If you’ve ever thought about starting a business in the motor trade then the guide below should help you figure out what you’ll need to do to get started.
Essentials
- A good knowledge of your industry – In order to make your motor trade business a success, it’s vital that you have a good knowledge of your industry. You should be aware of things like who your main competitors are, as well as having a very clear idea of how you’ll bring in business.
- The right skills – You’ll also need to have the right skills to work in the motor trade. What these skills are will depend on the type of business you want to start. To do anything technical such as working on cars, you’ll of course need to have the right training and experience. Even to buy and sell cars though, you’ll still need to know how to go about it in the right way to make a profit.
- A premises – There are certain types of jobs in the motor trade where having your own premises might not be essential in the beginning. For example mobile mechanics work from their van. However in most cases it’s going to be very beneficial, if not essential, to have your own premises.
- Insurance – In order to run your business legally and safely, you’ll need to get traders insurance. Motor trade insurance quotes can be obtained very easily online so this shouldn’t be too much of an issue, providing you’re eligible to take out a policy.
Getting the right cover
Below are some of the main types of cover you can get –
- Road risks – Road risk insurance is essential when getting a motor trade policy. It will ensure that you and your staff are covered for working on and driving customer vehicles.
- Part-time cover – If you work in the motor trade part-time then you can get a part-time policy that provides cover only when you need it.
- Combined motor trade insurance – A combined motor trade insurance policy is perfect if you have your own premises since it enables you to cover your premises as well as tools, stock, cash etc. in the same policy.