If you are someone who is passionate about cars and equally good at sales and marketing, opening a dealership may not be the worst idea.
However, like any other venture out there, you will soon be faced with a large number of decisions to be made. The choices that will need to be made in this area will relate to a number of areas and through this it will then lead to a host of other decisions that will eventually decide the future of your business.
These factors need to be given the utmost importance when planning to set up a Hong Kong company simply because, if a wrong decision is taken at the beginning, regardless of how much you are willing to pump into your new venture; you will not get very far without a number of complications.
Here are a few of the factors that you will need to look into if you want your business to run smoothly from the get go.
New or Used
The first thing that you will need to decide on when opening a dealership is whether you will be dealing with nearly new cars or brand new vehicles. Deciding o this will also leave you with an estimate of how much you will need to invest and just what kind of marketing you will need to capitalize on.
You will also need to calculate the risk of taking on the selected fleet of vehicles at this point. You will need to devote an amount of your time to research and find out what exactly the market trend is and whether placing all your investment on that particular fleet of vehicles is in fact the right choice for you.
The next thing that you will need to do is draw up a business plan of how you want things to run and how and by when are you planning to reach the before mentioned goals of the organization. At this point you will need to make sure that you have the necessary capital and that every other cost is accounted for.
Licensing, Bonding, and Insurance
At this point you will need to remove all the red tape that surrounds opening up car dealership. This includes to look into company formation services here, obtaining the necessary licensing and getting insurance for the business that you are planning to open.
And finally it is important that you set up shop in the right location. Choose a location that is easily accessible and is spacious enough to fulfil the needs of the company.