Business Idea

Start A Vehicle Licensing Brokerage Service

About

Starting a vehicle licensing brokerage service requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell vehicle licensing brokerage service, or selling vehicle licensing brokerage service online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$80B
starting costs
$15K
gross margin
90%
time to build
7 months

About

Starting a vehicle licensing brokerage service requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell vehicle licensing brokerage service, or selling vehicle licensing brokerage service online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$80B
starting costs
$15K

 

gross margin
90%
time to build
7 months

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $35 $3,250
Employee & Freelancer Expenses $0 $4,000
Equipment & Supply Expenses $500 $5,000
Website Costs $232 $6,425
Business Formation Fees $600 $4,700
Software Expenses $150 $2,844
Advertising & Marketing Costs $0 $1,400
Other Expenses $0 $800
Total Startup Costs $1,517 $28,419

Successful Businesses

Business URL Rank
New York DMV dmv.ny.gov #572
State of Ohio BMV bmv.ohio.gov #3,369
CARVANA carvana.com #5,286
unknown dmv.utah.gov #6,131
Motor Vehicle Commission Welcome to the Kentucky Motor Vehicle Commission mvc.ky.gov #13,668
| dmv dmv.dc.gov #16,409
Official Arkansas Vehicle Registration Renewal arstar.arkansas.gov #24,755
Nebraska Motor Vehicle Industry Licensing Board mvdealerbd.nebraska.gov #27,555
vehicleenquiry.service.gov.uk #49,039
ServiceArizona servicearizona.com #49,158
SCDMV scdmvonline.com #104,051

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a vehicle licensing brokerage service costs significantly less money than most businesses, ranging anywhere from 1,517 to 28,419.
Rewarding work Starting a vehicle licensing brokerage service can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your vehicle licensing brokerage service started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your vehicle licensing brokerage service, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process A vehicle licensing brokerage service can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Work can be inconsistent As a vehicle licensing brokerage service, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
Lack of benefits With a vehicle licensing brokerage service, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation Often times, as a vehicle licensing brokerage service, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a vehicle licensing brokerage service, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.