Starting a new business -- any advice???
Discussion
Hey guys, i am a 20 year old student about to start my third year of a four year course in combined, computing science and sports studies at the university of stirling in scotland.
I currently have a temping job to try and pay back some of that student loan, i have great ambitions to one day start my own business. I am very keen to be an entrepreneur and my main passion in life is cars, particularly exotic/supercars!
I visit websites such as ferrarichat and pistonheads everyday and admire absolutely everybody on here that has reached their dream and owns their dream car. I dream of one day being as lucky.And im sure that i share the same passion as all of you for cars.
I have for some time been thinking how i would love to one day own my own prestige car showroom, on the scale of joe macaris, verdis, romans international e.t.c. There isnt a car showroom in the south of England that i havent visited at some time! I remember viewing on ferrarichat and on here i think, some time ago now a scheme that ferrari were doing where they were choosing 12 people to under go testing e.t.c to work for them! I missed out as i was at university at the time!
I was wondering if anybody on here was aware of any information at all that could help me with my dream. I was looking on the internet for schemes for graduates and i am currently in the process of typing up a letter to send to all the major car showrooms to ask for advice and guidance.
I have been in contact with people that i met through people, you know how it is, and they have informed me that if i want it bad enough i will be able to reach it.
I really feel that doing some voluntary work etc for a car showroom or a company in the motoring industry will put me in a good position and put my foot in the door as it were!
If anyone can give me some advice or help on here i would be extremely grateful. I hope you dont mind me asking, i just felt that this was an excellent place to ask for advice as everyone on here has a passion for cars and may have contacts that would be beneficial.
Thank you in advance for taking the time to read this post.
Woza.
I currently have a temping job to try and pay back some of that student loan, i have great ambitions to one day start my own business. I am very keen to be an entrepreneur and my main passion in life is cars, particularly exotic/supercars!
I visit websites such as ferrarichat and pistonheads everyday and admire absolutely everybody on here that has reached their dream and owns their dream car. I dream of one day being as lucky.And im sure that i share the same passion as all of you for cars.
I have for some time been thinking how i would love to one day own my own prestige car showroom, on the scale of joe macaris, verdis, romans international e.t.c. There isnt a car showroom in the south of England that i havent visited at some time! I remember viewing on ferrarichat and on here i think, some time ago now a scheme that ferrari were doing where they were choosing 12 people to under go testing e.t.c to work for them! I missed out as i was at university at the time!
I was wondering if anybody on here was aware of any information at all that could help me with my dream. I was looking on the internet for schemes for graduates and i am currently in the process of typing up a letter to send to all the major car showrooms to ask for advice and guidance.
I have been in contact with people that i met through people, you know how it is, and they have informed me that if i want it bad enough i will be able to reach it.
I really feel that doing some voluntary work etc for a car showroom or a company in the motoring industry will put me in a good position and put my foot in the door as it were!
If anyone can give me some advice or help on here i would be extremely grateful. I hope you dont mind me asking, i just felt that this was an excellent place to ask for advice as everyone on here has a passion for cars and may have contacts that would be beneficial.
Thank you in advance for taking the time to read this post.
Woza.
Hi Woza,
IMHO it's still mostly who you know.
I get e mails every week or so asking how to get into the music biz, and I have to tell them that it really doesn't matter how talented they are (unless they are 17, female, good looking and can hold a note)... it's:
Where they live. What they do. What they know. Who they know.
... but the last of these (sadly) seems to be the most important.
My only tip: Make sure you are talking to the right people.
Good luck.
Steve
IMHO it's still mostly who you know.
I get e mails every week or so asking how to get into the music biz, and I have to tell them that it really doesn't matter how talented they are (unless they are 17, female, good looking and can hold a note)... it's:
Where they live. What they do. What they know. Who they know.
... but the last of these (sadly) seems to be the most important.
My only tip: Make sure you are talking to the right people.
Good luck.
Steve
Agree with GetCarter.
Plus, if your set on a supercar showroom, I'd suggest you start further down the rung first. Find out the ins and outs of the business and remember always, from a business perspective, it doesn't matter a toss if it's a Fiesta or Ferrari, it's the profit in it that counts.
I know of a local dealer who sold a half decent 308 and made £900.
The same week he sold a three year old Mondeo (my old one!!) and made £1,200!
Good luck.
Plus, if your set on a supercar showroom, I'd suggest you start further down the rung first. Find out the ins and outs of the business and remember always, from a business perspective, it doesn't matter a toss if it's a Fiesta or Ferrari, it's the profit in it that counts.
