Six Tips When Setting Up a Motor Trade Business

Six Tips When Setting Up a Motor Trade Business

Starting out in the motor trade industry can be daunting, and the field is highly competitive. Follow our helpful tips for a successful business.

1. Research

Analysing the market can be crucial when it comes to deciding what sort of business to found – anything from a small valet service to a second-hand car showroom.

Understanding car mechanics, industry trends and vehicle value will all pay dividends.

To position yourself well in the market, carry out competitor research. Think about how near you are to rivals, foot fall and space before you start.

2. Creating Your Brand

You need a good strong name and branding to succeed. Consider the message your business is trying to convey. Will you present yourself as a tiny family business or a slick contemporary firm? Remember to check that no one else is using your name.

Six Tips When Setting Up a Motor Trade Business

Branding can be as simple as choosing three complementary colours and incorporating them in your logo, decor and advertisements. You also need to consider whether you are going to offer any additional services such as a mechanics hub or sell car related products. If this is the case you may want to look at contacting a Pallet Racking Ireland company to ensure that you have all of your items stored safely . rackzone pallet racking may be one such company.

3. Funding and Finance

Funds are available from the government for those starting up in business. Applying for such funds often means writing a business plan.

Remember to budget for eventualities which may arise such as fines, tax or refunds.

Be sure to protect yourself by taking out suitable business and motor trade insurance.

Motor Trade Insider has some suggestions here:

4. Tax Matters

If you are a self-employed trader, you now have to file tax returns. So keep tabs on your financial situation. It’s a good idea to hire an accountant early on.

5. Insurance

By law you have to have insurance. It must cover you, your business and your clients. Note that home insurance often doesn’t cover home motor trade businesses.

6. Get Online

Establish a website – it is an excellent way to gain new customers. Online recommendations are testament to your customer service and can grow your client base. Sites such as Moonfruit, Site Builder and Go Daddy offer help setting up a website.

Meanwhile, you can offer discounts and vouchers on your web page or use Twitter and Facebook to attract new clients.

If you are an auto-trader, think about using sites such as Autotrader and eBay to advertise your cars.