Owning and operating a tyre store may be lucrative if you attract the right customers. When people who drive recognise that continuing to use their existing tyres is dangerous, they all search for new tyres to replace their old ones. After all, nobody doesn’t want to feel protected.
The lifespan of a tyre is short because it is subjected to more regular beatings from the road than other elements of a vehicle, regardless of how good the roads are. Because of this, most owners of business vehicles regularly get their tyres inspected, and they will frequently require the replacement of their tyres. The moment has come for you to fulfil your role in meeting their requirements. The following is a comprehensive guide that will assist you with opening a new tyre business in your neighbourhood.
Pros & cons
Opening a tyre store comes with opportunities and challenges like starting any other business. The advantages and disadvantages of operating a tyre business are outlined in the following table.
| Advantages | Disadvantages |
|---|---|
| No special qualifications | High competition |
| No special skills | Challenging to manage stock for all automobile types |
| Affordable Capital & Labour Requirments | Business registration required |
| Few utilities | |
| Highly profitable |
Write a business plan.
A business plan is a document that has been professionally created and provides a description of your overall business goals as well as the reasons why those goals are achievable. In addition, it includes information that is practical in the real world, such as your target demography, rivals, financial needs, resources, advertising tactics, and so on.
Not only is it essential to write a business plan to attract investors for your new venture, but it is also a preemptive action that may be used if unexpected challenges arise in the near or far future. Developing a company strategy is not something you should view as an overwhelming job but instead as an opportunity. A well-written business plan can assist you in monitoring and improving the aspects of your company that are not doing as well as they should be.
Get your license
Depending on the laws in your area, you may need a business licence to run your business. If you need this, you should talk to some of the other tyre shops in the area, and don’t be afraid to ask them what the process is for applying for the job. You need a Taxpayer Identification Number (TIN) and a current business account at a bank to buy goods from suppliers, whether or not you need a licence.
Get your investment
You don’t need to be an expert to know what you should buy to start a tyre business. Even a child can tell you that you need money for inventory, rent for a storefront, and the tools you need to change and install tyres. If you don’t already have them, you would also have to charge extra to buy the tools and equipment you need to offer additional services like air pumping, fixing flat tyres, and wheel alignment, if you don’t already have them.
Choose a location
You don’t need an entire day to find out where to open your tyre business either, which is another thing you don’t need to accomplish. It’s not hard at all. Place it on the shoulder of a road, but check to see that the road catches a fair amount of traffic before you do so. It is also essential to ensure sufficient space for vehicles to park. However, use great caution regarding the terms of any agreement you make with the landowner. Include words that will assist you in avoiding difficulties as rapidly as possible if you ever need to move.
Buy your inventory
Determine which brands have the best industry reputation and get your tyres supply from those manufacturers. Famous tyre manufacturers in India include Cooper in the United States, MRF, APOLLO, and others, and these manufacturers have received many excellent ratings. You may also choose to offer retreaded tyres to motorists who cannot purchase brand-new tyres owing to budgetary restraints or prefer not to.
Advertise your business
A financial investment in a commercial that will air on television is not required. However, you will need the assistance of a local painter to make a signboard and hang it on the upper front of your storefront side. However, ensure that your company name, contact information, and any other information you want the painter to write on the board are legible. Thank you!
