Owning a supercar agency has been a huge thrill for me, when my friends ask how the heck did I get started I simply say that its one of the easiest things to get started in, you just have to generate some start-up capital and use smart marketing techniques. Like you would in any other business. Another friend of mine owns a fitness company that does quite well, but he struggles with capital, saying its pretty much impossible to grow at the 10 X per year that so many people preach you should grow at! I disagree, growing 10 times bigger every year is easy if you’ve set up a business in the right way.
Take for example my business, if in the first year I rent 100 Ferrari’s on ferrarihire.co.uk for an average of 2 days. That means the next year I either have to rent 100 Ferraris for 20 days or I have to rent 1000 Ferrari’s for the same 2 days. Both of which are impossible, instead you should find a middle ground, promote higher value services – Week long, month long rentals, increase your fleet. Now all I need to do is ensure I get at least 4 weekly rentals a month and I’ll hit my goals. It’s crazy to think about it this way but its the truth.
So let’s say you have a bit a capital and a lot of motivation to start a business, what’s next? Well its TIME. You have to input a huge amount of time to learn, implement and create your business, you want to pay people for things that you cannot do, but when you start out you will likely not have the funds to do this for everything that you do not understand. Instead you have to get your hands dirty and learn it yourself. In most businesses this is usually accounting, marketing or web stuff. For me this is cleaning supercars, changing oil, driving (like a lot) or changing wheels, if I employed a team of mechanics my profits would dry up very quickly.
My final tip is to not just use your business as the be all and end all, you must have other options, most people use stocks and investing as these options to get a safe 10% a year. After 10 years this should be enough to live off. For me I use Forex trading strategies to get ahead, this isn’t the fastest rate of return but once you know what you’re doing its quite easy and the key is I don’t have to spend that much time on it. This is essential as making 10% a year on your money is not great, I know many methods I could make 100% on my money but the risk and time I have to input myself is so much higher. Use this as your end-game.