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8:T2c59,{"id":"cG9zdDo5NTA2","title":"Tire and Wheel Services Financial Model Example","content":"<p>Our Tire and Wheel Services Financial Model Structure covers all the essential aspects you need to consider when starting or scaling a Tire and Wheel Services business. By following this structure, you can better understand your revenue streams, costs, and assets, helping you optimize profitability and strategically plan for growth.</p>\n<h2>The Tire and Wheel Services financial model structure</h2>\n<p>The financial planning process for a Tire and Wheel Services business is essential for ensuring success and sustainability. With the complexities of revenues, costs, employees, expenses, and assets to manage, having a comprehensive financial model can guide both new entrepreneurs and seasoned business owners in making informed decisions. This model not only elucidates the typical financial metrics involved, but also provides insights into potential new and profitable revenue streams. The Tire and Wheel Services financial model structure is important; however, it requires careful consideration of various factors. Although it may seem overwhelming at first, embracing this approach allows for better management of resources, which ultimately leads to greater success.</p>\n<h3>Revenues</h3>\n<p>The typical revenue streams of a Tire and Wheel Services business often encompass various avenues:</p>\n<ul>\n<li><strong>Tire Sales:</strong> Revenue is calculated by multiplying the number of tires sold by the selling price per tire.</li>\n<li><strong>Installation Services:</strong> This entails estimating revenue through the multiplication of the number of installs with the service fee per install.</li>\n<li><strong>Wheel Alignments:</strong> Revenue is determined based on the number of alignment services performed monthly times the fee per service.</li>\n<li><strong>Repair Services:</strong> Calculated by multiplying total repair services with the charge per repair, although this may vary.</li>\n<li><strong>Extended Warranties:</strong> Involves estimating revenue by multiplying the number of warranties sold with the price per warranty.</li>\n<li><strong>Rim Repairs:</strong> Determined by the volume of repairs multiplied by the fee per repair. Accessory sales also play a crucial role.</li>\n<li><strong>Accessory Sales:</strong> Calculated by multiplying the number of accessories sold by their average selling price, as each stream contributes significantly to overall profitability.</li>\n</ul>\n<h3>Cost of goods sold</h3>\n<p>The cost of goods sold typically includes costs directly associated with tire and wheel products, including procurement costs, shipping, storage, and similar expenses. For example:</p>\n<ul>\n<li><strong>Tire and Wheel Inventory Costs:</strong> Direct costs for purchasing tire and wheel inventory.</li>\n<li><strong>Installation Materials:</strong> Expenses related to consumables used during the installation process.</li>\n<li><strong>Repair Parts:</strong> Costs incurred in acquiring replacement or repair parts for vehicles, which can vary significantly due to market fluctuations.</li>\n</ul>\n<h3>Employees</h3>\n<p>The employees required can vary; however, they typically include:</p>\n<ul>\n<li><strong>Sales Staff:</strong> Responsible for selling tires and wheels, handling inquiries, and closing deals.</li>\n<li><strong>Technicians:</strong> Perform installations, repairs, and wheel alignments.</li>\n<li><strong>Customer Service Representatives:</strong> Handle bookings, customer complaints, and service inquiries.</li>\n<li><strong>Inventory Manager:</strong> Oversees stock levels, orders, and supplier relationships.</li>\n<li><strong>Accountant/Bookkeeper:</strong> Essential for managing the company&#8217;s financial records and reporting.</li>\n</ul>\n<h3>Operating expenses</h3>\n<p>Key operating expenses typically include:</p>\n<ul>\n<li><strong>Rent:</strong> Costs associated with leasing a showroom and workshop space.</li>\n<li><strong>Utilities:</strong> Monthly costs for electricity, water, and gas, which can fluctuate.</li>\n<li><strong>Salaries:</strong> Payments to employees for their services are essential, though they can be significant.</li>\n<li><strong>Marketing:</strong> Expenditures to promote services and attract customers, requiring careful planning.</li>\n<li><strong>Insurance:</strong> Premiums for liability, property, and other business insurances are crucial for protection.</li>\n<li><strong>Maintenance:</strong> Costs for maintaining equipment and premises are regular and must not be overlooked.</li>\n<li><strong>Technology:</strong> Expenses related to IT infrastructure and software subscriptions, which can add up.</li>\n<li><strong>Office Supplies:</strong> Costs for everyday operational supplies, often underestimated.</li>\n<li><strong>Transport:</strong> Expenses associated with delivery and vehicle maintenance, impacting overall efficiency.</li>\n<li><strong>Training:</strong> Costs of ongoing employee training and development are vital for growth and adaptability.</li>\n</ul>\n<h3>Assets</h3>\n<p>Typical assets for a Tire and Wheel Services business include:</p>\n<ul>\n<li><strong>Showroom Fixtures:</strong> Display stands and fittings for showcasing products.</li>\n<li><strong>Lifting Equipment:</strong> Essential for lifting vehicles for tire changes and repair work.