Do you have a passion for classic cars? If so, you may have thought about setting up your own classic car restoration business. This is worth considering as it could be an enjoyable way to earn, interesting work and it could be lucrative if you develop a positive reputation. This post will look at a few of the main steps that you will need to take to set up a classic car restoration business.
Carry Out Research on the Current Market
As with any new business venture, you should first spend time researching the current market. You want to learn as much as you can about the industry and the state that it is currently in. In addition to this, you also need to analyse your competitors and try to find a gap in the market to take advantage of. You will also want to learn as much as you can about your target market (classic car owners) and consider the best ways to appeal to this group.
Find Your Expertise & Price Your Service
Based on the information that you find during marketing research, you can then determine what your expertise is and price your service. You want to make sure that you are offering services that will appeal to your target market while standing out from competitors and ensuring that you price competitively -- it can be hard to find the right balance between attracting customers and turning profit.
Buy the Equipment
You will need all kinds of tools and pieces of equipment to start a car restoration business. This can be a major expense, so you may want to look into a business loan to raise the funds required to cover the cost of equipment and any other startup costs that you face. A few key restoration tools that you will need include:
- Hole punch set
- Joggler
- Shrinking hammer
- Vice-mounted V brake
- Stretcher
- Bench-mounted metal folder
- Hammer and dolly set
Get Licensing
You want to make sure that you have all of the required permissions before getting started to ensure that everything is above board. There are various health and safety, fair trading and environmental protection laws in place for this type of business, which means that there will be a few permits that you need.
Market Your Business
You then want to market your business and the key is raising awareness in the classic car community. In addition to having a strong presence online, you should attend classic car shows, network and use flyers and posters to raise awareness about your business.
If you have a passion for classic cars, then starting a classic car restoration business could be a highly rewarding and enjoyable business venture and these are a few of the first steps to take to get set up.