Running a motor trade business can be a great way to make a living.
If you're ever considered but weren't sure where to start then below are some of the main things you need to consider -
The type of business you want to run
There are many types of businesses that operate in the motor trade, from car showrooms to auction houses and MOT garages. When it comes to the type of business you want to run, you should think about where your strengths lie and what you have experience in. A lot of people get started in the motor trade by buying and selling cars. This makes sense since you don't necessarily need to have any prior experience and you can even do this without a premises when you're first starting out.
If you want to do something that requires technical expertise such as repairing or modifying cars, then you'll of course need the right experience and know-how.
Getting the right insurance
A vitally important aspect of running a motor trade business in the UK is having the right cover in place. The main types of cover you can get for a motor trade business are road risks, public liability, premises cover and cover for your tools, stock and cash. You can get motor trade insurance quotes online from sites such as https://www.traders-insurance.com
You are able to get cover for all of the above by getting a combined motor trade insurance policy. Traders-insurance.com combined motor trade insurance cover service enables you to get combined traders insurance quotes from different providers very easily.
Getting a good premises
Another thing you need to think about when starting a motor trade business is getting the right premises. Choosing a good business premises is vital and can be the difference between success and failure. Ideally a premises should be located in a good area, be a good size and be affordable, whether you choose to rent or buy.
Finding good help
Unless you plan to operate a business that you can run on your own then you'll need to find good help. Hiring people for your motor trade business requires to consider a few key things. Firstly and most obviously is the attitude and skills of any potential employees. In addition to having the right skills and experience, you also want to think about things from an insurance perspective. Ideally any staff you hire would be over 25 and have a clean driving and criminal record.… Read more