Starting a Low-Cost Cars/Bikes/Mopeds/Scooters (Buy/Sell/Rent) for Campus Kids
Are you eyeing some ventures that provide flexibility and six-figure gross revenue each year? Engage yourself in the business of providing inexpensive vehicles for campus kids.
This promising business takes advantage of the rising fuel costs and the growing number of potential clients diverting to cost-effective vehicles. Read on to learn more about this venture.
With basic skills in business, vehicles, sales/marketing and people-handling, taking off won't be hard. We suggest you start small more so if this is your first time. Contact your state revenue office about registering the business and obtaining permits/licenses. A starting capital of $100,000-$150,000 is enough enabling you to stock a handful of inexpensive vehicles. Various financing schemes are available but choose those with more favorable terms. Shave off your capital requirement by turning your unused vehicles into money-generating ones. Depending on your budget, you may opt for used or brand-new vehicles for sale. Rent/buy transactions naturally involve second-hands. Prices depend on age, performance/quality, purchase/storage/maintenance cost, and brand of each vehicle. Inquire applicable manufacturer's suggested selling, street and average market prices then decide on your pricing schedule. Be mindful that your prices should translate affordability and value. Without capability and experience, stick to buying/selling/renting vehicles; leave repair/maintenance jobs to others.
Here is a run-through checklist of the initial items you need to get started with the business: a showroom/office/garage, inventory (at least 2 brand-new and at least 5 second-hand of each type), basic repair tools, telephone/fax machine, computer, printer, cash register, air conditioner, furniture and fixtures.
Work out an agreement with provider(s) of inexpensive, high quality vehicles. That way, your take off will be smooth-sailing and you won't hurt your bottom line because you can't raise your mark-up so high you'll no longer be “affordable”. Partner with service centers/maintenance shops if you don't provide such services to streamline services. Learn to create healthy relationships with your suppliers, customers, and if you're renting space, your landlord. Tying up with campus and dorm management can help push your products/services to their constituents. Remember that your target customers are campus kids without much in their pockets. Their priority is getting aboard a dependable, low-cost and low-maintenance vehicle for their daily transportation needs.
Position your shop in a place with ample traffic, preferably near campuses and dormitories. If you live within an already strategic location, convert your backyard/garage into your business headquarters. See if you have a good mile non-compete radius (probably 5-10 miles) because a highly competitive market is hard to enter. Strive to be the ultimate source of affordable yet dependable cars, bikes, mopeds and scooters. Don’t invest too much on beautifying your store or advertising but focus on your inventory to keep operation costs low. Use posters/bulletins, word of mouth and Web site/blogs to market your products/services.
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