Difficulty: Moderately Challenging
Step1
Call Jiffy Lube's franchising office to discuss opportunities in your state and decide if you are eligible to apply. They will send you an application to fill out if they decide that you qualify.
Step2
Fulfill Jiffy Lube's requirements. You must have a net worth of at least $450,000 (without including your personal residence), cash liquidity of $150,000, general business experience and management ability. You must also commit to a twenty-year renewable agreement.
Step3
Understand that you will need a total investment of $214,000 to $273,000 to start your franchise, including an initial franchise fee of $35,000.
Step4
Apply for a business loan from the Small Business Administration (SBA). The SBA reports that out of the 16 loans for Jiffy Lube stores taken out through the SBA since 2001, 6.25% have failed to pay back the loan. The SBA has not completely charged off anyone who has received such a loan.
Step5
Know your yearly costs. You will need to pay Jiffy Lube 5% of all royalties on top of an annual $17,500 fee.
Step6
Receive two to four weeks of training at the Jiffy Lube headquarters before opening your store. You also will receive additional training in your store.
Step7
Receive ongoing support in the way of newsletters, company meetings, a toll-free help phone line, Internet assistance, a grand opening, and security and safety procedures. Field operators will also evaluate your store. You can participate in co-op advertising, receive national media exposure and you'll be provided with reminder mailings to current customers for tune ups and oil changes.
