“I Want to Open a Tire Repair Shop! . . . What Do I Do Now?”
So, you want to open a tire repair shop? Well, that’s a pretty good idea. In modern business, and society writ large, we are all so focused on finding the next big thing, whether that’s a brand-new type of service or a new product, that we tend to overlook the tried and true. But the truth of it is that, even though tire repair shops have been around for over a century, they are still in high demand, and they still can make a lot of money. While the tools, equipment, and techniques are always evolving and improving, tire repair shops remain a great way to make money for business people and entrepreneurs. But how does one get started? How to open a tire repair shop?
Go It Alone Or Get By With A Little Help From Your Friends?
The first step in our “How to Open a Tire Repair Shop” is a decision you must make: do you go it alone or buy a franchise? With your own completely independent tire repair shop you don’t have to pay a franchising fee nor will you have to pay royalties on the parts you sell. Sounds sweet, right? Well, maybe, but consider that franchises can charge those fees for a reason. A very good reason.
Franchises, often, do far better than independent tire repair shops. Positive brand name recognition is invaluable. Buying a franchise with a good brand name gives you an incredible advantage. Furthermore, franchisors can offer more tangible advantages, as well, such as ongoing training and support, protected territories, and preferred vendor programs that allow you to buy parts and equipment at reduced costs. When you tally it all up, the modest royalty fees you pay are often well worth buying a franchise.
Choosing a Franchise
So, purchasing a franchise is better than going it alone, but only if you choose a good franchise. It makes no sense buying a franchise with an unknown brand name or, worse still, a tarnished brand name. Look for a tire repair business that has been around for decades and as accrued a positive image among the public. And look for all the perks that franchisors can offer.
Sorting Out Finances
Next, you need to figure out how much it’s going to cost to open your tire repair shop. It’s difficult to give any hard numbers on this because the numbers involved will vary quite a bit depending on location. First, the bigger the tire repair shop, the more it will cost. Second, how much the land will cost to buy, or rent will depend on where it is, both within the city and where the city is. Ditto for advertising; commercials and the like cost a lot more in some markets than others.
All of this is to say that it’s not cheap to open a tire repair shop. But don’t worry. Some franchisors can help arrange for third party financing. And remember, many banks are likelier to loan to somebody opening a tire repair shop under the banner of a well-known brand than an independent one.
To learn more about how to open a tire repair shop, get in touch.