Starting a Midas Automotive Repair Service Franchise
Midas has been around in mid-50’s. The company has now grown to be the biggest exhaust and muffler service shop in the United States by making a record breaking 100 franchises in just over a year. Investing in this kind of industry can be very rewarding for a business-driven people.
Midas, too many of its clients, has been the place of destination if they want the best over-haul in their vehicles. Whether brakes, tires, shock absorbers, and other after-market parts-- Midas has been servicing it all with great deal of accuracy.
Requirements for Starting a Midas Automotive Repair Service Shop
Knowledge in running a business is a plus for first-time franchisee. However, the company does not exactly require franchisees to be a top-industry player. All you need is a liquid cash asset of $300,000 to have a deal with the company. You must also possess some knowledge in the automotive industry in order for you to standout with the competition. If you have all this characteristics, Midas is surely the best way to go around.
Franchising Start up Cost
Starting your very own Midas Automotive Service Franchise will cost from $380,000 to about $530,000. This may already include the $20,000 franchising fee required by the company during the contract signing. The company's official website, however, failed to log whether the initial investment will cover the amount need for shop equipment, and other operational expenses. The company mentioned that financing, through legitimate banks, will be allowed.
Midas has a 20-year contract for those who will qualify in their evaluation. Every year, the company will charge investors with 10 percent royalty fee which will cover the total annual profit of your franchise. This is relatively a small amount considering the profit that you can generate in one franchise. This can also be lowered depending on the company performance.
Upon the expiration of the contract, the company offers 50 percent renewal fees to resign a contract with them. Company profile and terms of agreement is available through the Internet.
Return of Investment
It is a fast and easy way to get back your investment in one Midas Automotive franchise. Within a year, you can already acquire half of the investment allotted to the outlet, however, this may vary depending on the location of the franchise. That is why, Midas also offers its newly signed partners with a free site tours on possible spots to put up a shop.
Training and Support from Midas
Midas Automotive Service has a regional and on the spot training system for your employees. This includes advance training in automotive, pneumatics, air compression, oil change and other stuff involved in basic automotive service.
Promotions and Advertising
The company gives full support to all of its franchisees via E-mails, newsletters, and other forms of advertising. The company also utilizes the Co-op advertising where franchisees give a certain portion of their cash assets to pay for the TV, print, and Regional advertising.
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