Owning a business, for most people, is an integral part of achieving the American Dream. It is used as a path to financial success and will introduce the owner to other ventures or businesses in the automotive industry.
If you are passionate about cars and have the ability to do your own repairs, you can easily start your own auto repair shop. You are your own boss, you set the hours you and your employees work, you are in charge of setting the right prices, and you have full control over how your career as a business owner and a mechanic will go about in the future.
What are the things you should think of first?
In venturing into any business, there are many things to be considered. Do you have the time? The capital? Space? Those are just a few of the most basic things you should consider before opening your own auto repair shop, or any business for that matter.
1. Do you have the time to manage the business?
If you are currently juggling working a full-time job and managing your family at the same time, you could be wondering if you have the time to run the business you are thinking about. Say, you are good with cars, and you love tinkering with them, but are you willing to give up some aspects of your life to make your passion for cars a source of income?
Managing the business cannot be the only thing you are worried about when pressed for time. There are also high chances that you will lend a helping hand to the auto repair shop’s actual workspace.
If you are not in for giving up the security a full-time job provides, you might want to look for other people who can manage and watch over the future business for you. But these individuals do not come without cost.
2. Do you have the capital?
The least-entertaining part of starting any business type is the part where you have to shell out cash. Given that it is inevitable, letting hard-earned cash in thousands is never an easy thing to do. Revy Solutions found that starting an auto repair shop can cost an owner more or less than 50,000 dollars. The amount includes diagnostic machine costs, space rental fees, tool set prices, vehicle lift, and insurance costs.
Those are the most basic needs your future car repair shop needs. Top the amount off with employee salaries, marketing budget, and utility bills, and you will need some thousands more to run the shop properly.
3. Do you have the right space in mind?
A good location can influence a business’s visibility and marketability, the more reachable you are to consumers, the more they are likely to pick your services. This is especially true if a car breaks down in the middle of a major road and sees your strategically placed auto repair shop by the roadside. They are extremely likely to ask for your help.
Placing your auto repair shop in a densely populated and high-traffic area can greatly help your business. Placing in the suburbs can do very little for your business because you will be relying on your neighborhood’s car problems—which are highly unlikely, especially if they work in urban areas and spend most of their time using their car there.
If your answers to those three questions led you to a stage of planning where you think opening your own auto repair shop is possible, you could start reaching out to a virtual marketing officer who can help you come up with business goals. Reaching out to one is ideal if this venture will be your first one because you would want every step you take towards opening your own business a sure one.
When is the right time?
Car breakdowns have no regard for time. They happen anywhere and anytime. There is no perfect timing to open up a business that solves car problems because they never go away. But if you really want a timeline, we suggest you start opening your repair shop when you are ready to put in the hard work of making the venture successful.
There is no rush when it comes to starting any business. What is important is that you are all set to serve your customers, and you are ready to rise against your competitors. There is a sea of car repair shops—and working to get a name will need a lot of work.