If you have ever wanted to start a profitable business in the automotive industry, consider a tire shop.
Tires or tyres in good condition are critical to the superior performance and safety of a vehicle. Tires, unlike other vehicle parts, get affected most due to their direct contact with the road. When these tires are left overlooked with time, chances of countering road accidents are quite high.
Though vehicle owners have the choice of opting for dealership services but the cost charged isn’t acceptable for most drivers and that is where independent tire stores come into effect. Following steps should be considered when you are about to open a tire shop business:
1. Draft a business plan
First of all draft a business plan, a formal written document that contains a summary of your overall business objectives, reasons they are practically achievable, target demographic and competitor information, resources, promotional strategies and the total financial requirement for your tire business. If you don’t know how to write a business plan for your tire business, seek expert advice.
2. Business license
Next, go and obtain a business license and other necessary legal permits from your city authority. If you don’t have information about where and how to obtain your business license, we recommend talking with other local tire shop owners.
3. Secure your investment
Calculate how much cost you need for the establishment of your tire shop. Your total startup cost should cover shop rent, tire inventory, mandatory tools, and equipment if you would want to provide some extra services such air pumping, puncture removals, repair & replacement, and wheel alignment.
4. Rent a shop
Find, pick and rent a shop at an ideal location on a highway roadside. Sign at least 1-year agreement with the shop owner.
5. Buy tire inventory
Look and buy tire inventory according to your requirement from popular suppliers. You should even consider selling retreaded tires to drivers who can’t afford to buy new tires.
6. Market your business
Call your local painter for making a front sign that displays the name of your business and contact information such as phone number, email address etc. Get it placed on front top of your shop with perfectly facing the road. Thank you!