Setting Up A Motor Trade Business

September 28, 2017   Business

If you have a passion for cars and like the idea of starting your own business then setting up a motor trade business could be the perfect fit for you.

Below are some of the most practical things to consider.

What you need to get started

  • A plan – You’ll certainly want to think about how you’ll make your business a success before you get started. You don’t necessarily need to write out a hyper-detailed business plan but you should at least outline things like what your biggest overheads will be, what competition you’ll have and how you’ll go about finding customers.
  • The right insurance – As soon as you start operating as a motor trade business, you’ll want to make sure you’re covered by getting a good motor trade insurance policy. Motor trade insurance is typically very flexible and you can even get part time policies from sites such as https://www.cleangreencars.co.uk if you don’t intend on working full time as a trader to start with.
  • Expertise – In order to make your business a success, you’ll certainly need a minimum level of expertise. In order to work as a mechanic for example, you’ll of course need to have a trained and have a good working knowledge of cars and other types of vehicles. Even if you intend to buy and sell cars i.e. something that doesn’t necessarily need technical skills, you’ll still need to know where to buy, what models you can make the most profit from and how to deal with the legal side of things.

Expanding your business

Once you’ve established yourself a bit, you’ll want to expand your business. There are a couple of ways to do this, including –

  • Hiring employees – Once your business has enough customers, you’ll want to take on employees to help you run it. When looking for employees you’ll typically want people with the right attitude, who have a good amount of experience in the industry and who don’t have any past convictions.
  • Getting a premises – Getting a premises for the first time can be a daunting step for any new business owner but providing you go about it in the right way and do your research, it doesn’t have to be a stressful thing.