When a lot of people think of starting a career in London, they imagine working in an office for a big corporation. However it’s certainly possible to start your own business in the capital and if you have a passion for cars, then a motor trade business could be the perfect fit.
Below are some of the main types of motor trade businesses you can choose from as well as some of the practical considerations.
Types of motor trade businesses
- MOT garage – If you have experience working as a mechanic then you might consider opening your own MOT garage. You will of course need a premises for this, as well as staff so it’s not viable in every circumstance.
- Breakdown recovery agent – You might also consider working as a breakdown recovery agent. The good thing about this type of business is you can start it with relatively little investment, work as a freelancer and don’t require your own premises. You will have to be prepared to drive in the London’s notoriously stressful driving conditions on a daily basis however.
- Mobile mechanic – This is another type of motor trade business you can run without the need for a premises or too much initial investment.
- Vehicle sales – Buying and selling cars is another very viable way to make money in the motor trade. You will need a good knowledge of cars to make it a success though.
Practical considerations
- Choosing a premises – Depending on what type of motor trade business you want to start, you might need to get a premises. You should think carefully before investing in a premises and make sure it is in a good location and has adequate space for your needs.
- Paying tax – When you run your own business, even if it’s as a freelancer, you need to make sure you are paying tax at the right rate. Failure to do this can land you in legal trouble and also put your business in jeopardy so it’s very important to take care of.
- Getting insurance – In order to operate a motor trade business you’ll also need to get a motor trade insurance policy from a site such as Traders Insurance. A motor trade policy will protect you for road risks as well as providing cover for your premises itself if you choose to get a combined motor trade insurance policy.