As 2020 gets close, many people at selecting New Year’s resolutions. Some people pledge to eat better, others to budget more, however, a common resolution for the new year is often starting your own business. Owning your own business can be rewarding but stressful, especially for those who want to start an auto body and collision repair business. To celebrate the new year and the new decade, our article today will be on how to start an auto body and collision repair business.

Step 1: Write a business plan

There is a saying that goes businesses that fail to plan should plan to fail. This is why you need a business plan. Your plan should include 8 key aspects.

Step 2: Calculate what your start up costs will be. This is a very important step. You’ll need to diligently list each and every item that you will need for the company. You will also need to calculate the cost of various types of insurance such as employee health and liability. The SBA sometimes offers loans for start up businesses.

Step 3: Obtain a tax ID number and start the process of acquiring licenses. You’ll need to a business license and maybe more. It is best to check with the town clerk to see what exact things your city or town requires. You’ll also want to check your local environmental regulations because of the chemicals that body shops often use.

Step 4: Find a location to build or rent your shop. Renting will be cheaper at first but the downside is you can’t customize the shop to fit your wants and needs. Renting the first few years would be a good way to make revenue. After you have some capital, start planning to expand to larger facility or build your own.

Happy New Year and we look forward to seeing you in 2020.