How to start tires business
Hemlata Khandenwal / 2021-02-18 06:25:29
Tires are the most important thing for a car, it is impossible to drive without tires. Tire's business is one of the major businesses in the automobile sector. These days, the number of vehicles in India is constantly increasing, due to which the business of tires is also increasing. If you are thinking of doing business in the field of automobile parts then you can go with the tire business. For this, what things you will need and how you can start it, we are going to give you information here today.
How to start a tire business?
Vehicles are of different types and different sizes. In such a situation, before starting this business, you have to get information about the tires of all the vehicles according to their size. Because when your customer will ask you something about it and you will not know about it, then you will have the wrong impression of it. And because of your wrong impression, your business will also be affected.
Tire market demand:
When you are starting a tire business, you should do a little research about its market, how much demand there is for this business, and how much profit can be made from it. By the way, the demand for this business is very high in India, because more quantity of vehicles is being sold here. However, let us tell you that most of the business people like tire products are in the cities. Therefore, you should start this business in urban areas only.
Which products are selected in the tire business?
You will need to inspect public transport before starting this business so that you can know what kind of vehicles mostly drive in that area. Then you can start your business according to them only. However, if you want, you can keep all types of vehicle tires such as two wheels, four wheels, etc. Apart from this, you can keep some other things related to it in your business like a tube, rim, etc., and other things. You can also get information about the showroom there.
How is the business type of tire selected?
Tire business can be done in three ways. You have to start your business by selecting one of them.
The business of all company's tires: - In this business, you have to open a shop of your own, where you will keep all the company's tires. And then sell it.
Taking franchise of a company: - Another way is that you can take a franchise from a tire-making company and do business on it. For this, you can choose the company whose demand is more in the market.
Start a tire-making company: The third way is that you can start your own tire company, in which you can start a tire-making business.
However, you will gain in doing all these three types of business.
Place of business of tire:
To start a tire business, you will need a place where you can do business by keeping all types of company tires. Or to start a company or you can keep the tires of the company that has taken your franchise. This place can be in the form of a shop. For which you will need a shop of at least 500 to 1000 square feet. You start this shop in a place where the driving of vehicles is very high, that is, on the highway; here you can increase the chances of getting more profits.
What licenses and registrations are required for the tire business?
Regardless of the business, a license and registration are necessary. For this also you will need the following license -
Trade License: - Trade license is most important for business, without this, your business will not be considered legally valid.
GST registration: - GST registration is necessary to get a GST number to start any business. So in this business also you have to do this.
Company registration: - To start a tire-making company, it is mandatory for the company to take company registration as a private limited.
Registration under the Shop and Establishment Act: - If you are opening a shop in the automobile area of ??your business, then it is also necessary to register under the Shop and Establishment Act.
Domain Registration: - If you market this business online, then you will have to register the domain for this.
The requirement of employees for the tire business
By the way, you will not need more people in this business. But as a helper, you can hire minimum 1-2 people, or maximum as per your need, which if they have any problem related to the car, they will be able to correct it. But it will be necessary for that person to have full experience in this regard.
Tire business marketing
Marketing of this tire business is very important because without it your business will not be able to run. You must have posters and banners installed so that more people get information about your business. In the beginning, you will also have to give a small discount to your customers so that more and more customers come to you. According to the demand of the customers, keep all kinds of things in your shop because the customer is God, he is never returned empty-handed.
The total cost incurred in tire business
How much you have to spend in this business depends on the type of business you have, if you start the business of tire of all kind of company, then you have to invest at least 8 to 15 lakh rupees, if only If you take a franchisee of a company, then it will cost 2 to 3 lakh rupees.
Profit from the tire business
Talking about the profit in the tire business, it can result in a profit of at least 40 to 50 thousand rupees per day in the beginning. But gradually this profit can also change into millions. It is important that people come to you more.
Risk in tire business:
There is also a lot of risk in the tire business. The biggest reason for this is the location and its demand in the market. If both these things are not adopted with the right research, then you may have to face loss in this business.
So this was the business of tire which any person can earn better by starting. Due to the increasing population in India and increasing sales of vehicles, the growth of this business is bound to increase. You can earn a lot from it.