Originally Posted by Savitoj
Hello Friends, i am planning to open a new car accessory shop in Shimla(H.P). I don't actually have much knowledge about the accessories or the brands to start with but i like this business concept very much.
I have a space for the shop near the city with a plus point of two service centers nearby with whom i can get in touch with for the marketing of our products.
So, What i exactly want to know is that how can i start this business?
There are a few questions, to which i think the answers would be very beneficial.
1. What type of products should i start with?
2. Should i start with the local products or the branded ones?
3. What would be the initial budget for the business?
4. What are the profit margins that i can expect from this business?
5. Is it necessary to register the shop as soon as i open it or can i wait for the business to take off? (As according to my knowledge the products are going to be all VAT paid)
6. Should i approach the local distributors or directly the respected companies for the stock?
7.I have also inquired about the Galio product range and Senior companies distributors in the city. Are these brands good enough to start with?
I would really appreciate if some of you could help me in the above context.
Good to hear that you are opening up a shop in Shimla, Following are the few points, I think that will help you in running the shop:
1. Although you are opening up accessories shop, I would highly recommend that you keep alloy wheels and tyres and if possible variety of tyres, as you are aware that many people are opting for alloy wheels in Shimla, especially the younger lot which are getting hands on wheels at the young age. These are high value transactions and will help you in turnover.
2. Secondly, I would recommend having all the brands in In Car entertainment segment, right from basic stuff to stuff till medium end. As i think that not many people will buy extreme high end stuff. In Shimla, most people will get is a Stereo, Speakers, Amp and Sub woofer and their budget would be at max 20K.
3. Now many people even in Shimla opting for performance parts, you can have a separate segment of Performance parts which include K&N air filters and ffe's etc.
4. Last but not the least, various body mods and accessories.
Wish you all the best for your endeavor.