subject: Setting Up And Owning A Semi-trucks Parts Store [print this page] As with any business that you are beginning, it is important to write a business plan so that you can identify all the characteristics of your business. As you probably won't know much about this, it is imperative that you acquire accurate statistics and data so that your business model is realistic. This will allow you to see any potential downfalls of your business idea, and may even identify areas in which are under-exploited. You must also analyse other semi-truck part stores in your local area -- essentially those in which you will be competing with, and to see if there is still demand in your area for such a business -- especially if there are many already. Your business plan should also include ways in which you're going to advertise your business, which may exclude many tested marketing schemes.
If you require funding, then your business plan should have identified the initial amount you will need from the bank, or any other lending organisation. You can apply for a business loan from your local bank, and they will also advise you on your business, as long as you have a well written business plan which identities the direction in which you wish to take your business. Before you apply for a business loan, obtain your credit score to ensure that there won't be any problems in obtaining any credit. You also need to check that your credit score is of a high enough value to be able to obtain a business loan. You will need to make sure that you have enough funds to cover your general business operating costs for at least a six month period, as it naturally takes a considerable of time to build up your business before it begins to make a profit at all.
After founding your business, you will need to register it and begin paying taxes. There are many necessary forms for setting up a business, which can be obtained from the department of revenue based in your state. You also need to sign up with the Internal Revenue Service (IRS) to receive an employer identification number (EIN) by completing the form either online, or calling the business and tax speciality phone number which, at the time of writing, is 800-829-4933. You also need to make sure you have an approval to operate any kind of business in your physical location, which means the acquiring of a business license from your city government.
You can then begin to order in the semi-truck parts you require for your business, and other necessary supplies that you think would sell as part of a semi-truck parts company. This is naturally after you have dreamt up a name for your company, which would probably have been the first thing you did, before even your business plan. Some imagination is required here; otherwise you'll find your business will be your name, followed by your type of business: "John's Semi-Truck Parts, Ltd". How original! If you happen to do go down this unoriginal route, then do not forget the apostrophe from your name. Nevertheless, you need to find manufacturers of semi-truck parts, and contact them for further information and also to arrange a price, which should be a wholesale rate. This allows you to mark-up the goods you're selling for retail sales and to earn your business some profit -- eventually!
Determine any special deals that you may wish to offer, to encourage people to choose your business over your competitors' businesses. This may include offering discounted rates to semi-truck owners and operators, or offering a loyalty card to those who shop regularly with you, offering them a discount depending on the amount they purchase from your company. You could also consider forming business relationships with junkyard owners, as these yards would be a great source of semi-truck parts, at a rate incomparable to those bought elsewhere.
Your business is therefore ready to go! For the time being you may wish to run the business entirely by yourself, as this helps balancing the books much simpler. Although once your business is turning over a profit, then you can definitely consider hiring staff to do various jobs. As long as you continue networking and forming other business relationships, then your business will become popular simply by word-of-mouth and local advertising!
by: John Dorr
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