In 1956, a shop designed to give service for car mufflers and other exhaust parts of a vehicle opened its business. It first operated in Georgia and was named after the legendary King Midas with the golden touch. Thus the Midas service center was born and adopted the slogan “Trust the Midas Touch”. It later branched out to chains, given the name Midas Muffler, to stand for the muffler service for which they are known. In the following years from its establishment, the company became popular as Auto Service Experts. Since then, they have engaged in all kinds of auto service apart from muffler service. They expanded thus to brakes, fluid changes and suspensions. Midas is now franchised to over 17 countries worldwide.
If you want to open a Midas franchise, take note of the following tips:
- Visit Midas’ website and find out how you can apply for franchise. Read the instructions very well. Go to the franchise application page and fill in the application sheet. Be truthful with the data you provide. You may submit your application through email or fax. You may include a request for them to send you information brochures of the company.
- Wait for the result of your application. You may receive a confirmation through email or you may get a telephone call. Should you have deficiencies that cause your disqualification for franchise, act on this matter at once so you will be given reconsideration.
- Pay the franchise fees. Make sure your financial state will qualify you for franchise. You are required to at least have a net worth of 250 thousand dollars and 75 thousand dollars cash liquidity. You need to have management or ownership experience even with other fields, in order to boost your qualification.
- Be ready also to pay a 10 percent royalty fee aside from the 10 thousand dollars yearly franchise fee.
- Avail of loans from Small Business Administration (SBA) or other financing institutions in your area. It is good to note that SBA reports indicate only 4.26 percent pay back failure among Midas loans. Hence loan applicants for Midas franchise are generally well received by SBA.
- Hire employees to serve as your assistants. Start with 10 workers. You may employ more as you expand your business.
- Undergo training at the headquarters of Midas Company a month before you open your store. This training will last for about three weeks. Another two weeks training will be needed in the location where you will operate your franchise.
- Study the security and safety procedures of Midas Company. You may subscribe to newsletters from the main company for updates. You should also attend meetings and conferences so you will be informed with the way things are going in the company as a whole.
- Train your people in accordance with Midas standards. You should be able to do this after you have undergone the month-long training at Midas headquarters.
- Strictly implement the standard operating system of the company among your employees. Do not attempt to divert from these standards as you run the risk of having your franchise cancelled if you are found to be in violation.
Knowledge about your franchising company is a must if you want to successfully operate under prescribed conditions by Midas Company. It is not enough that you have opened a Midas franchise. You also need to maintain your business according to the standards set by the mother company.