If you are thinking of ways to turn your passion into a lucrative career, why not think about restoring cars and selling them on. Or, it may be that you want to enjoy the process of transforming an old car back to its former glory. If you’re serious about starting a business, what should you consider?
Research the market
The car restoration market is competitive. But that doesn’t mean there isn’t a need. Try to find out how many other businesses are operating that specialize in what you are planning to offer. If there are, think about how you can provide something different and unique.
Look at their prices and consider if you could offer discounts or extra services to entice customers to use your company.
It may be helpful to engage in some conversations or activities to find out what people want. There may be a gap in the market that you could fill. It may be that you wish to specialize in specific makes of cars such as Ferraris. The used sports car market is a lucrative one, and you could offer restoration services and then use a company to sell it on for you. Research companies by typing in sell my Ferrari into Google to discover businesses that will help you get a good deal for your restored car.
Budget
Once you’ve established who your competitors are, you can make a list of everything you will offer. If you provide a complete restoration service, you need to create a budget for all materials you will need and compare prices from retailers.
Decide where you will have your workshop and look around for appropriate premises. Be sure to include this in your budget as workshops vary in price, and you’ll want to avoid overspending if you are starting out.
Prices
Once you’ve decided what you’ll be offering, you need to make a price list. It’s a personal choice whether you choose to charge potential customers a higher price. Still, it’s helpful to remember that you may need to keep costs lower than competitors initially while establishing your reputation and building a customer base. That being said, if you are offering a niche service, such as restoring specific sports cars, then your customers will expect to pay more than average.
Advertising
When it comes to advertising your business, you should utilize the internet as much as possible. The technology revolution means that many people look for information via websites, social media and other forums. Digital marketing is a must for any business.
Firstly, concentrate on making your website slick and easy to navigate. Give enough information without making the landing page look cluttered. If your business is niche and offering specialist services, be sure to create a website that reflects that. If you’re struggling with ideas, you could contact a graphic designer who can help you get your website up and running. You should also post your information on social media as this is often the first place people will explore for products and services.
Restoring cars can be incredibly satisfying, especially if it’s much a loved hobby. With a business mindset and clear objectives, it’s possible to build a lucrative and thriving company.