It is not hard to become a used car dealer even if you are on a tight budget. As far as the income potential is concern, it is higher than most other side gigs you will find. Just imagine this, you buy a 6 years old Toyota Camry with 87K miles for $4,500, you bring it home, clean it up, fix few minor scratches, wash it wax it, then put it up for sale on Craigslist for $7100. In the first three days you get a few calls, and after 4 test drives, you sell it for $6,600.
Let's see how much you made from this sale. You paid $4,400 + you spend $350 on fixing minor issues, so your total cost was $4,750, but you sold it for $6,600, so your net profit from this sale is $6,600-$4,750 = $1,850
Not bad for few hours of work. You see if you buy the right type of cars and price them right, there is no reason you can't sell 2-3 cars a month and make a handsome extra income each month.
I have a friend, who has a small insurance business. He has been selling cars on the side for last 25 years, and he told me just by selling 2-3 cars a month, he was able to pay for college for all his three kids.
On the other hand, if you want to grow, then start small but reinvest the profit you make from selling each car back into the business and soon you will see, you are growing at a fast and steady pace, but you have to be focused and dedicated.
Let's see what you will learn from this book:
12 Steps to get started
All 50 State licensing requirements
Bond and insurance you will need
Personal financial statement & sample
How to incorporate and Name your business
Sample Article of Incorporation
Which is the best legal business entity for you
How to get a EIN number and open a Commercial Bank account
And much more!
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