Not all entrepreneurs start out with a ground-breaking idea that no one else has ever thought about; you can start your own business based on whichever skill set and interests you have, as long as you think that there will be a market for it. One skill set that some people possess but don’t realise, is a real money maker and that is being able to repair and build vehicles. Here, we run through how to make the most of these skills by opening your own vehicle repair service; something that there is always a market for wherever you are.
If you’re lucky enough to have a spacious driveway at your home, you may be able to save money on the costs of an official premise. However, as your business develops you will need space for a few vehicles and room to have professional equipment installed. Finding a roomy garage to rent is a better idea, and it helps to have a separate premise when it comes to registering your business. In terms of equipment, having a car lift installed is going to make your life much easier when it comes to accessing lower parts of the vehicles, therefore it is a must-have initial investment for your business.
Other than your premises and lift, you will of course need a full range of tools. Hopefully, if you already have a keen interest in mechanics, you will have already built up an inventory of the majority of tools you’ll need but remember to use a wholesaler for anything else you need as you’ll save money by doing so.
Staff and Advertising
Besides physical equipment, in order to be able to focus on completing your work in the garage, having a receptionist to take calls, book appointments and advise on prices can be extremely helpful. Consider hiring somebody even just during the mornings and make it clear to customers that appointments can only be made during this time. If customers need your expert advice, schedule in a period of time every day when you can give them a call, as this will really help to boost your reputation. Lastly, just like any business you need to do some initial advertising to help spread the word that your business exists, and what it can offer potential customers. Mechanics tend to build up a regular local customer base, but regular advertising can help this to grow and reach further afield, hopefully resulting in a demand for more branches of your business.
Unfortunately, when setting up any business there are a number of less exciting tasks to complete like ticking all the legal boxes. You must first register your business with the government, or you could face penalty fines for not doing so. Insurance is another must, for your own peace of mind more than anything else, as businesses often face claims from unhappy customers and could lose earnings fighting them. All the equipment you have will also need to be protected, so consider traders insurance which is industry specific and tailored to your business. Finally, open a separate business account for your takings and expenses, as this makes it much easier when it comes to completing your self-employed tax return.
Starting your own business can be such an exciting time but it requires a solid business plan containing points like those above for it to run smoothly, and result in an organised, profitable business. The legalities cannot be forgotten, or you could end up losing everything you’ve worked so hard towards. There is a lot to learn as an entrepreneur and bestfinance-blog.com can give you a real head start with its helpful articles, like ’Things Small Business Owners and Entrepreneurs with They Knew Earlier’.