Are you feeling brave even as the pandemic continues to affect much of the country? It’s possible to start a new automotive business, but not without taking a few quick steps back to get yourself together before you open your doors. Here are five quick tips to get you on the right track.
Understand your credit
As a new business owner, much of your business funding will likely come from yourself. This means that you need to have a solid understanding of your current credit score as well as your overall financial health. Learn about where you stand and how to improve your score and open up more financial opportunities.
Register your business as an official entity
Many first-time business owners don’t realize that there are tax advantages when you create an LLC. These include management flexibility and, perhaps most importantly, reduced liability on your personal assets. However, you’ll need to keep in mind that each state has different rules when it comes to how to register your LLC. No matter which state you live in, the IRS looks at an LLC as either a corporation, partnership, or a disregarded entity, meaning it is attached to your personal return.
Selling multiple types of products? You can file a DBA name that allows you to sell your products under a separate company name. Creating a DBA name will allow you to target certain customers that may have been much more difficult to market to with your LLC name.
Claim your social media presence
Social media is a powerful marketing tool for many different reasons. First, social media offers different platforms for you to interact with your customers. Further, considering that more than 53% of the world’s population is already logged in, you’ll have a much wider reach than you could ever imagine. You’ll also have an opportunity to get creative in your social media marketing. Zoom, Planters and Apple have already mastered the internet with clever campaigns, which can easily serve as inspiration for your own social media strategies.
Consider coming out with an ebook that promotes your business and your unique offerings. It’s a tried-and-true method for attracting and building an audience and reaching that sweet spot in targeted marketing.
Dare to be different
If you think about the people that have come and gone out of your life, it’s likely the most unique ones that stand out. Businesses are no different. Think of ways that you can do things differently than the competition. Branding that makes you easily recognizable, better service hours, or fun perks that no one else offers can all help you stick in your customers’ minds, which makes them that much more likely to call you when they need what you have to offer.
Master a niche
In business, a niche is a specialized area of expertise. Creating your niche means being able to solve a problem for your customers or providing them with exactly what they want. It is not always easy to define and, more importantly, master your niche, but it’s worth the effort. Although you will likely have a smaller potential customer pool, those that you do reach will be more interested and more likely to patronize your business. WordStream Points out several niche marketing examples, such as Lefty’s, a store focused exclusively on its left-handed passersby.
In addition to all of the above, you still have to pay attention to the current climate. Although people are becoming more comfortable getting out of their homes, social distancing and a preference for mask-wearing may stick around for years to come. Pay attention to what the majority of your customers want, and then give it to them. Remember, getting your new automotive business off the ground takes work, but it will be less strenuous by knowing your credit, claiming your social media presence, and taking care of business in whatever way makes the most sense for you and your customers.