JIFFY LUBE Franchise Startup Cost, Profit & Opportunities
The Jiffy Lube international Inc. franchise is an international franchise with franchise locations spread across the United States and Canada, with plans of expanding its operations into Mexico.
Being a market leader and pioneer in the lube services sector, the Jiffy Lube International franchise offers its clients innovative services that ensure their unique needs are adequately handled with utmost professionalism.
The Jiffy Lube International Inc. franchise provides lube services (oil change) as well as other auto-related maintenance services such as repairs to air conditioners, windshield, transmissions, fuel system as well as other light auto repair services. Founded by Jim Hindman in 1979, the Jiffy Lube International Inc. franchise was bought over by the Shell Oil Company in 2002 which serves as its parent company.
With its corporate office located in Houston, Texas, the Jiffy Lube International Inc. franchise has Steve Ledbetter as its CEO. It opened its franchising arm for business the same year it was founded.
Being a market leader in the lube services sector, investors are ensured of benefitting immensely from a strong brand with a track record of excellence plus years of experience.
Benefits of Owning a Jiffy Lube International Inc. Franchise
There are numerous benefits of owning a Jiffy Inc. International franchise. Some of these include the strength and leadership position it holds in the lube market. This is of great benefit to the investor. What better way of gaining confidence than operating under the strong brand name of a market leader?
The Jiffy Lube International Inc. franchise offers a comprehensive training program to all its new franchisees, plus ongoing training for existing franchisees.
These training are aimed at equipping these franchisees with the required skills needed to successfully run a Jiffy Lube International Inc. franchise. Apart from the above benefits, its franchisees also enjoy an unrestricted access to the franchisor’s business systems/model. This has been proven time and again, and has helped in maintaining the leadership position of the franchisor in the industry.
The Jiffy Lube International Inc. franchise has an extensive support network that its franchisees benefit from. From the commencement of the franchise term to expiration, Jiffy Lube International Inc. franchisees are guided and offered help to ensure that they successfully run their franchises, resulting in a win-win situation for both franchisor and franchisee. Franchisees also benefit from the franchisor’s national fleet services.
Jiffy Lube International Inc. Franchise Startup Costs
To own a Jiffy Lube International Inc. franchise, there are certain startup costs that must be incurred by the franchisee. These startup costs are in the form of an Initial Investment sum starting from $219,000 to $400,000, a liquid cash requirement of $150,000, and a net-worth requirement of $450,000.
These startup costs are a mandatory requirement; failure to meet these startup costs automatically disqualifies the franchise candidate from qualifying for ownership.
Jiffy Lube International Inc. Franchise Fee
The Jiffy Lube International Inc. franchise requires that interested franchise candidates pay a franchise fee starting from $35,000. There is an available financing option that covers the franchise fee. This financing option is in the form of a third-party relationship the franchisor maintains with financing sources that offer to finance covering the franchise fee.
Also, under Jiffy Lube International Inc. franchise’s veteran incentives program, veterans are entitled to a total waiver of the franchise fee.
Jiffy Lube International Inc. Franchise Ongoing Costs
Owning a Jiffy Lube international Inc. franchise attracts certain ongoing costs which the franchisee must pay the franchisor. These ongoing costs are made up of an Advert Royalty fee of 1.5%, and an Ongoing Royalty fee of 3%. The larger the franchise size, the higher the ongoing costs and vice versa.
Jiffy Lube International Inc. Franchise Training and Support
The Jiffy Lube International Inc. franchise offers its franchisees, especially new franchisees a compulsory training program that equips them with the necessary skills required to run this franchise. The training program covers a period of 1 to 2 days training held at its corporate headquarters. This is followed by another 5 days of on-site training. The franchisor offers additional training apart from the above training.
In the area of support, it covers a wide range of areas. This is aimed at adequately guiding its franchisees succeed with their franchises. The support offers consists of two kinds, the ongoing support and marketing support. For the ongoing support, it covers areas that include field operations, a toll-free line, and newsletter publications. Others include a grand opening ceremony plus meetings, including a purchasing cooperative.
Marketing support covers the use of national and regional media for advertisement, and ad slicks plus cooperative advertising.
Jiffy Lube International Inc. Franchise Application and Terms of Agreement
Under Jiffy Lube International Inc. franchise’s terms of agreement/renewal policy, the franchise has a term of 20 years. Renewal is subject to the payment of a renewal fee of $17,500.
How to Start a Jiffy Lube International Inc. Franchise?
To own a Jiffy Lube International Inc. franchise first visit the franchisor’s website on https://franchise.jiffylube.com/ and fill the online application form available on the site. This online form should be carefully filled and submitted. Qualified applicants are contacted for further investment proceedings by the franchisor through a representative.
This article has brought to the fore the procedures and details involved in owning a Jiffy Lube International Inc. franchise. Following the given information, the prospective franchisee is empowered to make informed decisions.