Tips, Insights, and Resources for an Oil Change Business Plan
A business plan causes you to think about where you’re going and how you’ll get there. It does take some time to create one. It’s something anyone starting a business should create in the early stages of preparation.
Suppose you’re using a business plan writing tool. In that case, you’ll have an advantage because you’ll have a system guiding you through the steps using a question and answer process.
Some questions will come up that you won’t have the answer to, and that’s okay. You can do research or find the answers further down the road. One issue to keep in mind is your business plan can be updated any time changes occur.
Your business plan is your road map and is an important document to keep you on track. It’s a good idea to review it from time to time.
There are business plan writing services that will create your business plan for you, and there are templates you can use. I recommend using a tool like Liveplan to guide you through the process and focus on each aspect of your business.
Writing your own business plan allows you to have a strong overview of where you’re going. A well-written business plan will give you the ability to answer any questions you’ll be asked. Such questions can revolve around the following; acquiring equipment, supplies, applying for permits, loans, setting up your company, etc.
One important point to keep in mind is when you apply for financing, a business plan is one of the first requirements, and it does influence your chances for a loan.
Before You Start Writing
Some of the issues to consider before you start your plan for an oil change business consists of the following:
Type of Business
What type of business will you create? As you know, an oil change business has options. Let’s go over three of them.
Quick Lube System:
The quick-lube system offers a fast way to get your oil changed. The customer usually stays in the vehicle and, for a regular oil change, is out the door within 15-20 minutes.
Covenantal Oil Change System:
A conventional oil change system can be compared to an automotive repair shop, where the vehicle is lifted on a hoist. The tech drains the oil, replaces the filter, lowers the vehicle, and adds new oil.
Mobile Oil Change System:
This is relatively new to the quick lube system. The Mobile oil change business requires you to service the customer’s vehicle at their location.
Identifying your business’s setup will save you time because you won’t have to rewrite sections because of how each option operates.
The Main Sections of a Business Plan:
This is a quick overview of your business and should be a summary that will give the reader the big picture of your business idea.
You may want to include a few main ideas. You will want to revise the summary once you’ve completed your entire plan. You can take highlights from other sections and include them here.
Business Description and Structure
In this section, you’ll include information about your products and services: intellectual property, business relationships such as joint ventures, the legal structure of the company, etc.
Market Research and Strategies
In this section, you’ll focus on your marketing and advertising strategies. You can include any strategies your planning and the ones you currently use.
You can also include marketing analysis, sales forecasts, customer testimonials, etc.
Management and Personnel
In this section, you’re going to include your management team, their bios, expertise, and roles and goals.
This is where you’ll include your financial overview. Some of the information you want to include could be balance sheets, cash flow statements, profit and loss statements, etc.
A new business will differ from an established one. As mentioned earlier, a business plan can and should be updated as needed.
Think of your business plan like a resume. The more job experience you gain, the more you update your resume. This principle can be adapted to your business plan. It’s best to keep it up to date.
For a unique collection of resources to help you start an oil change business, see How to Start an Oil Change Business Using These Resources.