1. Government Engineering
College, Bharuch.
Entrepreneurship
Subject code: 2181923
NAME
Patel Aman A.
EN. NO
160140119057
Patel Darshan 160140119060
Patel Dhruv J. 160140119061
Patel Dhruv B. 160140119062
Patel Dhruv R. 160140119063
2.
3. • For a Stronger performance : Because they need
more horsepower and speed.
• Added protection : when you get window tinting,
they filter out harsh light, resulting in lower
temperatures and prevention of light damage that
can fade the vehicle’s interior.
• Aesthetics : one of the biggest and more appealing
reasons people customize their vehicle a boost in
appearance.
• For the more convenient drive.
4. • Plan your Business
• Form a legal entity
• Register for taxes
• Open a business bank account
• Hire a CPA
• Obtain necessary permits and licenses
• Get business insurance
• Define your brand
• Establish your web presence
5. • A crystal clear business plan is important for
running any type of business. Jumping in head
first without establishing a plan is a potential
recipe for disaster.
• Keep these factors in mind as you're creating
your business plan:
• Startup and ongoing costs
• Target market
• How long it will take you to break even?
6. • Startup cost include Air compressor, Refrigerated
evaporating system, Jitter bugs, dual-action sanders,
Sanding blocks, Masks and paint suits, Cabinet (for
solvents, paints, and cleaners), HVLP guns of
different sizes, Hydraulic Lift , Air tools (like impact,
air nozzle, etc), Tools to stock boxes, mechanic’s tool
set, Parts washer, Diagnostic machine, Rebuilding
counters, Wood working tools, Fiberglas tools,
Electrical tools for stereo and complete body wiring.
• Ongoing cost include rent, insurance, labor, supplies.
7. • Establishing a legal business entity such as an
LLC(limited liability company) prevents you from being
personally liable if your custom car shop is sued.
• You should also consider using a registered
agent service to help protect your privacy and stay
compliant.
8. • You will need to register for a variety of state and federal
taxes before you can open for business.
• In order to register for taxes you will need to apply for an
EIN(Employer Identification Number). It's really easy and
free. EIN is also known as a Federal tax Identification
Number.
9. • This separates your personal assets from your
company's assets, which is necessary for personal
asset protection.
• It also makes accounting and tax filing easier.
• And if you also get a business credit card, this helps you
separate personal and business expenses by putting
your business' expenses all in one place.
• It also builds your company's credit history, which can
be useful to raise money and investment later on.
10. • A CPA(certified public account) is someone who has
passed the arduous CPA exam, met requirements
related to work experience, and has committed to
continued education to maintain their CPA certification.
• Hiring a CPA will help you keep your finances in order
and ensure you're paying the right amount of taxes
every year. CPAs vary in price, so make sure you keep
your budget in mind as you're shopping around for a
CPA to hire.
11. • Running a custom car shop requires that you have the
right type of licenses and permits. If you're caught
lacking even a single license or permit expect to be hit
by heavy fines or even worse, prepare to be shut down.
• Services Contract : Custom car businesses should
require clients to sign a services agreement before
starting a new project. This agreement should clarify
client expectations and minimize risk of legal disputes
by setting out payment terms and conditions, and
service level expectations.
12. • It's always a good idea to get business insurance. You
never know when something may occur that could
prove financially disastrous for your business. However,
business insurance could help to mitigate some of that
financial cost.
• Examples of business insurance include general
liability, professional liability, and workers
compensation.
13. • Your brand is what your company stands for, as well as
how your business is perceived by the public. A strong
brand will help your business stand out from competitors.
How to promote & market a custom car shop
This type of business is heavily dependent on referrals.
Most custom shops cater to automotive enthusiasts in
local community. Flyers and local ads may help but,
ultimately, good service and quality work will help spread
the word.
14. • A business website allows customers to learn more
about your company and the products or services
you offer. You can also use social media to attract
new clients or customers.
