if you cannot find a commercial lender. Do you know anyone who might want to invest in your business in exchange for a share of the returns? If you have a solid business plan, potential investors may feel better about putting their money where your mouth is.
Location, license and insurance
Once you have a plan and purchasing power in place, it is time to secure your location, get your business license, and business insurance policy. You should have already done your location homework, so landing the future home of your quick lube business should not be a problem.
Every state has a different process when it comes to business licensing. No matter what, applications must be filled out and fees paid. Put your license proudly on display at your business. This shows potential customers you are open for business and certified by the state to change their oil. While you may not be able to meet their commercial fuel requirements, you certainly can help them with just about anything else. Make sure they know by having your license visible front-and-center.
Rounding out this list includes establishing solid relationships with your vendors and distributors, hiring the right people, and promoting your business. Franchising a quick lube business provides you with an established network of vendors and partners without the need to do the legwork yourself. In fact, most quick lube operators choose to franchise for this reason.
Regardless of the option you pursue, get the word out with our help. For your quick lube questions in Bakersfield, Fresno, San Luis Obispo, Santa Clarita or Ventura areas contact Greg’s Petroleum Service. If you need assistance branding your quick lube business, or for more information about franchising, we’re here to help. Contact us today!