If you have worked in the motor trade for a while and are thinking of setting up your own business then it’s important that you have a clear plan of action in order to give your new venture the best chance of success.
Running a successful business requires a lot of hard work but also a good amount of knowledge when it comes to the key decisions you’ll need to make. Below are some of the most important things you need to consider when starting out.
Premises
The premises you choose for your motor trade business is very important. The type of premises that’s best will depend on the type of business you plan to start. If you’re looking to open a car showroom for example, then you’ll want to choose a very spacious premises that’s ideally located in an area that’s very easy to find.
Another key decision to make where the premises is concerned is whether you will buy or rent. In most cases, it’s a good idea to rent at first and then invest in the premises once you’re 100% certain that you’re happy with it.
Insurance
Insurance is another thing that all motor trade business owners have to take out. Motor trade insurance policies can be highly tailored to your specific needs so you should think carefully about where your biggest risks will come from and choose a policy that suits.
A combined motor trade insurance policy will enable you to protect every aspect of your business, including customer and company vehicles, your premises and stock, tools and cash. Anything that enables you to save time and money should always be welcome so a combined policy is highly recommended.
Staff
Hiring the right staff is another key part of running a thriving motor trade business. You need to not only consider the skills and experience of any candidates you interview but also whether they would fit in the working environment and be a good representative of your company.
Some practical considerations of hiring staff for a motor trade business include their age, experience, driving history and personal background. It’s always recommended that you do checks and hire people who are pleasant, skilled and experienced. This will help your business to succeed and keep your insurance costs down.
