Benefits of Car Repair Business: If to buy an Independent Garage or a Franchise!
Posted by elenagilbert on February 12th, 2019
As the usage of cars has been increasing, people are bound to face issues with it at some point in time. That’s a no brainer, of course. However, still, people, in general, find it difficult to conclude from this fact about the rising need and scope of owning a car repair business. The authorized service centers and franchise repair shops would be there but so would be the independent garages. Auto repair business market seems to hold a great promise in the years ahead for all the players in the industry. As unlike other fashion or technology changes, car repair continues to offer you the opportunity and the stability for the business owner or the buyer. If you are sitting on some serious cash and thinking to get into some mode of business activity, this may be the best time and opportunity to make that move.
This blog is written with the intention to help you make your mind: an independent auto/car repair business or a franchise.
If you are planning to buy an independent auto repair business
As already covered in the introduction, the number of cars is only going to increase. Even if bad times descend like that of recession, it only emphasizes the need for more and better car repair/ Car Service Bournemouth shops. After all, people are going prolong their retention of the car rather than going to buy a new one during the money crunch. Moreover, with the technological upgrade, cars are getting better with more years to them. Does this ultimately translate into needing regular maintenance? What better option people have than spending at the dealership? Yes, you guessed it right.
As an Industry standard, buying this business is much budget friendly than others. General observation says that a business carries a price tag twice or thrice the owner’s cash flow amount but the same doesn’t apply on an auto/car repair business that accepts as low as 1.69 times the same amount. There could be a slight variation to the figures over time however the trend is noticed to be going as already mentioned.
The car repair business mostly functions on cash. People come in with their car issues and leave only after they have paid for the services received. Also, while purchasing the business, you get the assets as well so you need not set aside some cash to buy essential repair equipment and tools (though this would certainly require you to do a thorough asset valuation before finalizing the deal. You might want to upgrade/replace the existing ones). Stocking (as in spare parts) in bulk is not an aspect of this business, so that also saves you cash.
Unlike many businesses that got replaced by the Internet, you can be sure of staying in it for a long howl as people would have to bring their car to a repair shop and cannot just buy a service online and get it done over there. What’s more, people are reported to have higher satisfaction level than that offered in the dealership.
You are your own boss who defines how many work hours you are ready to commit, so would still be left with plenty of time for social and family life. Getting steady and good income balances out many negatives that haunt most of the other business owners or regular employees. And last but not least is that you don’t need to be a mechanic to own this business. Auto/car repair shop management programs can help you get the grounds covered. Rest is your people management skill.
If you are planning to buy an Auto / Car repair business franchise
A different ball game altogether but not without its own set of advantages, buying auto/car repair business franchise comes to many business-oriented minds as you have the assurance that the business model provided for you works at its best.
Even when there is no real need, people are constantly fighting the fear of failure while working independently. Apart from some genuine concerns, there is little to worry except blowing these concerns out of proportion due to which many of the independent businesses fail. However, this is not the case when business buyers prefer to own a franchise. They feel secure with the support system that comes as an unstated guarantee as the inherent risk gets eliminated.
People are getting technologically advanced and so are their cars. No wonder old school repair shops are facing a daunting challenge. Not all the cars are built same and hence need specially trained and skilled professionals to handle them, which a franchise is always prepared with. The same could not be said confidently for all the independent repair businesses. Some might be able to get the required upgrade sensing the need of the hour but others may not be so keen on doing that resulting in a downward earning trend.
Buying a franchise comes with peace of mind for many. They need not spend time, money or energy to promote their business and emphasis on the benefits of taking their services to the potential customers. Why, because people already know about these and whatever promotion is to be done is taken care of by the brand itself. Trust in the name is already in place.
With the highlighted benefits of owning the independent auto/car repair business and a franchise, you have some broad idea of where your expertise lies and which option would suit your needs and available budget. Hope the blog has helped you!
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