Things to Consider Before Opening Your Second Shop, Part 4
I heard a statistic years ago (can’t remember the source) that stuck in my head and my experience working with shops over the years has reinforced it. The average shop owner makes 3% net operating profit. Meaning that the shop that does $1 million in annual sales nets about $30,000 at the end of the year, before taxes.
Direct Mail Campaigns: Targeted Marketing Strategies, Part 2
In the January/February issue of Shop Owner magazine, I discussed why I believe direct mail is the most effective advertising tool for shop owners. This month, I’m going to provide some guidance to help you measure your direct mail campaign efforts.
Direct Mail Campaigns: Targeted Marketing Strategies Yield Great ROI
For repair shop owners, advertising was once as simple as buying a large advertisement in the local Yellow Pages. Those bulky directories were the best way for customers to locate a shop when they needed repairs.
Things to Consider Before Opening Your Second Shop, Part 3
If you talk with my wife or my clients, you would quickly learn that I have issues regarding control. I want to have control of my life and my future, and knowing the individuals who run automotive service businesses as I do, I know that control of your life, control of your destiny and control of your property is very important to you as well.
Tips for a Successful Direct Mail Campaign
Advertising can be a great way to drive business, but the key is finding the right vehicle to spread your message. What I really wanted was a compelling way to reach the highest-caliber customers located closest to my shops. Direct mail allowed me to achieve that goal. I was able to target higher-income households within two miles of my shop.
Don’t Assume That Person is Qualified to Handle Your Social Media
There seems to be a common misconception in the business world that because “new media” involves technology, college-age people are automatically qualified to manage it. Don’t make this mistake! At the very least it could cost you wasted time and resources. Potentially, it could wreck your company’s hard-earned reputation.
The Real Art of Advertising: More Than Pretty Pictures and Catchy Phrases, Part 2
In the September/October issue of Shop Owner, we introduced the “new” art of advertising in a modern market, and presented strategies automotive repair shop owners can use to corner their market, maintain loyal customers, and expand their shops’ value and customer base.
Business Maintenance for Peak Performance: Internal Analysis will Rev Up Your Business, Part 1
From my experience, cars and companies have a lot in
common when it comes to keeping them running smoothly
and achieving top performance. The owner’s manual for any business is the strategic plan that has been developed. The
gauges are the financial reports that are generated on a daily, weekly, monthly, quarterly and annual basis.
The Falsehoods of Credit Card Terminology
The statement you receive from your credit card processing company every month or quarter contains a lot of complex information. There are words and numbers everywhere that may or may not mean what you think. Understanding your statement, what you are being charged and why is critical to being an informed shop owner and may even save you a lot of money.
Things to Consider Before Opening Your Second Shop, Part 2
As part of your business plan, you need to determine who you’re “A” customers are and do some demographic research to determine where they live and how many of them there are in a given five-mile radius.
Protecting Your Business with Non-Compete Agreements
Non-compete agreements are a great way for business owners to protect an employer’s reasonable competitive business interests. These agreements can also be utilized to limit post-employment competition provided that the agreement is reasonable in terms of geographic limitations, duration and type of activity restrained.
The Buck Stops Here
Some business owners and managers continue to be stuck in the past. They fail to realize by squeezing out the last drop of productivity, cutting their overhead to the bare bones, trying to cut costs, working harder, and continuing to do business the same way with the same old customers and the same projects won’t cut it today.