A Look at Entrepreneurship in the Automotive Industry

Business Finance

A Look at Entrepreneurship in the Automotive Industry

The automotive industry is a fast-growing space in which entrepreneurship is thriving. Car enthusiasts, salespeople, and those who love working with their hands to solve mechanical problems all thrive in this industry.

Automotive work comes in a variety of different stages, from the production of vehicles to sales—and auto lending—to lifetime maintenance. There are so many different needs that car owners and buyers have that an entrepreneur with a passion for cars and everything they do for us can tap into.

Manufacturing and maintenance processes are the lifeblood of automotive technology businesses.

img

A graduate of an automotive and diesel technology program is well on the way to auto entrepreneurship. With a firm knowledge of the mechanical workings of the range of vehicles, you may see in the field, a diesel technology specialist or automotive technology mechanic can begin to make significant waves in the industry.

Entrepreneurship is all about making your money and experience work for you, rather than the other way around. With the salaries earned by most mechanics topping the specialist rate of over $20 per hour, and with additional overtime pay, employee discounts, 401k matching, and other great benefits added to these base earnings, saving up for the real estate and tools required to launch your own garage is firmly within reach for many automotive industry workers.

Automotive technician tools are not cheap, so these need to remain a high priority for anyone seeking to put away startup cash. Working overtime at your current facility and learning the managerial responsibilities of the trade while banking your earnings is a great way to grow in the profession as you plan for your future. An accelerated graduate business degree on the side is another great way to learn about balancing budgets, advertising and hiring, and many other necessities in the industry.

Learning on the job is often second to none, though. Coupled with an undergraduate or graduate education in the intricacies of business management, the lessons learned on the shop floor become invaluable. Here you will learn best practices for keeping your workspace clean and engaging with customers in a professional and responsive manner. In a service role, you will learn to emulate the positive qualities of your management team and reject the things they do poorly when it comes time to launch your own space. One of the most important learning opportunities that a hands-on approach such as this offers is through interactions with customers.

Every customer is different. Their needs vary along with the cars they drive. Also, each client brings a different level of knowledge, patience, and need to the transaction. Learning how management deals with friendly, irate, and know-it-all types are something that you will have to take particular notice of. As the manager of your own shop in the future, the responsibility of dealing with all these individual customers will ultimately fall to you.

Car sales are another lucrative opportunity for motorheads.

img

In addition to a garage that specializes in Mercedes, Volvos, or diesel technology, sales can provide a significant injection of cash into your overall operation. Many service centers double as used car lots, and the owners target specialty models or particular years for their specific client needs. Many car salesmen like to pull double duty with their real estate because it allows for multiple income streams. Everyone needs their vehicle serviced on a regular basis, so bringing these two needs under one roof can really boost productivity and cash flow requirements. Looking for Ashe County real estate can be tricky for first-time buyers seeking the perfect space for their business to flourish, so speaking with your local realtor is often the best way to go about looking for real estate in West Jefferson or Ashe County, North Carolina.

Picking a great space for your business is more important than you might think. Sure, there are car owners all over the country—some 270 million registered vehicles in the U.S. alone—but you aren’t selling your services to all of those owners. Finding an accessible site in your local area that doesn’t overlap with the existing consumer territory of another brand is crucial to finding success. You may be able to peel away a good few clients from competitors early on or overtime, but building a loyal customer base that doesn’t require you to work overtime just to sell them on a required service in the first place is a core component of your continued success story.

The automotive space is a growth industry for many entrepreneurs. Whether you’re primarily interested in the service or sales side of the coin, there is room for many new businesses here. Begin your journey into this space with hands-on knowledge and technical expertise in vehicle maintenance and business in order to really thrive.

Back To Top