We keep in mind the Prime Minister’s Employment Generation Programme (PMEGP) and Pradhan Mantri MUDRA Yojana (PMMY) and all Government Schemes have prepared Tyre Shop Project Report and CMA Data for Bank Loan.
In addition, inform us if any modification is required in the report. Thereafter, we will amend the report and make it available to you immediately.
If you want to start a tyre shop business, Read this text to understand more about starting and running a profitable tyre store covering essential information regarding legal considerations, equipment, advertising ways, etc.
Tyre store is one of the leading popular businesses within the industry. Check this text to understand more about starting a tyre shop business and running it profitably. Tyre store business opportunity demands full control of inventory and a few adequate knowledge about different tyre types that come with a particular unique number. One can start this business anywhere in a metropolitan city or small towns.
It is an excellent business to start. However, make sure that you don’t sell on a credit basis. If you go for an exclusive dealership, the manufacturers will dump sizes that are not fast-moving and will short supply fast-moving sizes and create artificial demand.
Tyre Shop Project Report Format.
Tyre Shop Project Report Business Plan for Bank Loan related to business and services in India. The report provides a Business plan in India for bank loan in excel, word and pdf format and also available in the Hindi language.
However, the format for the project report includes financial information. Therefore, it includes Projected Balance Sheet and Profit and Loss Statements for the next 8 years. It also includes Ratio Analysis, Market Potential, Business Plan, Industry Trends, and Process.
Also present strengths and weaknesses. Hence, understand in below mention two parts.
Firstly, Tyre Shop Detailed Project Report Contains: –
- Details of Business
- Introduction to Business Idea
- Brief about the effect of COVID- 19 on Business
- Benefits Available under Government Sponsored scheme
- Computation of Subsidies available under the scheme
- Manufacturing or Operating Process,
- Process Flow Chart
- Supplies of Raw material
- Supplies of Plant and machinery
- Export-import Data
- Credit Policies
- Marketing Strategy
- Future Plans
- SWOT Analysis
Secondly, below mentioned financial statements will be for the next 8 Years
- Projected Balance Sheet
- Projected Income Statement
- Cost Of Finance
- Means Of Finance
- Assessment Of Working Capital Requirement
- Cash flow Statement
- Term Loan Repayment Chart
- Depreciation Chart
- Debt Service Coverage Ratio
- Ratio Analysis
- Sensitivity Analysis
- Break-Even Analysis
Procedure to get Project Report
Gone are the days waiting at the door of expert, as a result, get your project report in hand, now you can get your business plan in just 24 hours.
First Step – Add to Cart
Second Step – Check out
Third Step – Make Payment
Fourth Step – Provide Required Information
Fifth Step – Get your report within a 24 hours.
Consequently, we can modify the Cost of the project, capacity, and loan amount as per your need.
CA Certified Tyre Shop Project Report
Some banks and Government Departments asking for CA certified report; therefore we can provide the same, on additional payment of Rs.1000/- (One thousand only).
In Conclusion, we have prepared the business profile in contrast to that you can access it immediately. Our team is also ready for any kind of changes in the project report.
10 Steps to Start Tyre Shop Business
1. Do Market Research
The first thing before starting a tyre shop is to know the demand for the local market. Essentially, tyre stores are seen doing profitable business in cities and little towns. Also, much-sought-after locations for tyre stores are spaces beside highways. It is highly recommended to conduct marketing research locally and gather information about the maximum amount possible. Also, study your market competitors where you would like to start the business.
Write a comprehensive tyre store project report with details of the target and mission statement. An in-depth business plan project report won’t only assist you in starting the right way but also will assist you in future business monitoring.
Also, you would like to possess sufficient knowledge of tyres. Tyres are available in different shapes, sizes, and costs for various sorts of vehicles. Generally, there are two types of tyres. One is for commercial transport vehicle, and another one is for car tyres.
2. Choose the Products
The inventory to be kept in your shop largely depends on the sort of vehicles on the run in your vicinity. You shall sell a good array of sorts of tyres for heavy-duty vehicles, light passenger vehicles, two-wheeler tyre, four-wheeler tyre, etc.
The ratio of inventory will depend upon the standard of vehicles on the road within the nearby locality. You shall also sell rims, tubes additionally to tyres in your tyre store. The major inventory which is required to start tyre store is different quite tyres as per market demand.
You will also get to have other essential equipment for balancing and centering of wheels, tyre pressure, pattern management system, impact wrenches, etc. Gather the supplies from a trustable vendor and also check the warranty of that equipment.
3. Business Plan project report
A clear project report of Tyre Shop is crucial for your success as an entrepreneur. You wish to contemplate some important, like your initial costs, your target market, and how long it’ll see you interrupt even. Draft a proper Tyre Shop project report that describes your expected income, product and repair lines, expansion plans, and other details of your business. A well-drafted project report will facilitate you in applying for any bank loan.
