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8:T22a3,{"id":"cG9zdDo3Mzc3","title":"Oil Change and Quick Lube Services Financial Model Example","content":"<p>Our Oil Change and Quick Lube Services Financial Model Structure covers all the essential aspects you need to consider when starting or scaling a Oil Change and Quick Lube 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<p>When launching or advancing an Oil Change and Quick Lube Services business, a solid financial model is crucial. It outlines typical revenues, direct costs, employees, expenses, and assets that you must consider. Beyond the fundamental components, this model can also spark ideas for new and profitable revenue streams that can enhance your business’s financial health. However, it requires careful analysis. Utilizing an Oil Change and Quick Lube Services financial model helps in achieving a well-rounded business strategy.</p>\n<h2>The Oil Change and Quick Lube Services Financial Model Structure</h2>\n<p>These elements are interdependent and although they seem straightforward, they demand attention to detail. Because of this, proper planning is essential for long-term success.</p>\n<h3>Revenues</h3>\n<p>The conventional revenue streams for an Oil Change and Quick Lube Services business encompass:</p>\n<ul>\n<li><strong>Oil Change Revenue:</strong> This revenue is derived from the total number of oil changes performed, which is then multiplied by the price per service.</li>\n<li><strong>Filter Replacement:</strong> Income generated from the replacement of oil, air, and cabin filters is calculated by multiplying the number of replacements by the price per filter.</li>\n<li><strong>Fluid Top-Offs:</strong> Earnings are obtained from topping off essential fluids such as brake or transmission fluid; this is calculated in a manner akin to filter replacements.</li>\n<li><strong>Tire Rotation:</strong> Fees are collected from the rotation of customer tires, multiplied by the quantity of services rendered.</li>\n<li><strong>Advanced Diagnostic Services:</strong> Revenue is garnered from more thorough diagnostic checks or advanced services. However, some may overlook this aspect. Although these streams provide substantial income, they can fluctuate based on various market factors and this variability must be considered.</li>\n</ul>\n<h3>Cost of Goods Sold</h3>\n<p>The costs associated with these revenues include:</p>\n<ul>\n<li>Oil and Lubricants</li>\n<li>Filters</li>\n<li>Fluid Inventory</li>\n<li>Tire Rotation Tools</li>\n<li>Diagnostic Equipment</li>\n</ul>\n<h3>Employees</h3>\n<p>Employees typically required in this business, which is essential for smooth functioning, include:</p>\n<ul>\n<li><strong>Technicians:</strong> They perform oil changes, filter replacements, and other necessary services.</li>\n<li><strong>Service Manager:</strong> However, oversees daily operations and ensures quality service.</li>\n<li><strong>Receptionist:</strong> Manages customer interactions and scheduling, although this role can be quite demanding.</li>\n<li><strong>Marketing Specialist:</strong> Focuses on promoting the business to attract new customers because effective marketing is crucial for growth.</li>\n</ul>\n<h3>Operating Expenses</h3>\n<p>Typical operating expenses include:</p>\n<ul>\n<li>Rent</li>\n<li>Utilities</li>\n<li>Employee wages</li>\n<li>Insurance</li>\n<li>Marketing and advertising</li>\n<li>Equipment maintenance</li>\n<li>Office supplies</li>\n<li>Training and development</li>\n<li>Software subscriptions</li>\n<li>Licenses and permits</li>\n</ul>\n<h3>Assets</h3>\n<p>Assets needed often include:</p>\n<ul>\n<li>Service bays with lifts</li>\n<li>Tools and machinery</li>\n<li>Office equipment</li>\n<li>Computer systems and diagnostic equipment</li>\n<li>Inventory storage facilities</li>\n</ul>\n<h3>Funding Options</h3>\n<p>Common funding options are:</p>\n<ul>\n<li>Bank loans</li>\n<li>Small business grants</li>\n<li>Venture capital</li>\n<li>Personal investment</li>\n</ul>\n<h2>Driver-based Financial Model for Oil Change and Quick Lube Services</h2>\n<p>A truly professional financial model for an Oil Change and Quick Lube Services business relies on <a href=\"https://www.garageplug.com/blog/how-to-start-a-profitable-automotive-oil-change-business\">operating KPIs</a> (drivers) relevant to the industry. Here are some examples:</p>\n<ul>\n<li><strong>Average Ticket Price:</strong> This is the average revenue per customer visit.</li>\n<li><strong>Customer Count:</strong> Number of unique customers served during a period.</li>\n<li><strong>Service Throughput:</strong> Number of services completed in a given time.</li>\n<li><strong>Utilization Rate:</strong> Efficiency of service bays or workers.</li>\n<li><strong>Customer Retention Rate:</strong> Percentage of repeat customers.</li>\n<li><strong>Average Service Time:</strong> Average time taken to complete a service.</li>\n<li><strong>Technician Efficiency:</strong> Productivity of each technician.</li>\n</ul>\n<p>Driver-based financial planning involves identifying key activities that impact business results and building financial plans around them. This approach establishes relationships between financial outcomes and needed resources such as personnel, marketing budgets, and equipment.</p>\n<p>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 financial forecast outputs should enable you, your management, board, or investors to quickly comprehend how your Oil Change and Quick Lube Services business will perform in the future. It should provide comfort that the plan is well thought out, realistic, and achievable. Furthermore, understanding what investments are needed to implement this plan—and what the returns on those investments will be—is essential. To achieve these aims, here is a one-page template for effectively presenting 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=\"Oil Change and Quick Lube Services financial plan\" width=\"800\" height=\"520\" /></p>\n<p>Apart from this concise summary of your plan, you will also need the three projected financial statements:</p>\n<ul>\n<li>Profit and Loss</li>\n<li>Balance Sheet</li>\n<li>Cash Flow Statement</li>\n</ul>\n<h2>Oil Change and Quick Lube Services Financial Model Summary</h2>\n<p>A professional Oil Change and Quick Lube Services financial model aids in thoroughly considering your business, identifying necessary resources to achieve your targets. Setting goals, measuring performance, raising funding, and making confident decisions to manage and grow your business is crucial. However, this model also helps in understanding market trends because it provides insight into operational efficiency. Although it may seem complex, the benefits far outweigh the challenges.</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":"oil-change-quick-lube-services-financial-model-example","date":"2025-01-14T08:56:15","featuredImage":{"node":{"id":"cG9zdDo3OTA4","sourceUrl":"/images/cms/getty-images-LksZATa_IoE-unsplash.jpg","altText":"Oil Change and Quick Lube Services business plan"}},"seo":{"metaDesc":"Optimize your Oil Change and Quick Lube Services financial model with precise insights. 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