how to start an automotive and motorcycle business...2018/11/10 · business plan bedc has a course...
TRANSCRIPT
HOW TO START ANAUTOMOTIVE AND MOTORCYCLE BUSINESS
• Why do you want to start this business?
• Is there a demand for the service and product you
intend to provide? Or is the market already
saturated with too many existing Auto Motive &
Motorcycle businesses?
• Do you have the necessary skills to pursue this
business venture or will you need additional
training?
• Be advised that there may be some upfront costs
that you may have to account for as you conduct
your research.
Operational Needs
Ice House Entrepreneurship Programme is an 8-
week challenging learning experience designed to
reveal new opportunities, ignite your ambition and
foster skills that will empower you to reach new
heights as an entrepreneur. This course runs twice
a year - once in the spring and again in the autumn.
A Guideline for Starting an Automotive & Motorcycle Business
* After looking at these questions and going
through this guide you still may wonder if this is
right for you. If so, BEDC has a course for you! The
OST
• Specialized tools for workshop
• Proper ventilation for air flow for the workshop
Qualified Staff (Bodywork, Painters and Vehicle
Sales department
A Point of Sales system that can handle vehicle,
parts and services offered (e.g. Winward Software);
• Insurance for the business, its contents and
goods in transit;
• Need a very good health and safety plan;
• Access to training to keep up with the latest
technology;
• Need to have a fleet of loaner vehicles.
c. Customer Service
d. Product/Services offered
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Best Practice Tips
a. Exterior Appearance –
b. Interior Appearance –
Government Obligations
Department of Planning –
Payroll Tax -
Department of Social Insurance –
a. What are the costs to establishing your facility?
BEDC Sources & Uses of Funds
Statement
b. When identifying your expenses, take account of
your own personal financial situation.
Personal Financial Statement
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Department of Immigration –
Pension –
Employment Act –
3
Knowing the Numbers
If you still need assistance with knowing the
numbers BEDC has a course for you! Financial
Statements Planning and Costing using
QuickBooks is an 8-week course focused on getting
business owners to accurately price and cost their
products and services, review and understand
financial statement and to learn how to use basic
QuickBooks functionality. This course runs twice a
year once in the spring and once in the winter.
Legal Issues and Insurance
a. Determine the structure of the company
i. Sole Proprietorship
ii. Partnership
ii. Limited Company (LTD)
OST
BEDC
Business Plan Checklist
a. Executive Summary
b. Company Description
c. Product/Service
d. Market Analysis
e. Strategy and Implementation
f. Management Team
g. Financial Plan
If you require additional help with formulating a
Business plan BEDC has a course for you!
Entrepreneurship 101 is an 8-week course where
you will learn how to take your idea and turn it into
reality with the foundation of a solid business plan.
Throughout the course there will be industry
professionals who will give presentations to help
you with important information to ensure small
business success. This course runs twice a year
once in the spring and once in the autumn.
iv. Limited Liability Company (LLC)
b. Health
c. Liability
d. Workers Compensation
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Financing the Business
BEDC Government Incentive Guide
Loans
Character:
The Business Plan
OST
Credit capacity
Capital
Collateral
Conditions
BEDC Guarantee
BEDC Micro Loan
www.bedc.bm
Bootstrapping
NOTE: Any financial product that you may apply
for, a credit check will be performed, so please
ensure you are up to date with payments or
payment arrangements for any debt referred to the
credit association.
Bermuda Business starts here at BEDC! BEDC looks
to be the first stop for local business in Bermuda.
For more information and assistance with getting
your transportation business started, visit our
website at www.bedc.bm, email us at
[email protected] or call 292-5570 to schedule an
appointment to speak one-on-one with one of our
dedicated officers.
.
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Other Information1. EEZ Zones
What is an EEZ?
a. EEZ Payroll Tax Concessions-
b. NEHEEZ businesses
c. Duty Deferment
2. Letter of Credit Programme
3. Seminars
a. Ice House Entrepreneurship Programme
b. Entrepreneurship 101
c. Financial Planning and Costing using
QuickBooks
d. Adhoc Training and Seminars
4. Global Entrepreneurship Month
Signature Events of GEW
a. Rocket Pitch
b. Future Agro Challenge
c. Women’s Entrepreneurship Day
5. Incubator Programme
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6.Vending License
www.bedc.bm.
Sofia House, 48 Church Street, Hamilton HM12 P.O. Box HM 637 Hamilton HMCX
P: 292.5570 | F: 295.1600 | www.bedc.bm