Mechanic businesses have been around since cars were first invented. We will always need someone to fix our vehicles and maintain their systems. You could start a new career path or choose to be a mechanic straight out of school. Once you are fully trained, you can start your own mechanics business.
Follow this quick guide to set up your mechanics business in 2022.
Planning
You need to make a detailed business plan with a timeline, budget and goal outlined. Think about initial funding methods – from personal savings to loans. Research the different kinds of car maintenance and whether you want to specialise or not. Make a plan, and don’t be afraid to change it over time. Things don’t always go to plan, and you may find yourself on a different path after a while.
Initial costs
There are a few initial costs involved with setting up a mechanics business. You need to acquire licenses, marketing materials, insurance costs and much more. You need to think about the location of your business and whether you can afford to rent a warehouse. The total cost of setting up a mechanics business is around £263,000. You could split these costs with a business partner or reach out to investors. You can also make money as a mechanic as you set up the business. You don’t need to have all of this money saved up at once.
Equipment can take a huge chunk out of your budget. You need high-quality tools to fix various mechanical issues with your customers’ cars. For example, an engine hoist is used to lift the car’s engine, and a trolley jack lifts the vehicle from the ground. These heavy-duty tools are essential for any mechanic business. You can’t fix a car with only half the tools.
Getting a loan
You could apply for a business loan to help with the initial costs of opening your business. The loan could cover the deposit on your warehouse and initial expenses. Once you start earning money from the business, you can make repayments on the loan. Stay on top of your repayments to avoid fees and financial problems down the line.
Developing a client base
Once you have the funding, licenses, and location, you need to find your clients. Local businesses tend to grow through word of mouth. Ask your friends and family to spread the word about your new business in the local area. They could recommend your mechanic shop to friends and leave positive reviews online. Make sure your customers are happy with your repair work to avoid negative reviews. As your business grows, you can look into marketing materials and promotions for repeat customers.
Start your mechanics business in 2022 with this quick guide.