</li>\n<li><strong>Diagnostic Tools:</strong> Necessary for performing wheel alignments and diagnostics.</li>\n<li><strong>Vehicles and Fleet:</strong> Vital for delivering products and services, though their maintenance can be a challenge.</li>\n</ul>\n<h3>Funding options</h3>\n<p>Common funding options include:</p>\n<ul>\n<li><strong>Bank Loans:</strong> Traditional loans secured against business or personal assets offer a means to access needed capital, however, they come with repayment obligations.</li>\n<li><strong>Leasing:</strong> Financing large equipment or vehicle purchases through lease agreements provides an alternative, allowing companies to utilize assets without ownership burdens.</li>\n<li><strong>Equity Financing:</strong> Involves raising capital by selling company shares to investors.</li>\n</ul>\n<h2>Driver-based financial model for Tire and Wheel Services</h2>\n<p>In creating a driver-based financial model for Tire and Wheel Services, businesses must prioritize strategic financial planning. This necessitates an examination of <a href=\"https://finmodelslab.com/blogs/kpi-metrics/tire-production-kpi-metrics?srsltid=AfmBOorhFFjlA1vCZClrioeQswFKvalTUhgEQsBTzFCgjRalJN519i8a\">key performance indicators (KPIs)</a> that hold the most significance for the industry. For instance, Sales Volume (tracking the number of tires and services sold over time) is vital, but Average Transaction Value (average expenditure per customer transaction) also plays a critical role.</p>\n<ul>\n<li><strong>Sales Volume:</strong> Tracking the number of tires and services sold over time.</li>\n<li><strong>Average Transaction Value:</strong> Average expenditure per customer transaction.</li>\n<li><strong>Customer Retention Rate:</strong> Percentage of repeat customers in a given timeframe, directly impacting revenue.</li>\n<li><strong>Technician Utilization:</strong> Percentage of productive hours utilized by technicians.</li>\n<li><strong>Inventory Turnover:</strong> How effectively the inventory cycles through sales.</li>\n<li><strong>Marketing ROI:</strong> Return on investment for marketing expenditures.</li>\n<li><strong>Gross Profit Margin:</strong> Overall profitability after deducting the cost of goods sold.</li>\n</ul>\n<p>Driver-based financial planning involves identifying key activities that significantly impact business outcomes, building financial plans around these activities to effectively align resources, and achieve desired financial results. If you want to know more about driver-based financial planning and why it is the right way to plan, see the founder of Modeliks explaining it in the video below.</p>\n<p><iframe loading=\"lazy\" title=\"Unleashing the Secrets: Dominating Driver-Based Financial Planning\" width=\"640\" height=\"360\" src=\"https://www.youtube.com/embed/TRMzfKz9OOw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen></iframe></p>\n<h2>The Financial Plan Output</h2>\n<p>The objective of your financial forecast outputs should enable you, your management, board, or investors to quickly grasp how your Tire and Wheel Services business will perform in the future. Furthermore, it should provide reassurance that the plan is well thought out, realistic, and achievable. You must also understand what investment is necessary to implement this plan and what the expected return on that investment will be. To attain these goals, here exists a one-page template to effectively present your financial plan.</p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"/images/cms/WhatsApp-Image-2024-09-27-at-09.52.52.jpeg\" alt=\"Tire and Wheel Services financial plan\" width=\"800\" height=\"520\" /></p>\n<p>In addition to this one-page summary, you will require three projected financial statements: the Profit and Loss Statement, which outlines the company&#8217;s revenues, costs, and expenses over a specific period; the Balance Sheet, offering a snapshot of assets, liabilities, and equity at a particular time; and the Cash Flow Statement, which tracks the cash inflow and outflow from operating, investing, and financing activities.</p>\n<p>A professional Tire and Wheel Services financial model assists you in contemplating your business, identifying resources needed to reach your targets, setting goals, measuring performance, raising funding, and making informed decisions to manage and grow your business effectively. However, achieving these objectives requires careful planning and execution.</p>\n<p>If you need help with your financial plan, try <a href=\"https://modeliks.com\" target=\"_blank\" rel=\"noopener\">Modeliks</a>, a financial planning solution for SMEs and startups or contact us at <a href=\"mailto:contact@modeliks.com\">contact@modeliks.com</a> and we can help.</p>\n<p>Author:<br />\n<a href=\"https://www.linkedin.com/in/blagojahamamdziev/\">Blagoja Hamamdjiev</a>, Founder and CEO of <a href=\"https://www.modeliks.com/\" target=\"_blank\" rel=\"noopener\">Modeliks</a>, Entrepreneur, and business planning expert.</p>\n<p><em>In the last 20 years, he helped everything from startups to multi-billion-dollar conglomerates plan, manage, fundraise, and grow.</em></p>\n","slug":"tire-wheel-services-financial-model-example","date":"2025-02-21T12:34:07","featuredImage":{"node":{"id":"cG9zdDo5NTA1","sourceUrl":"/images/cms/main-image-zoLwGuGo72I.jpeg","altText":"Tire and Wheel Services financial structure"}},"seo":{"metaDesc":"Optimize your business with our Tire and Wheel Services financial model. 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