"SEC-S20W1 | My Business Ideas | (Car dealership)

Business huh?

I would start by saying thanks to the Dev’s teaching team for such a great topic to start the challenge with.

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Are you planning to start a business or already in business?

I must say I love the thought of running my own business. I get to be my own boss and because of the monetary benefits especially when it starts flourishing. I just know that I’ve always admired business owners and looked forward to having my own business.

Presently I do not have my own business but am looking at having my own business someday. I want to have my own establishment because of the freedom and financial benefits attached to it.

I would be going into car dealership business in the future. This is as a result of my love for cars and I come from a long line of family that have active people who are into car dealership. My elder brother and some relatives are already in this line of business and I love the result they are getting.

One of the reasons why I want to get involved in this is because of the easy access I have to import the cars. With their already established relationships and reputation, I would have to only think of raising capital for my business as they already have the space and relationships to get me started. I mentioned it to my brother and he’s enthusiastic to help me get started when am ready.

Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model?

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With what I’ve said earlier, it’s obvious that the business model am going to be adopting would be partnership model. Am going to have to partner with my brother for easy starting. The partnership would cut across monetary, Human Resources and other logistics.

It’s more like standing on the shoulder of one who has succeeded to take a leap and I think it’s such a blessing. He opted to assist with a part of the monetary aspect while I raise a part of the capital for startup and am appreciative of that.

All I need is to raise my part and he brings his part, does the importation and then I start off. He sees to the sells through his workers and my part is to monitor the capital and sales and keep turning over until something substantial begins to come from it.

Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model?

Knowing the business model of partnership has its prons and cons, I’d still go for it and these are the benefits I would have from this partnership model for my business;

• The provision for leverage: The partnership would enable me leaverage on the existing structures of the business without having to break my own grounds.

• I would have a template to follow and that’s already solving 90% of the challenges of new businesses.

• Financial support and Human resourcing availability.

Some of the cons I may encounter would be;

• Having to take orders and not really do my biddings until am able to fully stand on my own.

• There may be a disagreement on funds and expenses disbursements excepts otherwise clearly stated before commencing.

With these in view and appropriate measures taken for utmost efficacy, in the next five years, I would have been able to increase my car importation to having over 10 cars personally that is if I start with importing one car, sell and turn over and keep the tabs up. That would be a huge feat.

My plans are to save up capital gradually which I’ve started and when I start, I won’t run expenses with the profits but would reinvest them into the business until its able to buy other cars from that one. It simply means am going to have other streams of income to take care of expenses and daily living.

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You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

Well like I said earlier, am yet to start my own car dealership business. I would have to start and work towards expansion as I’ve explained above. I may not need to hire experts as I would be learning directly from family members who are already into it and succeeding.

I do not have enough expertise of course hence the need to listen, follow, ask questions and learn. That doesn’t stop me from making my own personal researches to know somethings out of the box but everything I need to start and do well seems to be at my beck and call so I would simply and humbly learn and grow.

I have already gotten a name for my auto business which I would reveal at the right time and who knows, steem may be a part of a means to shop for your autos when the times comes.

Thank you for coming down this lane with me. I ask @ahansharif, @amjadli00 and @bessie to participate in this contest.