Breaking into the motor trade is a dream of many young people, the rise in road users in the last couple of decades has meant that young people have grown up around cars, know a lot about them and want to have a go at making money from them. But is starting a business in the motor trade a viable idea for young people?
1. Grants and loans for young entrepreneurs
The UK has spent lots of time and money helping young people make their dream a reality. This is done through grants, loans and schemes set up to help young people gain the skills and qualifications to start their own business. Free courses at college and apprenticeship schemes where you learn on the job is a great way to get experience and start making your mark in the industry.
2. The more people in the world the more vehicles on the road
As the population increases so does the number of vehicles on the road. There needs to be a number of people that are experienced in different areas of the motor trade, this could be fixing vehicles, maintaining them or selling them. There is no shortage of people looking to spend money on their vehicles.
You may want to be one step ahead of the competition and look at branching into maintenance or repair of electric cars. It has been said that diesel cars will be phased out in a few years and many perks and benefits that will come with having an electric car. Being someone that can fix or maintain these cars is a great way to stand out from the crowd, and it is likely to help you get a grant or loan as you are taking a step into the future.
3. Insurance is becoming more accommodating
Insurance for young drivers used to be, and still is in some cases, a tricky thing. Poor statistics on young drivers have resulted in high premiums making it almost impossible for young drivers to afford to be on the road without some assistance. And it’s no different for those drivers looking for young motor trade insurance.
Young motor traders insurance is available however, and even though it still might cost slightly more, insurance companies are becoming more accommodating.
You will need motor trade insurance if: You have a business where your staff drive your vehicles or customer’s vehicles, such as; a garage, a valet service, a scrap yard, repossession company or vehicle restoration business.
With the right business plan, and the right research, there’s really no reason age should be a barrier to starting your own business in the motor trade.