Automotive Industry In India
The Automobile industry in India is in upswing due to the surge of economy and technology. They have opened the gates for many startups and businesses ideas to flourish. The automobile industry in India will stumble with the halt of the transportation industry being a service provider, they keep our economy from falling apart. The society of indian automobile manufacturers is the crown jewel of the transportation industry, jobs created and business opportunities they provide are innumerable. The automotive industry is the pandora’s box for many innovative and creative entrepreneurs.
Automobile Business Plan in India are as follows
- Rental and ride-sharing cars: The automobile business plan of rental and ride-sharing cars, bike rental startup, saw the highest growth. The classic example of the same is uber and ola. The idea of rental cars and ride-sharing is the next big platform for the automotive industry in india.
- Restoration business: The revival of vintage cars has been a luxury for many due to the scarcity of restoration professionals. After the internet boom in India, the restoration of automobiles has picked up some pace, along with other automobile business plans. As the economy changed its course so has the taste of people of India which leads to “customization” according to their personal needs. Also, the metro cities are hosting many festivals showcasing vintage cars. The once old cars of no use are now restored to pristine condition. The restoration of automobiles can be highly profitable based on the automotive industry in India on the quality of work.
- Exporting automobile parts: The automobile business plan leads to the way to exporting their parts. Many foreign manufacturers are relying on India for spare parts due to various factors that make their products much more efficient. Major global luxury brands make source their spare parts from India.
- Trucking business: The automobile business plan includes transporting goods from the place of manufacture to consuming state. They transport raw material, machines, processed food, etc. This can be highly rewarding for the automobile industry in India
- Food truck: The automobile business plan involving food is a new age concept in India, the food business is always a profitable one. These food trucks attract a wide range of consumers especially located near beaches.
- Automobile repair service: Among the automobile business plan, this business idea is perineal and thriving. It is a quintessential model of business in this industry that can be highly rewarding. It goes without saying that automobiles require regular service and due to constant usage they need to be repaired.
Start Your Automobile Business
How To Start Automobile Spare Parts Business
When you want to start an automobile spare parts business, you should find the right business opportunities for which you can find your clients and increase your revenue. The automobile spare parts business is recommended by the society of indian automobile manufacturers as an essential part of the automotive industry in india. Many cars and bikes are dumped due to inadequate spare parts. The manufacturing and selling of these parts can turn the tide as many automobile companies cease to produce them as per their automobile business plan. Luxury brands depend on sourcing their parts from small business manufactures at low cost. The market for this business is vast and cannot be brushed aside.
Automobile Spare Parts As Per Automobile Business Plan:
- Retail store.
- Automobile store with workshop.
- Franchise spare parts business.
- E-commerce of spare parts.
How To Start Automobile Business In The Automotive Industry In India:
- Know your customer (KYC): To start an automobile spare parts business first analyzing the market is the key to begin your business. A good entrepreneur should have the ability to read the minds of his customers. The needs of the customers should be prioritized and service offered shall complement them.
- Create a blueprint for your business: Every business plan should have a road map that needs to be in writing in the first place.The purpose of the blueprint is to achieve the motive and objective of the entrepreneur. It helps the business to be intact with their vision and goals.
- Business model: In the automobile spare parts business, it is wise to have a business model that is best suited for the market they are catering service. Every market has its unique traits thereby their needs and expectations vary accordingly.
- Industry knowledge: The automobile spare parts business cannot be mastered with a decree. The education of the industry is vital and being informed about the same is the major requirement to start a business. Only experience can teach the nuances and tricks of the trade.
- Finance: Ideally automobile spare parts business require higher capital due to the types of machinery and manpower utilized for their functioning. The books of accounts have to be maintained regularly. To start the business the expenditure required for their day to day activities is calculated.
- Store location: For every automobile spare parts business, geographical location is the key to their success. The location of their retail store can be a big boost.
- Registration of business: To step Automobile spare parts business, one has to register the business. They have to obtain a license to conduct themselves. Also register under shops and establishments act.
- Produce or Acquire spare parts: Some may produce spare parts and mostly they are bought from the original brand in wholesale and retail.
- Human resource: Finally, for the spare parts business to keep functioning they need human resources. Hence they must be employed accordingly.
How To Start A Car Company
How to start a car company, the short answer is research!
Research is key in understanding how the business works, requirements, and your customers. Apart from the usual online research, try connecting with the society of indian automobile manufacturers where your business opportunities might develop. This research will help you understand how to start a car company by focusing on key areas such as your customers, identify risk factors, and build a stronger brand and business.
There are several activities and several types of businesses you can look into when it comes to understanding how to start a car company, such as;
- Business idea
- Raising Capital.
- Location of the store.
- Statutory compliances and other government authorization.
- Safety measure and insurance.
- Essential machinery and tools required to be acquired.
- The human personnel for the functioning.
- Mobilizing the business by marketing.
- Opening the store and business.
Automobile business ideas in India
Here are some automobile business ideas predominant in India.
- Car wash: Having a mobile car cash is highly recommended for the low risk with less capital.
- Service shop:By providing a service we can tap into the huge market of the automotive industry in India.
- Tire store: Tires for automobiles are required for their mobility. Hence the business of tire shops can be profitable.
- Auto- body shop: The vehicles go through wear and tear badly. Their body needs to be in check. Parts can be changed and repaired accordingly. Other accessories for them being demanded so that vehicles can be customized.
- Tow - trucking: The traffic in India is horrible as rarely a few abide by traffic laws. As the quantity of vehicles grows the need for towing increases. Break down is the major cause of towing.
- Spare parts business: Malfunction of spare parts are quite common. This hikes the need for spare parts. Distributing spare parts in wholesale and retail can be demanding but highly profitable.
- Used car dealers: The value of cars decreases by time but if the business of resiling cars is quite rewarding.
- Carpooling and rental car apps: Owning a car and maintenance is difficult. Therefore in India, it is wise to run a riding sharing and rental car business.
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