Starting an automotive or motorsport business, or any business for that matter, can be difficult. It’s survival of the fittest when it comes to who succeeds and who doesn’t. The key to launching a successful new business is to be prepared and know what you’re getting yourself into.
Below are some tips for starting your own automotive business from marketing through to equipment.
Make sure you know what you need
Presumably, you’re experienced in this area and know how to operate a business in your chosen niche. You’ll know what tools are required to complete the work. For example, if you’re working with large vehicles, you may need a heavy duty trucks lift. If you’re going to be working on modern cars, you’ll need a diagnostic kit, and if you’re going to be offering a detailing service, you’ll need all manner of tools and products.
Make a list of what you’ll need as it’s important to include quantities and costs in any planning you do.
Whether you need funding to get started or not, a business plan is a good idea. It’ll set all your goals and plans out so you have something to work from as you launch and grow your business.
Get the right help
Whether you’re looking for an automotive marketing consultant, or just need staff to help on weekends, don’t shy away from hiring the help you need. Staff do cost money, which can look a lot on a cash flow forecast but it’s worth it in the long run. You have to spend money to make money, and all that.
I’ve worked on business plans where the owners have assumed they’re going to be busy from day one. Be realistic, these things don’t go from 0-11 overnight. Allow for slow growth and work out how you can speed it up.
Think about marketing and advertising
It’s all good and well running your business effectively and efficiently but people need to know about it too. Make sure to have a think about how you’re going to reach new customers. Think about the kind of people who will use your business. What magazines do they read? Where do they live? Where do they hang out? Knowing the answers to these questions will help you to devise a plan that will reach relevant people.
What do you think is key to consider when setting up an automotive business?