If you have a passion for cars, opening a car restoration business may provide you with the income you desire and a career you love.
Starting a business from scratch is not for the faint of heart. It will require long hours, hard work, and lots of paperwork. Small businesses are the backbone of the American economy, and entrepreneurship can help you escape the corporate grind and be in charge of your future.
There are 31.7 million small-business owners in the United States, the U.S. Small Business Administration reported. At least 29 percent of people start a business because they want to be their own boss, and 16 percent want to pursue their passion, according to a survey of 2,400 people by Guidant Financial. Classic car restoration specialists can earn nearly $70,000 per year, ZipRecruiter revealed. Having your own business will put you in charge and allow you to increase your profits.
Steps to Start a Small Business
Before opening the doors of your new business, there are many steps you will need to take to get your business up and running. Here’s an overview from Creative Colors International Inc., the nation’s leader in leather and vinyl repair, of the actions you’ll need to take to run a thriving business.
- Research the competition. Understand who you will be competing with for customers. Conduct a market analysis of the car restoration business to learn how you can separate yourself from the competition.
- Write a business plan. Your business plan is your roadmap. It will guide you on your entrepreneurial journey. The business plan should contain a description of your company, how you’ll run the business, and financial projections.
- Find funding. Your business plan should provide details on the cost of starting your business. When it’s complete, you will need to find funding to get your dream up and running. You can borrow from lenders or raise capital.
- Scout a location. Picking where your business is located can make or break your future. You need a location that has high foot traffic and visibility to draw customers. You’ll also want a spot in a community that contains your target demographic. It will be important to get advice from a realtor to make sure the spot you pick is appropriate.
- Do all the paperwork. Make sure to read the fine print. Small businesses need to pay taxes, have insurance, and comply with local, state, and federal regulations. Many require licenses and permits to open their doors. You need to cover all your bases so you avoid penalties as your business grows.
Franchising May Be Best Bet
If opening a car restoration business from scratch seems daunting, it may be a good idea to consider franchising. Franchise owners pay a fee to use a company’s branding and trademarks. Business owners benefit by operating a proven business model with ample training and support. They also have a network of franchise owners at their disposal to share best practices. Franchisors provide startup guidance, and many have deals with third-party lenders to make securing financing easier. As an added bonus, there are many different car franchises to consider.
Pursue Your Passion with CCI
CCI gives auto aficionados the ability to pursue their passion with a solid game plan designed for success. CCI is a mobile, home-based business. This leather and vinyl repair franchise specializes in restoring vehicle interiors to like-new condition using our own proprietary repair and restoration systems. Our system allows repairs to be completed on-site while maintaining the standards and quality of the vehicle’s original condition. We can repair or restore tears, burns, cuts, scratches, stains, fading and color restoration, seam slippage, and provide replacement parts.
CCI will provide ample training and support. They offer a scalable business model to allow you to grow your business easily. Franchisees can purchase a single territory and multi-territory opportunities. CCI is a great option if you prefer a low investment business you can own and operate. Your CCI van acts as a mobile billboard telling customers about your business.
If you are ready to pursue entrepreneurship with a proven business model and support to help ensure success, visit CCI to learn more about franchising.