I know of a local dealer who sold a half decent 308 and made £900.
The same week he sold a three year old Mondeo (my old one!!) and made £1,200!
Good luck.
Sure is important to know the right people, it's also good to know the right insider information, and it can be useful to have someone pay you while you get it - in other words do time as an employee for a while. Like you say yourself, this might be for less moolah than you'd ideally like to earn as a graduate or even as a volunteer, but worth it if such a move can help you in the long run. You'll know soon enough when the time is right to go out on your own, at which point a whole shedload of other stuff will come up. Good luck - keep asking and listening.
From my experience, i started as a valeter doing 6 days a week at Toyota dealership, then working sundays on sales for free. I then applied for sale's jobs at other firms and worked my way up the ladder. In the motor trade you have to have experience that a uni degree just wont be able to teach.
I have moved on through several jobs in the car industry including freelance writing on CarBuyer Magazine and now have taken on my own shop at the ripe old age of 25, with no silver spoon or handouts have earned every step.
Good luck to you, just go out and get it if you want it.
I have moved on through several jobs in the car industry including freelance writing on CarBuyer Magazine and now have taken on my own shop at the ripe old age of 25, with no silver spoon or handouts have earned every step.
Good luck to you, just go out and get it if you want it.
Seems to me, unless I've read the post wrongly, that you have two desires. (1) to be successful in business; (2) to be in close proximity to exotic cars, by owning a show-room.
To my mind, if you achieve number one, then number two becomes a possibility. So that's where I'd put my effort if I were you.
In my case being in business was instinctive, supported by effort and spiced with luck. When I was a kid I used to buy packets of sweets on the way to school and then at play time I’d sell individual sweets for a penny each. I got a real buzz out of making a profit. It taught me that making a profit was simply a case of selling something for more than it cost me to buy (or make). Nowadays, I buy and sell companies on the same basis.
My advice to you would be “don’t be too risk averse”. When you get a wife, kids and mortgage the tendency can be to look for a ‘safe’ job – because of security / commitments, etc. There are surprisingly few people around who are prepared to take a risk. What’s the worst that could happen? You make a pigs ear of the venture – but you’re still alive and you can try something else. On the other hand, if you make a go of it then there’s a whole world of opportunities for you.
To my mind, if you achieve number one, then number two becomes a possibility. So that's where I'd put my effort if I were you.
In my case being in business was instinctive, supported by effort and spiced with luck. When I was a kid I used to buy packets of sweets on the way to school and then at play time I’d sell individual sweets for a penny each. I got a real buzz out of making a profit. It taught me that making a profit was simply a case of selling something for more than it cost me to buy (or make). Nowadays, I buy and sell companies on the same basis.
My advice to you would be “don’t be too risk averse”. When you get a wife, kids and mortgage the tendency can be to look for a ‘safe’ job – because of security / commitments, etc. There are surprisingly few people around who are prepared to take a risk. What’s the worst that could happen? You make a pigs ear of the venture – but you’re still alive and you can try something else. On the other hand, if you make a go of it then there’s a whole world of opportunities for you.
Woza, it may help you to know that many of the 'supercar' garages selling new cars, are generally part of a large dealership group. Such as Pendragon Plc who are the largest in the UK, along with other groups, in no particular order, such as Inchcape, Lancaster Plc, H R Owen, Reg Vardy Plc, Lookers
Perhaps it would be wise to consider joining a graduate programme, most of the large groups (even the ones without supercars
) offer similar schemes. The motor trade is a complex beast, getting a good grounding in all aspects will be invaluable to you.
You may want to take a look at AM Online and consider a magazine subscription. AM (Automotive Management) is widely accepted as the industry journal, it will help you to gather information that may assist you to get your foot in the door. If you take out a subscription you'll be able to access the locked sections of the site, in particular the ‘Top 100’ which will give you insight into who owns which garages, how much they turnover etc etc. They also publish interviews with people in the industry, which should illustrate how diverse their backgrounds are.
Finally, don't be despondent if you don’t get a huge response from your letters. Several years spent working with the motor trade tells me that you're unlikely to get a great deal of free advice, unless it's of the "go forth and multiply" variety.
Good luck.
