How to Start a Car Rim Business

Car rims can uniquely personalize any car.

When people purchase a car, they oftentimes add additional accessories and features to personalize it. There is a separate market in the auto industry that strictly offers accessories for your vehicle. Starting a car rim business allows you to target customers who will like to create a noticeable change for their vehicles. As a business owner in the rim industry, you need to stay on top of the latest rims and abreast of new trends.

Instructions

1. Legally structure your business. In order to run your business and pay taxes to the proper state and federal departments, you will need to start your business as either a sole proprietorship, LLC or a corporation. Hire an attorney or certified public accountant to file your articles of incorporation or you can do so yourself by going to your Secretary of State's website.

2. Obtain a tax ID number from the IRS. A tax ID number also known as an EIN (employer identification number) allows you to establish business credit, open business checking accounts, and possibly hire employees. Visit the IRS' website to print out form SS--4 or you can apply online. Finally, you can contact an IRS agent over the phone to apply. There is no cost for an EIN.

3. Obtain a DUNS number. A DUNS number is issued by Dun & Bradstreet. Dun & Bradstreet is a credit bureau that reports business credit for businesses. Visit Dun & Bradstreet's website to apply for DUNS number or contact an agent over the phone. You can usually receive your DUNS number within 30 days.

4. Research which rims are popular in the country and in your state. Visit your local competition's store to determined what their most popular rims are. There are also websites online that offer different brands of rims that you can look at to determine what is popular.

5. Find a wholesaler for your rims. In order to make a profit you will need to purchase your rims wholesale and resell them retail. Contact your local Chamber of Commerce to determine if there are any rim wholesalers registered in the area or use online import/export sites like Tradekey.com and Ec21.com.

6. Determine if you will be an online rim store or a brick-and-mortar business. Online rim stores require less overhead and you can drop-ship your rims to your customers without physically having to see the product. However, if you choose a brick-and-mortar business, locate a real estate agent to find a property that you can purchase or lease. You also need to purchase your rims up front to stock your store.

7. Advertise your business. Create flyers for local publications, business cards and consider creating a website for your rim business as well. Hire freelance graphic designers and freelance web designers by going to freelance websites like Elance.com and Getafreelancer.com.

Tips & Warnings

• Consider obtaining a bank loan if you would like to purchase all of your rims in bulk. The more rims you purchase at one time, the cheaper they will be.

References

• IRS: Employer ID Numbers (EINs)
• Tradekey: Wholesale Rims

Resources

• Wheelsnext: Bestsellers
• Score: Succeed With Helpful Advice for Your Business