There’s a certain lure that the car industry gives you. If you were to become a sales rep for a company, you would earn your own salary plus a lot of commission, and it just lures you in. If you’re a car enthusiast, the thought of being able to work in a garage and tinker around with the cars will also lure you in. But what about those of you who are craving something more? Setting up your own car business might seem like mission impossible, but do you even know what would be involved? Everyone knows that it’s going to be hard, but we don’t think there is a company out there that isn’t hard to set up. With the car industry however, you will face a set of unique obstacles, but if you see them as more of a challenge, and not a setback, then it only makes the whole startup process even more fun. If it’s something you’d like to consider, keep on reading, and we’ll give you some pointers as to how hard it might be to set up a car business, and how to overcome the struggle.
The Legal Issues
The legal issues you’ll face might be a little more unique for a car business. For one, you’ve got the constant trading that you’ll be doing that should definitely be covered by insurance. You could easily get traders insurance today, you’d just have to make sure it covered you for pretty much everything as some companies do rip you off in that respect. The other thing you need to be super careful for is the cars you would be modifying or selling. If anything were to go wrong with that car that caused an accident and the work you did on it was the problem, you would be in for a whole world of trouble. You have to make sure you’re covering yourself for anything you could be liable for, but more importantly, you need to test and test again before you sell a car, or give it back after making repairs.
The Financial Issues
You have to wonder how companies get it going, especially those who are looking to open a dealership. Well, the truth of it is, you get a loan and buy some second hand cars. You have to go secondhand because this is where you can make your money to begin with. If you were to sell ten cars at a couple of thousand more than what you bought them for, you start to realise how much money you can make. You can then buy a few more cars, and a few more after that, and before you know it you have money coming in that will allow you to pay the loan off.
The Sale Issues
We think that any business is going to go through something like this, but it can be super stressful if it happens to you. To ensure you’re going to get sales, make yourself known from the start. Advertise your business before it’s even set up, and don’t stop advertising it until you’re bringing in the custom you need. With cars, a lot of your sales will spread by word of mouth.