It is estimated that the motor trade industry accounts for over £64.1billion a year in the UK alone. There are over a million people whose livelihoods depend on the industry. It is a lucrative and highly competitive industry with high prospects of making a tidy profit. However, it is important that you do your research and understand the business before investing your cash and time in it.
Here is a simple guide to get you started
Determine your basic offering
The motor trade business encompasses a number of professions. You can be a car dealer, a set a car repair shop or a body works shop. Determine the type of business that you fit best. Do some research on each of the possible ventures as regards the cost, challenges, and regulations surrounding the business. It is also good to understand basic car mechanics, learn about the industry trends and identify some of the would-be competitors to your business.
Register the business with the relevant authorities. Ensure that you have a business permit, tax certificates, and motor trade insurance cover from leading insurance companies such as www.onesureinsurance.co.uk/motor-trade-insurance. Determine the best business structure for your annual tax returns.
Look for funds
You can fund your business from a number of sources. The best source of finance is usually your savings. However, you can seek small business funding from government or financial institutions that offer such a product.
Consider writing a business plan even if you are financing the business from your pocket. The plan helps you allocate the funds accordingly. The financial institutions require the business plan to determine the ability for the business to pay back the loan.
Brand and market your business
Once you have set shop and bought the required equipment, you need to start looking for clients to buy your service or product. Start with the basics that include creating a brand name, a logo, and company colors. You may then write a signboard and have some flyers explaining the services that you offer.
You can then market your service online by setting up an account on social media platforms like Facebook, Twitter, and Linked In. You should also have a site where you give the details of your business as well as the products.
You can hire a few employees to help with the service delivery. Pick qualified and customer oriented staff to raise the status of your business. As the time goes by, you can also buy trade licenses to avoid having to tax every vehicle that comes in your possession.
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