Go with what you know.
Ask a Subaru fanatic and they'll point out things related to Subaru's, like buying modded cars with blown engines and breaking them into components to sell.
Ask an American car fanatic and they'll tell you to import LS/LT engines or export 25+ year old cars back to USA.
You need a pretty good knowledge of something to understand the markets, prices, trends, demand.
But yeah, 15k can buy you a nice bit of equipment so you always have a job - like carpet cleaner or ice cream truck.
Ask a Subaru fanatic and they'll point out things related to Subaru's, like buying modded cars with blown engines and breaking them into components to sell.
Ask an American car fanatic and they'll tell you to import LS/LT engines or export 25+ year old cars back to USA.
You need a pretty good knowledge of something to understand the markets, prices, trends, demand.
But yeah, 15k can buy you a nice bit of equipment so you always have a job - like carpet cleaner or ice cream truck.
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S
SC1312
- Original Poster
- #6
Thanks for opinions and advice! I use to do car sales, thinking of getting back into this...if anyone is in the car sales market. Would appreciate any dos and donts at the start up?
I understand running a business is a learning curve, but advice from those who have already done it is never harmful.
I understand running a business is a learning curve, but advice from those who have already done it is never harmful.
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T
The Byre
- Original Poster
- #7
With big players like Arnold Clark targeting the budget end of used car sales with ferocious vigour and hundreds of millions, I would hardly imagine £15k will go very far, esp. as a dealer, you would have to provide various guarantees by law.
Keep your powder dry until that golden idea or opportunity steps up to the plate and pitches the ball!
Keep your powder dry until that golden idea or opportunity steps up to the plate and pitches the ball!
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I know a number of people who are importing JDM vehicles, one container at a time. Probably 40k to 60k per container load, given prices run 8k to 12k each on average. You could start one car at a time and get a car from Japan brought over. There's more than one way to do it.
Just as cars one angle, so are car parts. Just try to find a good 2JZ-GTE engine for under £4,000 in the UK. Try to find a good Chevy LS motor for a reasonable price. See how hard it is to find a V8 Camaro that's right hand drive. Plenty of gaps if you know the market and the community (whatever market/community/products they may be).
Just as cars one angle, so are car parts. Just try to find a good 2JZ-GTE engine for under £4,000 in the UK. Try to find a good Chevy LS motor for a reasonable price. See how hard it is to find a V8 Camaro that's right hand drive. Plenty of gaps if you know the market and the community (whatever market/community/products they may be).
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Keep your £15k. Waving it around will quickly see you waving it goodbye - and will make you a target for every conman and shabby ‘opportunity ‘ merchant going
Take a step back and consider your strengths, skills knowledge and interests to see where the relevant opportunity might be
Take a step back and consider your strengths, skills knowledge and interests to see where the relevant opportunity might be
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Ignoring the obvious question of why you're asking for advice on how to run a business you used to work within, get another job in used car sales and learn how the business is operated whilst being paid for it.
Then decide whether you want to run a business in used car sales.
With limited resources, you're going to need a specialism, a supply chain, a channel, or an edge to start-up and make a living in this sector.
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T
The Byre
- Original Poster
- #11
The husband of someone who works here has a job selling the budget end of the used car division at Arnold Clark - and he is earning loadsamoney. Small cheap cars at below £5k are flying off the shelves. I suggest you go for a job there and learn the ropes!
New cars are REALLY slow this year - thanks to Brexit uncertainty and a general slow-down in the economy. The good quality and value brands are mostly doing well, the rubbish is falling off a cliff.
New cars are REALLY slow this year - thanks to Brexit uncertainty and a general slow-down in the economy. The good quality and value brands are mostly doing well, the rubbish is falling off a cliff.
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A good friend of mine buys cheap motors at auction say 1k, services and MOT, marks up at say 2.5K with warranty on a small forecourt, sells one or two cars a week, so gross profit at approx 1-2k a week, the guys doing well i would say for relatively low cash upfront
was previously a master-tec at BMW and land rover, so i would assume he knows what cars are mechanically sound and which ones to leave alone, but i think hes had a few die a horrible death after sold and hes taken them back at his loss, so u have to account for that outcome also
if it was myself i would buy a small 2 bed terrace at auction spend 1-2k making it look a bit nicer and get it tenanted, after 6 months refinance and get deposit back, then start the process again, not a big money scheme but most properties will make you 2-300 per month, so if u can stick it out and get a load of them over a few years your laughing,
was previously a master-tec at BMW and land rover, so i would assume he knows what cars are mechanically sound and which ones to leave alone, but i think hes had a few die a horrible death after sold and hes taken them back at his loss, so u have to account for that outcome also
if it was myself i would buy a small 2 bed terrace at auction spend 1-2k making it look a bit nicer and get it tenanted, after 6 months refinance and get deposit back, then start the process again, not a big money scheme but most properties will make you 2-300 per month, so if u can stick it out and get a load of them over a few years your laughing,
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I appreciate you want to make some extra money but you don't want to risk your £15k unnecessarily.
You could try sourcing products (possibly car parts) from AliBaba and selling via Amazon FBA (Fulfilment By Amazon).
