With quite a bit of money saved up and much more time to do some research, you’ve finally decided to set out on your first few steps of becoming an investor and building your fortune.
Although most people believe that the most challenging part of investing is putting the necessary capital together, the truth is that choosing where to put it is much harder. Now that you have your capital, you’re probably having a hard time selecting the best route to take so that you can start seeing returns.
There are a thousand different industries and businesses to choose from. As you weigh your options and see their respective pros, cons, reports, and opportunities, you’ll end up asking yourself a question that makes sense for any Canadian investor-to-be: Should I invest in the car wash industry?
Investing In the Car Wash Industry
Considering that you’re definitely going to want to rake up your ROI, you’ll most likely want to get into something that is absolutely stable with an upward trajectory. In the case of both the modern Canadian economy and investment landscape, one key sector that measures up is the car wash industry.
With more drivers in the Great White North being particular about the shine and sheen of their vehicles (and the country’s weather not helping at all), car washes are as active as ever. Fortunately for investors, the industry has a tremendously low barrier to entry, making it a viable option on top of the potential gains that lie ahead.
Making a Return on Your Car Wash Investment
Although it may seem like a left-field option for most investors, there are many reasons to dip your toes into the car wash industry. To best illustrate why such a move is lucrative, let’s look at some of the most critical points to consider:
1. Car Wash Optimization and Scalability
One of the strongest points of the car wash industry is its propensity for optimization and scalability—both moves which have proven to be exceptionally cost-effective in recent years.
Through the help of planning and good execution, a car wash business can be scaled to provide steadily increasing revenue with the help of various tools, approaches, and management systems. This is further accelerated by the fact that car wash technology is constantly evolving, so you can expect new efficiencies and ways to boost output!
2. Car Wash Industry Growth
The car wash industry is at the position it’s in thanks to the massive period of growth it has been experiencing over the years. Driven largely by the popularity of unlimited wash plans, growing demand, and the rise of the express exterior tunnel business model, the current levels of industry growth are at all-time highs—with much room for more!
This key investing point is best demonstrated by the fact that the industry achieved a 3.6 percent compound annual growth rate (CAGR) in revenue from 2013 to 2018. At the rate that the car wash sector is currently thriving, it’s expected to grow to a predicted CAGR of 3.2 percent through 2025.
Among the many industries you can stake your claim in and make a significant amount of profits with, one of the most promising is the Canadian car wash sector. Through the help of the correct methods, the best equipment, and a proper business blueprint, you can be the next to make a killing with high-demand services, soap, water, and an ever-present need for cleanliness!
CCW Solutions’ team of car wash builders in Calgary can fit your business with the best gear to perform your treatments to your customers. Get in touch with us today to discover the wide selection of logistical improvements that we offer!