What is the definition of an Entrepreneur?
Jessica from West Cott Tow Bars says in this day and age, conditions are conducive to encourage a female entrepreneur in Perth. If you are an initiator, who likes a challenge. If you like take up responsibility. If you make an endeavor to contribute to the community in the form of ideas, jobs and tax returns then you are an entrepreneur. Entrepreneurship brings dynamism, innovation, and movement in the society. It is an expression of an individual’s passion.
How to start a Tow Bar Business?
Like any business, there are steps to starting your tow bar business. They are as follows;
- Research before initiating the business
Add substance and practicality to your dream of owning a towing business via research. This validation process will help you arrive at important deductions such as,
- If there is a market for tow bars?
- What would be the cost of your investment?
- Do you want to extend your business into installing them on vehicles too?
- What is the competition?
- Add more questions to this list…
- Plan your business
Make a business plan, it is a blueprint for your tow bar business. It guides you through the start-up stage into a well-established business. There are several types of business plans.
If you do not have money to invest then you should seek financial assistance. In such a case, it will help to have a traditional business plan. It is a thorough documentation that has a set of sections that banks and investors study before validating your idea.
If you have the finances, then a one-page business plan that gives a clear idea of your plans is sufficient. Some great ideas were developed on a paper napkin or the back of an envelope! Basically, writing the plan helps concertize it.
- Plan Your Finances
Draw up a spreadsheet. You will require an initial investment for 12 months to cover ongoing expenses until you begin to draw profit. It should cover the rents, supplies, utilities, salaries, etc. And start-up costs such as licenses, permits, equipment, insurance, legal fees, market research, marketing, branding, inventory, trademarking, leases, etc. Present this spreadsheet to obtain a loan for your business. There are different ways to fund your business. You can gain financing through small business loans, grants investors, bootstrapping and crowdfunding.
- Choose a Business Structure
You can choose to be a partnership, a proprietorship, a corporation or a limited liability company. This will affect your business’s name, liabilities and tax returns.
- Register the Business Name
They say – what’s in a name? But in business, it does affect your success as you market your business by the name. It becomes your brand and trademark. Check the availability of the name, register it with the county clerk. All the legalities and paperwork occur under this registered name.
- Get the Licenses and Permits
There will be various kinds of permits licensees applicable to your business. You will be informed about them as you enlist your business. Your initial research should cover this area too.
- Choose an Accounting System
An accounting system helps you manage your budget, set up the prices and rates and file your taxes. You can manage your own accounts using a software or hire an accountant to streamline your operation.
- Your business location
The business location is of paramount importance while considering the display and overall set up. A tow bar business should ideally be close to the automobile market where people seek you out to install tow bars on their automobiles.
- Get the team ready
You could be a solopreneur who sells the tow bars by themselves and installs them. As the business grows and you need more hands hire more people. You could sign contracts and train apprentices if available in your local area.
- Promote your business
Create a marketing plan which highlights your unique selling points(USPs), register your business in the local yellow pages, put up an eye-catching signage. Announce discounts from time to time.
Last but not the least, remain committed and patient. A positive mindset will help you keep moving forward in tough times.