To further narrow down your niche, determine whether you'll offer original equipment manufacturer, original equipment or aftermarket auto parts, considering your budget and target audience: When it comes to opening a car accessories store, you have two main options: start your business from scratch or buy a franchise. You may also sell performance parts, maintenance parts and other specialty products. This acronym stands for strengths, weaknesses, opportunities and threats. Online sales are on the rise too, with an 8.9% compound annual growth rate. Set up advertising campaigns on Google and social networks to reach your target audience. IBISWorld: Auto Parts Stores Industry in the US - Market Research Report, GlobeNewswire: Global Car Accessories Market Will Reach USD 522.01 Billion by 2022: Zion Market Research, IBISWorld: Online Automotive Parts & Accessories Sales Industry in the US - Market Research Report, Allied Market Research: Automotive Interiors Market by Component (Cockpit Module, Flooring, Door Panel, Automotive Seat, Interior Lighting, and Other) and Vehicle Type (Passenger Car and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2018 - 2025, Investopedia: Original Equipment Manufacturer (OEM). You decide what to sell, how to market your products and when to expand your operations. A franchise, on the other hand, is a proven business model and can boost your chances of success. When writing a business plan, consider your company's strengths and weaknesses. Their quality, though, varies from one brand to another. German Car Accessories is an independently owned enthusiast website. Plus, it keeps you accountable and can help you identify potential mistakes, risks, threats and opportunities. List your products and write compelling descriptions optimized for search engines. Decide whether you want to sell new or used car parts and accessories. Texas, on the other hand, charges $300 for this service. You also need to choose a type of legal entity for your car accessories business. Think about where your store will be located, determine the amount of space required for inventory storage and make a list of suppliers. Consider sending introductory letters and brochures to potential customers, such as transport companies and local businesses. Andra Picincu is a digital marketing consultant with over 10 years of experience. A car accessories business plan may cover the following aspects: Tackle every aspect of running a car accessories business. The company provides marketing support, pre-opening training and financial assistance as well as software and other resources. The global car accessories market is forecasted to reach $522 billion by 2022 — that's a significant increase compared to 2016, when it was valued at $360.8 billion. Tint World: Why Own a Tint World Franchise? As a result, they won't purchase auto parts and accessories as often as they used to. The number of auto parts stores in the United States exceeded 63,400 in 2019. This site is not sponsored by … Reviewed by: Jayne Thompson, LL.B., LL.M. Economic downturn, for instance, is a potential threat to the car accessories market. Now that you have a business plan, go ahead and register your company with the state. Additionally, it doesn't require shareholder meetings and extensive documentation as corporations do. Car buffs are proud of what they drive, but few are satisfied with factory stock appearance. Tint World, for instance, assists its franchisees with location selection, HR procedures, sales and other key aspects of running a car accessories business. According to IBISWorld, American car accessory stores sold merchandise worth $5 billion over the internet in 2019. Several niches exist within this market, such as passenger car interior accessories and commercial vehicle interior accessories. Depending on your niche, you may choose from several franchise opportunities. Car accessory stores are a profitable business because the replacement of damaged or old auto parts is a must for any driver. In general, companies have full control over their strengths and weaknesses but little or no control over opportunities and threats. … For example, you may not have the resources needed to compete with popular car accessory stores and outlets, but you're only selling brand-name products of the highest quality. Set a marketing budget and seek the most cost-effective ways to raise brand awareness and promote your store. Generally, sole proprietorships are ideal for small, local stores. All applicants must submit a $10,000 security bond, an original certificate of insurance, photos of themselves and their business location and fingerprint cards. In her daily life, Ms. Picincu provides digital marketing consulting and copywriting services. Components enhance a vehicle 's visual appeal while providing comfort and sound insulation you mitigate risks and avoid unnecessary.... Annual growth rate car accessories Shop ( Similliar business ) the number of auto parts, parts. You decide what to sell new or used car parts and accessories online consider. Certain licenses and permits to get your business Yelp, Yellow Pages, Angie ’ s,... Of space required for inventory storage and make them a special offer International business and a $ 150 fee... … Delivery Associate will place the order on your niche to better target your customers and gain a competitive.... 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