This can let you test the market with a number of niche products at low risk.
It's not easy but it means you don't have a huge outlay to get started and you already have an audience that is there for you. It's probably easier than starting an ecommerce store from scratch.
It is also easily scalable if it works!
If you go down this route, make sure you research the demand on Amazon for your product. Don't just buy a product because you think it will sell. Use the tools out there.
Keywords Everywhere is free as a Chrome plugin and gives you an idea of search volumes on google and Amazon. You can also use Soovle and AMZScout (paid).
Matt
You could try sourcing products (possibly car parts) from AliBaba and selling via Amazon FBA (Fulfilment By Amazon).
This can let you test the market with a number of niche products at low risk.
It's not easy but it means you don't have a huge outlay to get started and you already have an audience that is there for you. It's probably easier than starting an ecommerce store from scratch.
It is also easily scalable if it works!
If you go down this route, make sure you research the demand on Amazon for your product. Don't just buy a product because you think it will sell. Use the tools out there.
Keywords Everywhere is free as a Chrome plugin and gives you an idea of search volumes on google and Amazon. You can also use Soovle and AMZScout (paid).
Matt
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If I had £15k and didn't already have a business to focus on, I would buy dead or dying motorbikes and break them for parts.
Spend the money on premises, tools and breakers licence and getting a couple of bikes to get started on.
If you're interested in cars, the same may be possible for cars but I don't know that market quite as well.
Spend the money on premises, tools and breakers licence and getting a couple of bikes to get started on.
If you're interested in cars, the same may be possible for cars but I don't know that market quite as well.
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LOL, I dunno the bike market, but I see several Subaru's Impreza's every day on FB groups going from whole to bits, because once the engine is blown or the rust prevents an MOT pass, owners dump them cheap and breakers turn them into 2x or 3x the purchase price.
I can only image that if you had several makes/models and several channels for getting the world out, there'd be some nice cash on the table.
There's massive trade in parts across Facebook groups dedicated to cars/parts as well as Marketplace, plus eBay of course, and others.
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Maybe all the Impreza crew are trying to put enough money together to buy an Evo.....
Bikes seems to be a better market than cars, as they're easier to work on and so you get a lot more people doing things themselves rather than taking it to a garage.
I just completed an engine swap on one of my bikes after the original engine destroyed a bearing in the bottom end. Bought a newer, better and more powerful engine for £620, and then parted out the old dead engine. Not even started taking apart the bottom end, but I got £400 for the top end, and I only paid £500 for the full bike.
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I always think this is the cart before the horse.
You have some money. You want to make it earn some more money. You could potentially rush into a business that you have neither the experience nor skill to make work. Your £15k will disguise that for a while.
If you want to blow the £15k you will get more enjoyment if you pop to the Med and spend it on beers and jet ski hire.
So here is my suggestion. Park the £15k in an interest paying account. Forget about it entirely for a month or two.
Then sit down and decide if you want to run a business. Decide what business you want to run. Do the planning. Understand the risks. Take advice. Then, if you need it, draw on the £15k to provide the initial investment.
You have some money. You want to make it earn some more money. You could potentially rush into a business that you have neither the experience nor skill to make work. Your £15k will disguise that for a while.
If you want to blow the £15k you will get more enjoyment if you pop to the Med and spend it on beers and jet ski hire.
So here is my suggestion. Park the £15k in an interest paying account. Forget about it entirely for a month or two.
Then sit down and decide if you want to run a business. Decide what business you want to run. Do the planning. Understand the risks. Take advice. Then, if you need it, draw on the £15k to provide the initial investment.
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'Invest' 5k max on a business venture and leave the balance to fall back on.
My advice:
Start with 1 product (Dashcams as an example if you are interested in cars) and research the market, buyers, sellers, prices etc.
Buy 5pcs after doing due diligence and see how that goes.
There are many car related gadgets you can get involved in, which only requires a small outlay to test the market and grow organically.
DAB radio adaptors for cars is another suggestion.
Slowly build your product category around car gadgets.
You can use the same format for any product category that you are interested in and have enthusiasm for, gaining knowledge and experience on the way.
Anything is better than nothing, don't be scared to invest if you have decided that starting your own business is the route you want to take.
Research, research and more research is the key.
Good luck with what you decide to choose.
My advice:
Start with 1 product (Dashcams as an example if you are interested in cars) and research the market, buyers, sellers, prices etc.
Buy 5pcs after doing due diligence and see how that goes.
There are many car related gadgets you can get involved in, which only requires a small outlay to test the market and grow organically.
DAB radio adaptors for cars is another suggestion.
Slowly build your product category around car gadgets.
You can use the same format for any product category that you are interested in and have enthusiasm for, gaining knowledge and experience on the way.
Anything is better than nothing, don't be scared to invest if you have decided that starting your own business is the route you want to take.
Research, research and more research is the key.
Good luck with what you decide to choose.
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That's playing safe (and boring).
Put 14k on '0'.
The 1k balance stay at Wynn, take a helicopter tour of the Grand Canyon, eat at Gordon Ramsey's Hell's Kitchen and enjoy the night with a few girls. . . . .
You won't forget that day/night for the rest of your days. . . . .
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