4. Selecting the Type of Tyre Shop
There are some ways of starting a tyre shop. You’ll take a licensed dealership of a reputed tyre brand and begin as an exclusive outlet. Many tyre shop owners prefer selling tyre of various brands and make a multi-brand store. You’ll also choose to buy a franchise of a reputed multi-brand tyre selling company.
5. Make the Tyre Store Legally Compliant
Talk to the local appropriate authority and obtain the specified licenses and permits to start and run a tyre shop. Additionally, form a corporation with the foremost suited business structure available within the state or the country. For instance, if you’re from us, forming an LLP will provide you with extra benefits.
As a start-up, you’ll get to determine the ownership pattern first of your tyre store. You’ll start as a 1 Person Company; otherwise, you can accompany partners by formatting LLP, Pvt. Ltd or Ltd Company in India. After company formation, you’ll get to have a Trade License from the agency. Obtain GST registration as soon as possible.
Choose a perfect and easy name for your tyre store business. Also, check the domain availability when choosing a reputation. Protect the name by getting a trademark registration.
6. Choose a Retail Space
Selecting your tyre shop’s right location is probably the only most crucial decision to be taken while running a good tyre shop. The situation must have an honest local marketplace for tyres. You furthermore may get to ensure some extra space for parking of vehicles arriving at your shop.
Like any retail business, location is a crucial factor to urge success in tyre store business. Select a location on the busy high road and features a wide front opening for clear visibility access. You’ll also consider the situation which is nearby the petrol pump or gasoline station. You’ll also get to have enough space inside for storage and equipment installation.
7. Hiring Manpower
Hire professionally skilled manpower. Ensure they need a minimum of minimum work experience. It’s advisable to stay an automobile engineer. An automobile engineer is the most right person to affect the customer’s requirements and to offer them the proper advice.
8. Procuring Inventory
If you’ve got planned to sell tyres or one brand or buy a franchise, selecting and procuring inventory will be much more comfortable. However, if you’re into starting a tyre shop of your own from scratch, you want to devote much time to develop a network of tyre suppliers. You’ve got to contact the manufacturer and supplier of varied brands and found out an order procedure for purchasing tyre inventories.
Tyre changing and installation equipment are the most important to start a tyre store.
9. Selecting Business Software for a Tyre Shop
If you would like to run your business professionally, you want to equip your tyre store with relevant software. Tools like customer relationship software (CRM), the purpose of sale software (POS), and proper accounting software may be a must.
10. Advertising a Tyre Shop
As with the other retail business, it’s all about traffic to form a tyre shop profitable. The more the traffic, the prospect of more sales. One of the foremost popular ways of attracting customers at your tyre shop is to supply free service. For instance, it is often an easy pressure checking, safety inspection, or the other service you think will benefit customers. Train your sales personnel on the way to convert them into buying something.
There are many low-cost ways of promoting your tyre shop. Nowadays, logging on maybe a must. Create an internet site and sell so that the purchasers can reach you online or brochures, pamphlets for prospective customers. Social media is another platform where you’ll advertise your services to customers at their doorstep.
FAQ’s – Frequently Asked Questions
1. Why marketing the business is so important?
When your business is launched and gets all the required licenses, you start receiving some small orders, but it will increase the chances of more orders, sales, and revenue if marketing starts. Local advertisements using newspaper pamphlets, start-up of websites, and get the business listed on Google’s local business search. This all helps in publicity also as customers utilize your service and leave reviews through this path. Also, you can provide some special offers using these platforms.
2. Is Tyre Business Profitable in India?
Yes, this is a profitable business in the automobile industry with a reasonable investment. In both retail selling and distribution category reasonable margins available. Mostly, multi-brand stores have more margins than a single brand, and they offer different brands and prices. These all increase your profits.
3.What is more profitable, a multi-brand tyre store or a particular brand Franchise?
It depends on a lot of factors like if you are an old dealer, then you can go for a single brand rather than multi-brands as you have an adequate capacity for selling. For example, if a business person sells 50 tyres per month of a single brand company, the dealer will invest in your showroom with 10 lakhs for alignment, balancer, and tyre changer assembly. But, in the case of a new dealer, it is better to go for multi brads and tie-up with different dealers and check which works best in the market.
4. What is the scope for tyre sellers in India?
There is a good scope in tyre selling the business as different categories available like two-wheeler tyres, commercial vehicle tyres, passenger car tyres, off road tyres, industrial tyres, etc. in these different categories profit margins is also different. In the case of commercial vehicle tyres, you earn more profit. Also, make your customers happy so that they do not shift to other dealers and always keep some financial backups in this type of business. You should also be smart in selecting an area location to set up your dealership as this will help run the business and earn more profits.
5. Is building a Website good for the tyre shop business?
Yes, today’s digital world online website is an excellent option with a simple but informative website that helps the customer get details about your service and quotes. All this attracts customers, and customers give regular feedback, which helps you to improve more.