Here are five simple money saving suggestions that you should try to implement at your own motor trade business.
1. Focus On Online Marketing
Marketing is a big expense and it isn’t often as effective as you might want it to be. If you want to ensure your marketing is cost effective and efficient then focus your efforts on the internet.
This is the place to be for marketing at the moment with your motor trade business.
Invest into a good quality website and make sure you utilise some clever use of SEO in all of your online content. You can either learn to use SEO yourself or contact one of the many affordable SEO companies to help you out.
2. Think Carefully Whether To Rent Or Buy
You will need a garage for your fleet and it is a good idea to think a bit about the pro’s and con’s of renting and buying. In many cases people in the industry are working on a rental property but it might actually be more beneficial for you to buy your own property.
In the long run you might end up making more profit once you have paid the loan on the garage or if you ever decide to sell the business. But you must budget carefully for this and talk with your accountant first.
3. Have Quality Employees
You also need to pay attention to the people you hire for your business. Make sure that you set high standards for them and that you regularly evaluate how they are doing. You don’t want to make them feel uncomfortable but you need to know that they are doing the right things.
Think carefully about hiring new staff just because you saw a temporary rise in sales or customers. You can always get temporary staff first to see if you can really afford to hire full-time.
4. Check Your Insurance
Insurance is a big part of a motor trade business and you don’t want to be paying too much or too little. Underinsuring can actually be more costly for your business because it can have really devastating effects that all appear in an instant.
So if you want to guarantee you have the right insurance then take some time finding proper motor trade insurance online. Try to contact the companies directly since it is often the best way to ensure that you get the right deal.
5. Go For Second-Hand Cars
You should also really look into selling only second-hand cars. This can be a lot more cost effective, especially if you are able to repair and make tweaks to the cars yourself.
You can find a lot of great second-hand car sales online and buying from these allows you to make a very good profit.
This Motor Trader article also points out that the second-hand car market is in demand at the moment. There are more opportunities there than in new cars.
Ollie likes to find ways entrepreneurs can save money while running their business successfully. He is also a big believer in budgeting and loves to stay on top of his own spending. He also likes to go for long jogs to prepare for his half marathon next year.