Is There Money to be Made in the Automotive Aftermarket?
If you have worked a long time as an employee, under various bosses, there is probably at least a part of you that yearns to be your own boss. This seems to be embedded in the American DNA, at least to an extent. Perhaps you have even saved your money and/or lined up investment and you want to start your own business. A wholly independent business is a very romantic idea, but as long-time franchise owners will tell you, there’s a better way.
As a franchisee, you are still your own de facto boss. You run the franchise yourself, so you still get to enjoy the independence and autonomy you desire. And there are several benefits franchise ownership has over owning an independent business. These benefits include buying into business with an already established and recognized brand, getting access to a template that has proven to be successful, and receiving training and ongoing support from those who have run the same businesses you have. In short, a franchise is probably the way to go. But what franchise should you buy? And in what industry?
You don’t want to invest all your money, time, and hard work into a dying industry. That’s a good way to go broke. Obviously, any industry in which you want to purchase a franchise will be growing and/or have the potential for growth. However, unless you yourself are an expert in each field, you don’t want to get into an industry that might be subject to fads or that is so new that we don’t really know what it will look like in five years. You want an industry that’s growing but that has been around for long enough that people understand it.
The Automotive Industry
One thing that people understand is automobiles. They’ve been around for over a century and even though the industry is shifting towards hybrid and electric vehicles, there are no signs that indicate automobiles will start disappearing from the roads of America any time soon. The automotive aftermarket, more specifically, also is forecasted for big growth. The automotive aftermarket comprises of all transactions regarding automobiles that take place after the initial sale of a vehicle.
In many ways, the automotive aftermarket is a better place to conduct business than the primary market. Sure, you could try to open a dealership, but then your fortunes are tied to the auto manufacturer whose vehicles you are selling. If that car company struggles, so do you. However, if you work in the automotive aftermarket –by say, running an automotive repair franchise– you can service and repair vehicles of all makes and models.
Automotive Franchises Available
By searching for automotive franchises available now, you’re beginning your journey of becoming a part of an industry that is predicted to be worth more than one trillion dollars (USD) by 2022. But you can’t just pick any automotive franchise available you need the right franchise. One with franchisors who are committed to helping you succeed.