Plan Offers Help for Potential Fast Lube Operators |
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Plan Offers Help for Potential Fast Lube Operators |
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Starting an independent business can be exciting, but with minimal experience, designing it can also be overwhelming.
One of the most valuable things anyone considering opening a new business can do when masterminding a new enterprise is to develop a thorough financial plan to present to a lender. But without business experience, even this very first step can be a bigger headache than many realize.
Marketing strategy, demographics, purchasing plans and accounting hassles all must be considered when presenting a plan to a loan officer.
 Jeff Jones |
Jeff Jones, owner of Express Lube and Carwash in Brunswick, Georgia, spent almost a year perfecting the plan that he would present to his lender. But, in the end, his diligence paid off with a $1 million loan. Now Jones has gone a step further with the plan and has created a resale version that potential operators can purchase. "It took me about a year to put it together, but it is a comprehensive package that analyzes the market very thoroughly and is accompanied by a full set of financial templates," Jones said. "It is all CPA blessed and approved." |
Jones charges $250 dollars for the plan, which includes user-friendly software, complete installation and use instructions, and word processing templates.
The plan also allows room for the operator to factor in demographics such as population, street traffic, market price and traffic counts.
When developing a plan, he said, it is very important to be specific to the industry.
"You have to be able to show that you've done your homework and researched it thoroughly," he said. "If it looks like you just scribbled something on a napkin over lunch, no one is going to take you seriously."
Although a spreadsheet that comes with Jones' plan is in the form of simple fill-in-the-blanks, it is important that all potential operators include specific and detailed demographics information.
"Everybody's location and demographics are unique and specific to that individual," he said. "You must find all of that on your own." Plugging in numbers such as potential market size, do-it-yourselfer percentage and average price for the region will enable the operator to project future car counts and success potential. Jones has even augmented the plan to allow for additional "profit centers" such as a gourmet coffee shop. |
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One Georgia operator who purchased the plan said the biggest benefit of Jones' business plan is the time it saves.
"It saved me hours in putting together a business plan," said Richard Hanley, owner of Buford Xpress Lube and Wash in Buford, Georgia. "It was a great tool that helped me analyze the business and get my financing. I have suggested it to several others who were working on their quick lube / car wash start-up plans as a very wise investment; it saved me a lot of time and headache."