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Goofygirl55's avatar

Do you have to be good at math to have a success business?

Asked by Goofygirl55 (40points) 2 weeks ago

Hello everyone, my name is Briana and my husband and I are looking to open a car dealership. But neither one of us is very good at math. We are good with the basics but once it hits algebra and up we both struggle. Do you have to have a advanced knowledge of algebra and stuff to be successful in the business world?

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13 Answers

ragingloli's avatar

Not if you hire someone to do it for you.

stanleybmanly's avatar

“Basics” certainly includes an understanding of and ability to deal with and calculate percentages. The auto dealership business is particularly dependent on the thorough understanding of margins and their significance. That is the one aspect of rudimentary algebra in which BOTH of you should be proficient. I think both of you should also work for a dealership before diving into a business so notoriously considered the equivalent to investing in quicksand.

Tropical_Willie's avatar

In my area a New Car dealership are million and millions of dollars:

building, licenses, training for techs and sales people.

Inventory for new cars could be a cool million on top of that.

Goofygirl55's avatar

@Tropical Willie we will be opening a used car dealership my husband was a mechanic for over 20 years for Firestone and I know how to work on cars too.

Tropical_Willie's avatar

You have a good start, still need licenses.

Who is going to sell the cars?

Do you have a dealers license to buy cars at auction?

I’m in support of you just have questions to make it work.

Have you contacted SCORE (small business advisors no charge) ?

Goofygirl55's avatar

We are in the research stage right now.

Dutchess_III's avatar

Running a business budget is like running a home budget only with real big money. Are you good with you home budget? Also I agree. You have to understand how to calculate percentages, unless you have a program like Quick Books that you can program to do it for you.

stanleybmanly's avatar

Good that you are in the research stage, and excellent that you are both mechanics. You can begin by simply acquiring a license and bidding for your first car at auction. You can build your business gradually and hopefully without an initial load of debt. I believe that would be the smart move and the best way to learn the business short of working for someone already established and REPUTABLE.

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Inspired_2write's avatar

Not necessarily as just a good computer that is programed to do that for you.
Wonder though why start a car dealership when Electric cars or other technically faster means will be available with the next few years.

Dutchess_III's avatar

Then they’ll deal in electric cars @Inspired_2write.

Inspired_2write's avatar

Soon that will be gone. New technology catching up within ten years.

Dutchess_III's avatar

There will be something after that. There will always be a market for personal transportation, which is the business they want to start.

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