The automotive industry is simply huge and, for a lot of people, their car is their most valued belonging. This gives ambitious individuals a plethora of opportunities to start their own businesses and make a living doing something they love. Think about it: it’s not just about what your clients need; it’s about what they’re willing to pay for. Seeing as how one’s car is always a priority, this might just be what you’ve been looking for. With that in mind and without further ado, here are the top five profitable automobile business ideas for 2020.
1. Driving school
Starting your own driving school is always a lucrative business idea and there are many ways in which you can proceed with this notion. For instance, you can buy a franchise or start your own independent business. Either way, you’ll want to get certified as an instructor and then proceed to handle some simple infrastructural issues. For instance, you first need to set up your own place of business and raise some funds in order to start out. Money can be acquired either from personal funds or from investors. According to some statistics, the majority of startups are funded either from private means or from loans from one’s friends and family.
2. Roadside assistance
The idea of starting a roadside assistance business is quite ingenious and potentially profitable. Why? Well, first of all, cars get stopped every single day and virtually every single one of the drivers has a smartphone on them, which means that the potential market for you is virtually limitless. In order to get going, you should get signed with an motor trade insurance company and team up with them. Then, you need to get licensing, pass a background check, as well as get all the necessary certifications and permits. Then, you need to invest in a suitable towing vehicle, as well as some additional equipment like car tie-down straps. From this point on you can start building your business.
3. Window tinting business
One more service that you could provide to your audience is the window tinting. Still, for this to work, you must first check if this is legal in your state, to begin with, as well as how much of it is actually legal. For instance, side and rear windows are usually not allowed to be tinted, while in some states tinting is permitted only along the top 5 inches of the windshield. Also, you need to keep in mind that reflective materials are not really permitted on any vehicle windows. If you’re going to do this, you will have to find yourself a supplier of window tint film. Other than this, you just need some basic tools like a lint-free cleaning cloth, a razor knife, a scarper blade, and a heat gun. In other words, this is a low-cost idea.
4. Used car dealership
Speaking of which, starting a used car dealership business is not a simple thing. However, it is one of the most profitable ideas on this list. First, you need a hefty sum in order to buy some initial vehicles. By making just a couple of improvements on them, you can drastically increase their price. If you also invest to make a website for your business, you can drastically expand your potential target audience. You also need to get in touch with some legal experts that can help you out in ownership transfer and similar activities. While cars are definitely a major investment, you still want to create a good impression and earn potential return customers. At the very least, you will earn some recommendations and positive reviews.
5. Car wash business
When it comes to starting a car wash business, you may find that the field is more competitive than you would like. First, you need to plan for a good location and then survey the vicinity for the competition. Once you have these two things resolved, do some research on how much such a project costs and make your own budget. Then, start considering your fundraising options. Next, make a business plan and make some basic operational decisions. Remember, other than location, people will ask for extra features and services. Finding the right one may make you more competitive.
The automotive industry is constantly expanding, which opens up a lot of room for those with fresh ideas on how to capitalize on this fact. You see, manufacturing cars may be up to the giants of the industry, however, teaching others to drive, providing some basic assistance regarding the accessorizing of said cars, and selling used cars is another story altogether. With that in mind, all that is left for you is to pick the one that you like the most.
