Everybody wants to become a business owner. However, there is one problem – oversaturation. Now, this doesn’t -mean the world has enough entrepreneurs, quite the opposite really. What it does mean, however, is that people only want to get a tech startup going, dreaming of a new Silicone Valley. What people forget about are all the other amazing possibilities, one of them being a car dealership.
Car dealerships are a very effective and lucrative business venture in this day and age. But, know that you can’t just jump into it blind. You need to take a couple of things into account.
Focus of Dealership
The first thing you need to decide on is whether you want your car lot to sell used or new cars, or perhaps both. Know that while selling used cars necessitates a lower starting investment, the return costs are lower as well. Selling new cars, on the other hand, will give you much more money, but you will need to invest a lot more in the beginning. You may even need to take out a loan or a get some sort of external financial support. Combining both could a good choice, or even starting with selling used cars and then moving up to selling new ones.
Ask The right questions and put it on paper
You need to draft up a good business plan. This means having everything, everything, on paper, in writing. No detail is too small. You need to take into account the location, the rent, and costs associated with said location. How many workers will you need in the first month? What about in 6? How much do you want to make – what is the minimum you need to stay afloat and not starve? How much do you need to make in order to be able to invest in your business more?
These are things you need to think about, and you need to find the right answers. However, you don’t have to deal with them alone – asking experts and people with more experience is always a possibility.
Become a true Salesman
In order to start your car dealership properly, you need to learn how to become a real salesman. Now, there’s emphasis on the word “real” here. We don’t mean you become one of those sleazy, in your face, sycophantic salesman found on every car lot ‘round the globe. What we do mean is learn proper people skills. Read a book or two, ask some people for advice. Another option is to hire somebody charismatic to do the selling for you, while you handle the administrative and business-running end of the deal.
Get Your Paperwork in order
This is probably the most tedious and boring part of the work, but it’s necessary none the less. If you want to do things by the book, to not have any minor or greater legal issues, then you need to get all the proper licensing and paperwork done.
Now, this varies from country to country, from state to state, but some things are constant. You need to go to your local administrative office, DMV, whatever. Ask around and pick up all the necessary paperwork. Don’t ignore any of it, doesn’t matter if you don’t have the time or the money to fill them up, you will get into much greater trouble if you don’t.
So there you have it, folks. Starting your own business doesn’t have to be impossible. All you need is the right information, the right mindset, lots of hard work and a little patience.