Perhaps it would be wise to consider joining a graduate programme, most of the large groups (even the ones without supercars
) offer similar schemes. The motor trade is a complex beast, getting a good grounding in all aspects will be invaluable to you. You may want to take a look at AM Online and consider a magazine subscription. AM (Automotive Management) is widely accepted as the industry journal, it will help you to gather information that may assist you to get your foot in the door. If you take out a subscription you'll be able to access the locked sections of the site, in particular the ‘Top 100’ which will give you insight into who owns which garages, how much they turnover etc etc. They also publish interviews with people in the industry, which should illustrate how diverse their backgrounds are.
Finally, don't be despondent if you don’t get a huge response from your letters. Several years spent working with the motor trade tells me that you're unlikely to get a great deal of free advice, unless it's of the "go forth and multiply" variety.
Good luck.
If you're keen to be a business owner rather than an employee, I'd recommend starting a company asap. Use it as a learning curve. I set my first company up in my third year of university. Although it hasn't been my route to a Lambo yet, it's been hugely satisfying and has taught me a great deal. Tonnes more than any textbook or class could have.
It doesn't really matter what the business is, the lessons learnt in financing/dealing with banks/legal matters/customer relations etc etc will all help you in any future venture.
Good luck
It doesn't really matter what the business is, the lessons learnt in financing/dealing with banks/legal matters/customer relations etc etc will all help you in any future venture.
Good luck
Personal savings and a bit of help from family for mine, but you don't need huge finances to start a business. It can be all too easy to spend spend spend in the early days, when every penny you spend is another penny you need to make in profit before you break even. The money I've borrowed will be paid back before I take any personal income
I had a similar ambition to yours Woza at a similar age ( Now 32) ( My age now, not the compilation album!)
I started by picking up the yerllow pages when I was 18 and got a job valeting cars ata volvo dealer in Henley, thias led to me doing sales at the weekends and then moving to Honda when I was 21 becoming one of their top sales people at the time and becoming the youngest Honda approved NSX salesman in the UK.
From there i went back to the volvo dealer I had started at which in the meantime had become a TVR dealer where I stayed for 5 years.
then I realised that its all very well selling the nice kit, but no good if you cant afford one ( good money all the same), so I left and went into more commercial sales, which let me buy a Griff 500, then a Cerb and a Yamaha R6 while paying for my private poilots licence.
I then used that experience to set up on my own 3 years ago and should be back in the TVR fold very soon. ( sold all the toys when I set up my business)
Everyone follows a different path, just ensure you have enough vision belief and balls to follow things through.
obiwonkeyblokey says - look inside yourself padua, and use the force!!!
( Ted - can i have a jedi smiley please?!)
I started by picking up the yerllow pages when I was 18 and got a job valeting cars ata volvo dealer in Henley, thias led to me doing sales at the weekends and then moving to Honda when I was 21 becoming one of their top sales people at the time and becoming the youngest Honda approved NSX salesman in the UK.
From there i went back to the volvo dealer I had started at which in the meantime had become a TVR dealer where I stayed for 5 years.
then I realised that its all very well selling the nice kit, but no good if you cant afford one ( good money all the same), so I left and went into more commercial sales, which let me buy a Griff 500, then a Cerb and a Yamaha R6 while paying for my private poilots licence.
I then used that experience to set up on my own 3 years ago and should be back in the TVR fold very soon. ( sold all the toys when I set up my business)
Everyone follows a different path, just ensure you have enough vision belief and balls to follow things through.
obiwonkeyblokey says - look inside yourself padua, and use the force!!!
( Ted - can i have a jedi smiley please?!)
Most products/companies fail because the originators have too much belief in them. You need belief, but so do your prospects! You may think that what you do is brilliant, but if no-one else agrees, you're not going to go far.
When you get your business concept together, try the famous SWOT analysis - Strengths/Weaknesses/Opportunites/Threats. Be harsh, even negative, to test your idea as much as possible. For example, if you only sell half as many widgets, can it survive? Identify weaknesses and try to address them before you launch. Identify threats and have an answer ready if they materialise. What can you do that the rivals can't? Better? Faster? Cheaper? You have to think of an edge to make people choose you over the other guy. It also helps, of course, if you can sell fridges to Eskimos!
Good luck, hope you get it right
When you get your business concept together, try the famous SWOT analysis - Strengths/Weaknesses/Opportunites/Threats. Be harsh, even negative, to test your idea as much as possible. For example, if you only sell half as many widgets, can it survive? Identify weaknesses and try to address them before you launch. Identify threats and have an answer ready if they materialise. What can you do that the rivals can't? Better? Faster? Cheaper? You have to think of an edge to make people choose you over the other guy. It also helps, of course, if you can sell fridges to Eskimos!
Good luck, hope you get it right
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