Auto repair shops are doing quite well these days, considering that the market experiences significant profit gains and the need for auto mechanics is growing.
Owning your own auto repair shop is a good idea if you are a specialist in this business, but you must first design a business plan and make room for all your preferences and initiatives.
- Write down your ideas and make the preliminary estimates
Start with defining the scope of your business. How big it will be your repair shop and how many cars will be serviced daily? Will you offer only auto repairs or a more comprehensive range of services? Also, do you plan to buy an existing auto repair shop or start one from the scratch? Will you hire more technicians? Do you plan to run an independent shop or become a part of a franchise? Think well about the pros and the cons of each option and estimate the costs to see what you can actually afford.
- Planning the location
When it comes to Lakewood auto repair shops, location matters quite a lot. Do not choose an isolated place or an area with difficult access, because customers will most likely not bother finding you. Choose instead a place near main road access. Also, determine which option is right for you: leasing an existing shop or building a new one. The first option is less expensive, but the second one comes with the advantage that you can build the place exactly as you wish.
- Estimate your equipment needs
Equipment necessary in auto repair shops is expensive today when mechanic tools are not enough anymore and you must also purchase computers, diagnostic machines, lifts with installations etc. All these will probably constitute the most expensive part of your investment.
- Consider getting proper insurance and detail the sources of funding and any loans you plan to apply for in order to build and start your business
Estimate all the costs: insurance, rent, monthly payment for your technicians, equipment, monthly expenses etc.
- Think about offering something unique to your customers, so they pick you over other competitors
Your unique selling point may consist in lower prices, specialized services in niche fields like antique cars restoration, eco-friendly services, going mobile and offering roadside assistance etc.
- Obtain your license for operating your auto repair shop
License requirements are different in every state, but basically hey involve filling out an application, providing the required documents and paying some fees
- Hire an accountant and put in place a financial system
- Make your own marketing strategy, define your brand’s values, think about having a loyalty program and, not least, consider doing some advertising, at least in the beginning.
- Hire good technicians and encourage all of them to get certified
- Approach dealers and try to make working partnerships. For example, you can offer to advertise them if they send you customers
In time, you can open more branches and get more certification for your business, improving its credibility. Your shop can become specialized in different areas: collision repairs, trucking equipment etc.