How To Open A Motorcycle Salvage Yard

How To Open A Motorcycle Salvage Yard

Motorcycles are becoming an increasingly popular mode of transportation. With this increasing popularity comes the increased need for motorcycle parts. Motorcycle parts can be very expensive if purchased new, which is why people are leaning towards buying used parts. Motorcycle Salvage yards, also known as motorcycle junk yards, or bone yards are perfect places to find used motorcycle parts.

Motorcycle salvage yards can be a very profitable business. If this business ventures you wish to undertake, here are a few tips to help you along the way.

1. Make a Business Plan

When starting any business, a business plan is needed. A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. A business plan will help you to keep organized and focused on your goals and strategies to achieve these goals. It is especially necessary if one plans to seek financial aid from a bank, or similar institution.

2. Make it Legal When opening a Motorcycle Salvage Yard or any business, one needs to make sure that everything is being done legally. Acquire the necessary license to own a Motorcycle Salvage Yard. Register your business. This can be done at the Secretary of State (SOS). Also, find out what the salvage yard regulations are for your state/country; The Environmental Protection Agency is a good place to get this information.

3. Funding

Now that you've created your business plan, you now have an idea of the cost associated with opening a motorcycle salvage yard. Ideally, your savings should cover this cost, but realistically, help will usually be needed. The bank is often the first place people go to apply for loans. There are however other institutions that specialize in small business loans. Do your research before taking a loan. Take note of the interest rates, as well as the time given for you to repay your loan.

4. Locate Land/property

You now need a space from which to operate. It needs to be large enough to store your merchandise, but keep in mind that motorcycles do not take up as much space as cars. Decide whether you intend to buy or lease the land.

5. Equipment/Machinery

Equipment is a necessity for the operation of a Motorcycle Salvage yard. However, don't get in over your head. Only buy/lease what is immediately necessary to make your business operational.

6. Merchandise

The most important part of your business is merchandise. Visit motorcycle auctions, or even other motorcycle salvage yards. Don't rush into purchasing. Do your research.

7. Customers

What's a business without customers? Advertising is key for any successful business. Chose your medium, and go for it.

You've invested alot of time and money into your business, so it is only natural that you would want to protect your investment, therefore consider getting insurance.

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