5 Things You Need to Have To Buy & Operate an Auto Repair Shop Franchise, and 5 Things You Don’t
Do you have what it takes to buy and operate an auto repair shop franchise? Not sure? Don’t worry, this article will help. Here are five things that you need to have to buy and operate an auto repair shop franchise, and five things that you actually don’t need.
1. What You Need – A Strong Work Ethic
Nobody succeeds in any form of franchising without hard work. The great thing about owning an auto repair shop franchise is that you reap more of the rewards of your hard work. But you won’t make any money by being lazy.
2. What You Don’t Need – Previous Business Ownership
Previous business ownership will probably be an asset to you, but many people who are new to business ownership can still thrive with an auto repair shop franchise.
3. What You Need – Leadership Qualities And Good Communication
You don’t have to have owned a business before, but you do have to know how to lead people. If you’ve led a team before, that experience will do you good when running your own auto repair shop franchise. And good communication is key.
4. What You Don’t Need – To Be A Millionaire
Buying an auto repair shop franchise is a significant investment but it’s not only the purview of the very wealthy. Regular hard working people can save up enough to buy an auto repair shop franchise if they save their pennies. So no, you don’t need a million dollars, but you do need. . .
5. What You Need – About Half As Much
Different markets require different levels of investment. At the higher end, an auto repair shop franchise might cost you almost as much as $500,000 in initial investment, though in some cases it might only cost as little as $225,000. Either way, you should have a net worth of at least $500,000. Of that amount, you should have at least $150,000 in liquid assets.
6. What You Don’t Need – A Franchisor Who Will Rip You Off
Some auto repair shop franchisors don’t offer their franchisees protected territories. Other franchisors don’t offer a preferred vendor program. Do not buy an auto repair shop franchise from such franchisors.
7. What You Need – The Ability To Secure Financing
If all this talk of money has you worried, you should know that you don’t have to pay for everything out of your own pocket. But you do need the ability to secure financing. If you have a poor credit score, you’ll have to improve it before you can buy an auto repair shop franchise.
8. What You Don’t Need – Expert Auto Repair Skills
All good auto repair shop franchises come with extensive training programs and ongoing guidance to teach you what you need to know.
9. What You Need – Customer Service Acumen
Don’t like people? Maybe this isn’t for you, then. Auto repair shops live and die by their customer service because repeat business and reputation are crucial.
10. What You Don’t Need – Extensive Knowledge Of The Auto Repair Business
Again, you don’t need to know everything about the business because you will learn about it during your training.
Tuffy Tire & Auto Service
To learn about Tuffy’s auto repair shop franchises, please contact us.Back