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compete on price, your business will succeed if it is built on service, or that you can provide a unique service that others are not offering the classic car buyer. Only by carefully evaluating the competition can you define the most successful place for your business.

Finally, with the constantly changing regulations applied to the transport and motor industry, one of the other obstacles you will face is ensuring that your business and its product or service conforms to all current legislation. There is no point in selling a classic car to a customer that cannot be used because its emission levels or some other part of the car will not pass current legislation. Furthermore, if you are involved with exporting, it is important that you are aware of the costs and legislations being faced when importing a classic car into other countries. Whilst you do not have to have a detailed knowledge on all of these aspects, you must at least be able to know where to find it or who to turn to.

2) Starting and running your own business.

If you have never run your own business before, do not be afraid to seek the advice of experts, such as local chamber of commerce, banks, accountants and solicitors. Running your own business, even if it is a hobby you love, such as classic cars, is not easy and you need to ensure that you have set out a formula that will lead to success. The following are a few of the most important steps.

a) Budget. Many new businesses fail because they have not carefully planned the financial aspect. There are three main aspects to this. Firstly there is the initial investment, being how much you will need to start the business. In the case of a classic car business you will need to cover the cost of the initial stock (cars), premises, be they retail or workshop, and equipment the business will need.

b) The second part is to ensure that you have sufficient working capital to drive the business through its early days. To arrive at this need it will be important to produce a projected cash flow for at least the first twelve months. It will include the business running costs such as staff, light and heat, rates, insurances etc. This will show the business income and expenditure and the amount needed to cover any shortfall (the working capital). If you need help with this an accountant or your bank will be able to provide advice. However, I should issue one word of warning. It is important that your cash flow is produced and based on conservative figures. It is

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