How to Start an Antique Car Business
Collecting and operating antique cars is a hobby enjoyed by members of local, state and national antique car clubs. While some members find and refurbish their own antique cars, others don't have the skills or training to get them working and restore them to their original appearance. You have the opportunity to profit off of this demand for refurbishing and repairing old vehicles by learning how to start an antique car business.
Other People Are Reading
Instructions
-
-
1
Draft a business plan. Learn about the demand that exists for antique cars in your region as well as what other antique restoration companies exist. Make sure that you have the financing, marketing and staffing aspects of your business outlined in your plan to ensure your business is a success. Use the free resources available from the U.S. Small Business Administration (SBA) to assist you in writing your business plan for your antique car company.
-
2
Apply for funding. Learn what loans are offered to businesses through local banks and credit unions in your community, and determine if you qualify based on your credit score by speaking with a loan officer. Consider additional ways to get funding if you can't qualify for a loan on your own, such as having a cosigner on your business loan or taking on a business partner.
-
-
3
Register your business. Use one of the four ways available to obtain an employer identification number from the Internal Revenue Service to register your antique car business on the federal level. Obtain a business license from the city or county where your business will be located, and find what out tax laws apply to your business by contacting the department of revenue at both the local and state level.
-
4
Find a facility. Seek out a commercial property that provides you with the space you need to house your antique car business. Look for a property that contains an indoor garage area as this allows you to store and work on antique cars while protecting them from the weather. Know that the space should also contain an office area to house your financial information and records.
-
5
Obtain equipment and supplies. Attend auctions and sales to find antique cars that you can refinish and resell to make a profit. Purchase the parts needed to repair these vehicles so that they not only look nice but run too. Buy office supplies such as a computer and money management software to assist you in managing the business's finances.
-
6
Hire staff. Select an office assistant or receptionist to answer the phone, handle customer inquiries and manage the financial aspect of your business. Employ mechanics who have training in repairing and restoring antique cars. Do the work yourself if you want to save money and have the training and experience to do so.
-
7
Promote your business. Become a member of antique auto clubs in your community and the surrounding area such as the Classic Car Club of America. Network with members and let them know that you are able to provide services and repairs to their antique vehicles to keep them in good condition. Promote any cars you've finished restoring to collectors on websites such as ClassicCar and AutoTrader Classics.
-
1
References
Resources
- Photo Credit vintage ford image by charles taylor from Fotolia.com
