India these days is surely a hotspot for automobiles and auto-components. Thanks to the strong sales, India now claims credit for being the second fastest growing market after China. As one of the largest manufacturers of small cars of the world, India boasts of a strong engineering base and expertise. It also goes without saying that India produces a large section of engineers, and again, in the contemporary era, many engineers opt to be entrepreneurs, working in the segments that focus on India’s automobile and auto components sector.
The auto parts retail industry enjoys resilience even during times of economic downturn. It can turn out to be a profitable venture if as an engineer you learn how to start an auto parts store. The following are the things to keep in mind when it comes to starting an auto parts electronics manufacturing services enterprise.
- Research your local area to determine the need for auto parts in your area: you can also consider offering parts for different types of motorized machines, including motorcycles, lawn mowers, and other machinery.
- Develop a business plan that demonstrates your goals: for example: it is important to highlight your intentions to expand your store and how to aspire to increase your profits. Besides, take care to state the more crucial information that investors will be looking for, such as your monthly expenses and predicted cash flow.
- Find a suitable location for your auto parts store: finding a location that is easily accessible and in close proximity to heavily populated areas is of prime importance. The constant patronage of consumers goes a long way in keeping a business alive. You can buy, lease, or build a store.
- Find the right supplier: your shelves should be well-stocked with oil and air filters, windshield wipers, car covers, floor mats, coolants, and other items.
- Determine the number of employees you will need to help you operate your auto parts store: An employment agency can be of help, by interviewing and hiring workers on your behalf. Your employees should be equipped with sound customer service skills and knowledge of auto parts and their functions.
- Advertise the grand opening of your auto parts store: be it through the local newspapers or with plenty of signage, or even by creating a website that contains important information, such as your store hours, contact information, etc. a fair share of publicity will help your business grow. After all, the more you reach out to the target consumers, the more your sales will increase. You can also consider renting a billboard.
Needless to say, one will need financing for engineers to purchase auto supplies, parts, tools, and equipments. Opening any business is involves many risks, but doing sufficient research and planning carefully can lead to a rewarding business for any engineer. There are a number of challenges of running a successful automotive business all year round, as seasonal changes determine how frequently an auto body shop will have customers. However, Bajaj Finserv offers engineer loan to help all the aspiring entrepreneurs with an engineering degree who do not want to take the usual route and wish to pursue an independent business of their own. With the finding taken care of by Bajaj Finserv’s engineer loan, you can tread on the path more confidently.
There are a host of services and offers at the disposal of customers when it comes to engineer loan. Besides, Bajaj Finserv promises low and affordable interest rate for engineer loan, with regard to machinery financing and equipment financing. What’s more, borrowers can avail SME loans at the most attractive interest rates. Bajaj Finserv attracts customers since it involves minimal documents when it comes to engineer loan, and this in turn, brings down the time period between the loan application and getting the money. You do not need to worry about any collateral for borrowing money, thus making the process very easy and quick. The terms and conditions are simple and transparent.