About 40 years ago, owning a personal car was more of a status symbol. It wasn’t as much of a need. People used to rely on public transport more than they relied on their private cars.
However, today, the face of reality is much different. Each household owns at least one car owing to various necessities and tight schedules.
We cannot afford to spend hours of our precious time on public transport. And for some, doing so is a huge concern in terms of reputation as well.
Naturally, the production and ownership of cars are increasing by the day. It’s not only giving rise to the car-selling business but the industry-associated businesses as well, such as number plate selling and manufacturing.
In actuality, currently, the most expensive number plate in the world costs around AED 38 Million. You can imagine the profitability of this business!
If you’re an investor and that figure sparked a gleam in your eyes, then allow us to dissect it further for you. Allow us to help you lay a path to that very figure (you could be a millionaire!!).
How to Invest in Number Plates?
Virtually
Investing in number plates is much simpler today. You can begin your business right away online!
To get started, you can get yourself registered on a relevant business site, such as newreg.co.uk, and set up your company profile or business profile. You can research, create, invest, purchase, and even sell on such platforms. These make your investing journey 10x easier!
Once you have your account set up on a relevant site, you can use digital marketing tactics to promote and market your business. You can take it to other social media platforms and gather an audience there. Once you start running ads for number plates for sale, you will begin gaining traffic.
Since there’s a lot of competition these days, it’s best to invest ample time in crafting your mission, vision, and operating mechanism. It will help you incorporate unique elements in your business that will help you stand out from the crowd.
Unlike brick and mortar stores, you will not have huge expenses to deal with. You won’t have to pay rent for storage, hire employees, or spend on paper advertisements. Instead, you can use the internet and profile to reach out to relevant customers. You may have to arrange a number plate machine or two initially. And may require room to store and operate it.
Physically
If you wish to become a number plate supplier or investor with a physical store in existence, then you’d have to take a longer route. You’d have to arrange:
- A place
- Employees
- Legal Verifications
- Physical and Online Advertising
Even as an investor, you’ll have to manage and look into these concerns.
Duties & Responsibilities
As an investor in number plates, you will have to abide by a few rules and laws. Whether you’re investing in a manufacturing business or buying prepared number plates, you need to ensure that your customer owns the following:
- Driving License
- Valid Passport
- Police Warrant Card
- Debit or Credit Card
- Utility bill issued and paid within the last six months
- Armed Forces Identity Card
- National Identity Card
On your end, you have to provide the following:
- Vehicle registration certificate
- Certificate of Entitlement
- Authorizing Documents
Whether you’re selling them large-scale or small-scale, you will have to keep a keen eye on the exchange of these documents for verification and business purposes. If you are to thrive and survive in the industry, you have to abide by the laws.
How to make quick money?
For quick maximum profits, we recommend:
- Buy number plates with fewer digits (e.g., F1, D5, EE 2)
- Buy number plates with labels of wide appeal (e.g., S1MON)
- Buy number plates upon immense research. Choose the ones with unique, funny, popular, and appealing letter-digit combinations.
- Compare the prices before investing anywhere. Study the market and determine if you’re spending more than you need to or not.
- Instead of buying from third parties, buy number plates directly from the owner to save spending on commission.
Final Thoughts
Conclusively, we’d like to remind you that as an investor you’ll need loads of patience. You may have your number plates sitting in the storage room for a year or two, or even for years till they sell for a just price. Don’t lose hope and keep on investing.
