The electric car revolution is gathering pace, which is fantastic to see as it can make such a big difference to emissions all over the globe. People are becoming increasingly more eco-conscious and discovering the many perks of owning an electric car, so now could be a great time to open up an electric car repair shop. This is a forward-thinking business idea because in the near future these cars will outnumber gas-powered vehicles so you could benefit greatly by opening this type of business now. Here are a few tips which will hopefully help to get the ball rolling.
1. Carry Out Thorough Market Research
As with any new business venture, it all starts with market research, and this is an area which you need to take your time with so that you become an expert. Becoming an industry expert allows you to develop the best possible business plan, know the strengths and weaknesses of your competitors and have a clear understanding of who your target customer is.
2. Calculate Startup Costs & Secure Funding
As with any auto repair shop, there will be a number of startup costs to cover, and you must have everything that you need from the very start. A few of the main expenses include a large enough site, vehicle repair tools and equipment, staff, licensing costs and marketing. Once you have calculated your startup costs, you then need to secure funding with venture capitalists, angel investors and crowdfunding all being good options for this type of venture.
3. Create A Strong Brand Identity & Online Presence
A new business needs a strong brand identity to stand out and get noticed by its target customer. You need to think about the type of branding that would appeal to your target demographic (environmentally conscious motorists) and create a logo, slogan, brand name and general personality that will appeal to this group. Once you have done this, you have to have a professionally designed website with detailed information about your business and use digital marketing to increase visibility. You should also have a presence on social media and try to build a following for your brand before launching.
4. Arrange Motor Trade Insurance
If you are in the motor trade industry, you must have motor trade insurance in place from day 1 – this will protect the vehicles that you have under your care (as well as your own business vehicles) and help to protect your business. You can find the best coverage with a broker such as Tradex motor trade insurance who will be find a suitable policy for your particular requirements.
5. Get Involved with The Community
As an auto repair shop, you will be focused on those that are in the general area, which means that you need to get involved with the local community. Hosting events, attending community events, getting involved with charities and schools and forming alliances with other local businesses are all effective ways to do this.
Starting an electric car repair shop could be a smart business move with motorists making the switch to electric, and these tips should help you to get up and running.