You probably know that the motor trade industry is very competitive, but that doesn’t mean that you can’t get involved in it if it’s something you’re interested in. You must do your research and understand the market to begin with, so make sure you don’t try to start out with any prior knowledge.
The good news is you don’t need to make this your full time gig right away if you’re not sure about it. Many people choose to set up as a part time motor trader to see how they get on.
Working part time also means you can continue getting income from elsewhere to help fund your new exciting venture, if that’s what you feel is best. If you’re confident that you’re going to go far, by all means, start out full time! You will need to dedicate yourself to the idea if you do start out full time, as it’s quite a risk.
If you’re intrigued, here’s how you can accelerate your success with a motor trade business:
What Kind Of Motor Trade Business Do You Want?
There are a number of different businesses you can choose to start in the motor trade industry. For example, a couple of popular choices include sales, repairs, and maintenance. Which one of those do you think you would be best at and enjoy the most?
You can also potentially operate from home, but you may require a premises depending on how much room you have and what you decide to do. If you do decide to go part time then you might want to wait until your business has taken off a little before finding a premises to set up in. There are many motor trade salesmen who do so from their homes.
Getting Motor Trade Insurance
Insuring your business is an absolutely essential part of it all. Not only is it a legal requirement, it helps to protect you and your assets. You may need a specialist motor trade insurance broker if you’ve chosen to go part time. If you’re panicking, wondering ‘How can I get cheap motor trade insurance?’ don’t! There are many brokers out there who offer competitive deals.
Now you know what kind of business you want, you need to start researching so you know all there is to know about it. Knowledge is power! Of course you’ll learn as you go along, but don’t try to wing it from the get go.
Make sure you look at your competitors. Research their offers, when they’re open, who goes to them, where they are, and anything else that will help you figure out how to stay a cut above them.
Compare suppliers so you know you’re getting the best deal. There are many out there, and you want to ensure you’re getting high quality supplies along with a good price. Bear in mind that going for the cheapest price may mean that you compromise on quality.
Research your target audience so you know exactly who they are and how you can reach out to them. If you don’t know exactly who they are and where you can find them, you won’t get as much business as you’d like. Both offline and online marketing is important, but putting a focus on online should give you an edge. Everybody uses the internet to search for things these days!
Creating A Business Plan
Once you’re sure you know all there is to know, you can begin creating your business plan.
There are so many guides on creating one online, so don’t worry. It isn’t the most exciting part of starting a business but it can help with a number of things.
In your business plan you’ll need to consider how you’ll go about funding your business; will you use your own money or get an investor? Taking out a business loan could be an option, but it’s likely that lenders will want to see a business plan if you have one, so they can feel confident they will get their investment back. Make sure you take the time to do this.
Come Up With Your Name And Branding
You need a memorable name for your business. It should be both catchy and clever so people remember you. It’s a good idea to make sure you can get the domain name for the website before you settle on a name, as you’ll likely want your web address to be the same!
Do you think starting a motor trade business sounds like a good idea for you?