If you have a passion for restoring cars, did you know you could turn that love into a business? Whether you choose to start off small by investing in, restoring and selling one car at a time or you have much bigger aspirations, here are some of the top ways you can start a successful dealership from your hobby.
The basics steps in creating your business
First things first, you’ll want to set up your business properly. Whether that’s registering as a sole trader or limited company, it’s important to get yourself up and running in the back before you concentrate on the front!
Then you’ll want to take a look at the market. You know you’ll be selling used cars, but it’s good to establish if you’ll be buying, restoring and selling vintage models or more up-to-date ones. That will then determine your target market and how big your customer pool will be.
Top things to consider
Who are your target clients? – This will be heavily influenced by the type of cars you’ll be selling. If you’re buying, restoring and selling vintage models, it’s likely that your clientele will be different to those looking for a more modern car.
Will you follow a business plan? – Having a business plan in place can make starting and running a successful business much easier. You’ll have clear goals and strategies set out from the word go and also something to refer to along your journey.
Will you need specialist insurance? – Yes, absolutely! You’ll need to get yourself a motor trade policy if you’re buying and selling cars, regardless of how small or big your setup is.
Start small and grow over time
There’s no point in jumping in at the deep end and buying an array of different cars only to have no customers initially. The best way is to take one step at a time and start small. By doing so, you’ll be able to build up a solid client base, a good reputation and be able to establish your cash flow.
Get everything you need in order
Not only will you need to get your business plan in place, register your company, get your trade plates and calculate your costs, but if you’re going to restore the cars yourself, you’ll need to invest in the right equipment to do so. Your arsenal of kit is likely to include things such as plasma cutters, jacks and hoists, paints and perhaps even a variety of spare parts.
You’ll want to make sure you have everything in order before you launch your business, but with everything in place, it can only be a success!
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