Are you in the process of setting up a business in the auto industry? Follow these tips to ensure a successful start and futureproof your plans despite the challenging economic climate.
- Research the market
Business success relies on having a unique selling point making you an attractive prospect for customers. This could be lower prices, rapid service or innovative products. To identify areas where you can be ahead of the competition, research the market to analyse existing companies and what they offer. You can use this information to position yourself as a needed solution within the market.
Use simple online research to compare companies on key metrics such as pricing, customer service score and product offering, weighing up strengths and weaknesses. Consider the target market for each business and determine which audience you wish to prioritise. You can also ask friends and family what they look for in an auto business and focus on satisfying these needs.
- Build a business plan
Using your market research, build a comprehensive business plan which outlines your aims and how you intend to achieve them. Creating a plan helps you set realistic goals and organise your finances to guarantee profitability. Once in place, it can be used to measure progress and as the basis for financial forecasting and business expansion.
- Prioritise industry regulations
Whatever industry you’re in, applicable regulations must be prioritised. This ensures your operations comply with the law, avoiding the risk of costly fines and reputational damage.
Relevant rules for the auto industry range from guidelines regarding premises design to environmental expectations, including Consumer Duty which champions the customer. You could consider getting suitable insurance to safeguard your staff and business in cases of failure in your duty of care. For example, garage owners could take out a vehicle repair insurance policy for financial protection if something goes wrong while conducting services.
- Generate great reviews
Customer reviews can make or break a company, especially when you’re new on the scene and you can’t rely on your heritage or existing reputation to support your claims. Focus on generating great reviews from your clients and display these clearly on your website and in-store. These indicate that you’re a trustworthy company and will help to convert enquiries. Local businesses will find word-of-mouth recommendations a useful way to expand their customer base.
Commit to excellence in every area of the business, from initial interactions to the payment process, to generate as many positive reviews as possible. Ensure all staff are on board with this so service is of a consistently high standard from start to finish.
