The automotive industry offers entrepreneurs tons of profitable opportunities. As a car enthusiast, familiarize yourself with these opportunities. If you still love cars as much as your first drive, you can combine your passion for cars with entrepreneurial success. The most successful automotive business owners use their passion to drive their companies forward on a daily basis. If you want to turn your passion into profitability, continue reading and learn how to start your own automotive business.
Get ASE Certified
Another necessary step to take when starting your own automotive business is to get ASE certified. Many car enthusiasts skip over this step because it is not required of you to earn an ASE certification. However, it will benefit your business on various levels. Firstly, you can decrease your liability insurance with a certificate, making your startup expenses less costly. Furthermore, business owners that are ASE certified bring in more customers than their uncertified competitors. Car owners feel better about leaving their car with certified professionals. Therefore, getting ASE certified decreases your costs and increases your sales. Earn your ASE certification to guarantee automotive business startup success.
Determine A Business Entity
To begin starting up your own automotive business, choose a business entity. There are multiple business structures to choose from. Such structures consist of sole proprietorship, partnership, LLC (limited liability company) and corporation. Since each business entity type requires different qualifications, you need to decide on one before learning how to start an LLC. Car enthusiasts who choose to establish a partnership fill out different paperwork than those who choose to form an LLC. Choose a business entity type between LLC vs LLP, fill out the correlated paperwork and continue on in your startup journey.
Decide On A Shop
In order to make sales, you need to obtain a space to conduct your business. You have two car shop options: new and existing. If you decide to open up a new automotive shop, you have the power to design it according to your vision. However, you also have to purchase all of the necessary equipment and pay for any construction you need done to the space. Entrepreneurs who purchase already-existing car shops have lower maintenance costs. They do not have to purchase nearly as much equipment or pay for construction work. Budget your money to determine which option best suits your automotive startup.
Create A Business Plan
You must also create a business plan to start your own profitable automotive business. Then, you can set yourself goals to work on your favorite cars or customer cars. Set yourself financial goals that are both realistic and slightly difficult to achieve. In doing so, you will push yourself to make more sales and market your new brand efficiently. Include customer service goals in your plan to establish a positive reputation as a local business. When you provide quality service, other customers will refer you to people in their networks and communities. To keep up with increasing demand, create a timeline for hiring staff in your business plan as well. By creating an organized business plan, you will set yourself up to achieve your startup goals.
Market Your Shop
Once established, market your shop to locals and nearby towns. If you want to guarantee a successful opening day, you need to implement marketing strategies on various channels. While hanging up fliers around town does catch some local consumers’ eyes, many consumers find out about new businesses in other ways. To truly draw attention to locals, put up a large sign outside of your shop that displays your opening date. Then, car owners who are driving home from work will gain knowledge of your new business. Use social media to advertise your startup. That way, consumers who do not drive by your shop can learn about your services too. Market your automotive business prior to your grand opening to intrigue customers.
If you want to use your passion for cars to earn a good living, start your own automotive business. To do so, first determine the type of business entity that best fits your needs. Then, get ASE certified to reassure customers that your services are of high quality. After that, either purchase a new space to renovate or buy a pre-existing car shop to make your own. Create a business plan to set goals for your new business. As your shop nears its grand opening date, advertise it both digitally and in-person. If you follow these steps, you can start your own automotive business and profit.