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Turning a loved hobby into a successful business is the dream of many people, and those who have a passion for classic cars are no different. However, like all business projects, just having a dream is not enough. If your dream is to commence a classic car business there are two main areas of learning that you will need to become proficient in before you start and each of these will have several steps.

1) Knowing your product, market, competition and legislation.

Owning one or two classic cars does not make you a business expert, either on the car itself or the classic car market in general. If you want to turn this hobby into a business you will need to learn about all sides of the business.

Firstly, you will need to be able to access supplies. This is especially true if you intend to include classic car restoration within you business. With a requirement for rare parts, or even those that are hand-made, your business will need to be able to build portfolio of suppliers to enable you to access the stock, including raw materials and parts. Even if you are only involved in classic vehicle sales, and not involved with the restoration aspect, your business will still need access to sub-contractors who can provide the maintenance services on vehicles that will inevitably be required.

Secondly, there is a decision to make regarding the product or service being sold. I know that the business will be classic cars, but is your intention to become an expert in one particular make of car or to include a range of vehicle? If it is the latter it will be important to study the information available on a wide range of classic cars so that you will be able to deal confidently with the range. This choice will also affect your supplier base, which may need to be far more extensive.

Thirdly, it is essential to study the market. Is there a sufficient demand for your product or service to make a successful business? This aspect is especially important if your intention is to concentrate on one make of car. Here you may need to look for sales further afield than your local or national marketplace, considering exporting. Whatever your chosen business, understanding the market being entered is an essential factor.

Similarly, assessing the level of competition and their business is a must. Questions such as how many competitors; what is their market position, how financially secure are they and what are their unique selling points, need to be asked. You may find that, whilst you cannot

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