If you are looking for the perfect franchise opportunity, look no further than Jiffy Lube Franchise. As one of the largest automotive franchises in North America, Jiffy Lube offers various services and products that make it an excellent choice for aspiring entrepreneurs.
With years of success in franchising, this company has developed a well-known reputation as the go-to provider of quality automotive services and products.
This article will provide detailed information about Jiffy Lube’s franchise fees, profits, total investment costs, training options, restrictions, renewals, return on investment, and more to help you decide if it is right.
So read on to learn why Jiffy Lube may be the perfect franchise opportunity for you.
About Jiffy Lube
Interested In Jiffy Lube Franchise?
Jiffy Lube, which initially offered only oil change services, has evolved into a multi-faceted car maintenance provider.
In addition to oil changes, Jiffy Lube centers now offer services such as air conditioning maintenance, brake maintenance, cooling system maintenance, engine and fuel system cleaning, emissions and inspections, tire changes, and more.
Jiffy Lube has a widespread presence in the United States, with a mix of franchise and corporate units. While most of the locations are owned by franchisees, some are directly owned and operated by the company.
History Of The Jiffy Lube Franchise
The birth of Jiffy Lube can be traced back to 1971 when Edwin H. Washburn opened its first unit. Over the years, he opened more units, but it wasn’t until 1979 that the company became a franchise.
This year, W. James Hindman purchased the seven existing Jiffy Lube franchises and established Jiffy Lube International, the company we know today.
Significant milestones in Jiffy Lube’s history include its initial public offering in 1987 and its acquisition by Pennzoil in 1991. Currently, there are over 2,200 Jiffy Lube units operating in the United States.
Jiffy Lube Franchise: Business Model
Jiffy Lube provides car maintenance services. There are many Jiffy Lube stores spread throughout the country, some of them are corporate, and many others are franchised. The company is currently open to new franchise applications.
|Initial Franchise fee||$17,500-$35,000|
|Total Outlets||2,000 locations|
Interested In Jiffy Lube Franchise?
How Much Does It Cost To Open A New Jiffy Lube Business?
The initial investment that launching a new Jiffy Lube business requires is rather high: it can go from $234,000 to $372,000.
The budget includes the expenses you need to face to set up your store, purchase your equipment and supply, hire your employees, and run some marketing campaigns. Being a franchise, the initial investment also includes the initial franchise fee, which amounts to between $17,500 and $35,000.
The initial franchise fee isn’t the only fee you need to keep into consideration. There are also a couple of ongoing fees: a 4% royalty fee and a 1,5% fee that is calculated on your profit.
Jiffy Lube Franchise: Requirements
To become a Jiffy Lube franchise owner, there are certain eligibility criteria that must be met. One of the primary requirements is a minimum net worth of $450,000 and access to liquid cash of $150,000.
These financial qualifications help ensure that franchisees have the necessary financial resources to start and grow their Jiffy Lube business.
Another important consideration is the number of employees. Jiffy Lube requires that each franchise location have at least 10 employees to ensure the proper functioning and success of the business.
These employees may include management staff, technicians, and customer service representatives. The requirements for staffing help to ensure that Jiffy Lube franchises are able to provide the high-quality services that customers have come to expect from the brand.
Jiffy Lube Franchise: Training and Support
Jiffy Lube provides a lot of training and support to its franchisees. In particular, they offer 10 to 40 hours of on-the-job training so that you are not left alone as soon as you start your experience with them.
Furthermore, you are offered 40-hour classroom training. If you still seek support, you can also require additional training.
Jiffy Lube Franchise: Obligations and Restrictions
When you launch your franchise with Jiffy Lube, you become the owner of your new business, and you can manage it as you like, but there are some standards that you need to meet.
They are mainly quality standards; for example, you need to have 10 employees, you need to meet certain customer-satisfaction standards, and more. All these obligations are specified in the franchise contract, so make sure you read it well.
Jiffy Lube Franchise: Terms of Agreements and Renewal
The franchise contract with Jiffy Lube is for 20 years. After this time, if you want to keep your business going, you need to pay a renewal fee that amounts to $17,500.
Jiffy Lube Franchise: Financial Assistance
The Jiffy Lube franchise offers financial assistance programs to cover start-up costs.
The amount of money they can fund can vary according to your needs and guarantees, but they are usually able to cover your initial start-up costs for about $70,000.
Jiffy Lube Details
Website – https://www.jiffylube.com/
Contact Number- 1-800-327-9532
Jiffy Lube Comparison
|Company||Jiffy Lube||Mac Tools|
|Annual Revenue||$1.7 Billion||$220.0 Million|
Frequently Asked Question
Does Jiffy Lube offer franchising?
Yes, Jiffy Lube offers remunerative franchise opportunities to entrepreneurs.
Is the Jiffy Lube Franchise worth it?
The Jiffy Lube franchise requires a big initial investment. However, it’s still worth it, and there are many reasons why. First of all, you’d receive tons of support on how to set up and launch your business so that you don’t make beginner’s mistakes. You can be provided with financial assistance too. When the business is launched, clients will be numerous because you’ll be providing a service that is a priority need for many people in the United States.
Is the Jiffy Lube franchise a good investment?
The Jiffy Lube franchise is a big investment, and it’s also a good one. The brand is popular, so the first clients won’t wait to come. The demand for the service is high because, in the United States, everyone possesses a car, and all cars need maintenance.
Amit Gupta is an experienced expert in digital marketing and co-founder of DrFranchises. With more than 11 years of knowledge in franchise digital marketing, SEO, email marketing, and social media marketing, Amit has helped many brands achieve incredible success online. As a passionate entrepreneur and owner of 7 franchises, he continues to study franchise models, looking at costs, revenue, and profitability to guide brands toward profitable growth. When he’s not working on digital marketing, Amit enjoys spending time playing with his beloved dog.