opinions on opening a business

[05OCsrt-4]

so to start this off, i hate working for people, hate taking orders and making "the man" all the money. so i found a nice 3 bay shop for around $2000 a month lease or i can buy it. it'd be automotive repair and such. I'm just wondering with the economy the way it is, should I stick to my current "corporate" job and wait until the economy bounces back or take the risk at going into business for my self? i'll add more later when I have a chance

[Scapegoat]

i'd wait and see what happens with the economy and the bail out

[teh DIRT]

i say go for it, i rent a shop (large garage, no lifts ) and definitely enjoy it plus can make a good profit out of it.

[TROLL]

but pete doesnt do it as his primary income at all... an important detail.

i think its a really big undertaking to open a shop especially when it will be your primary income and you have a family to support. it could flourish, but it might not... and if it doesnt it could be really hard to get back into something else right now.

[jdmwill]

take it from me don't do it at least not yet.

read my thread on how we got scammed by a equipment company.
http://www.tristatetuners.com/forum/...ad.php?t=59700

then figure the economy that we are in right now.

[teh DIRT]

yeah just PM'd him, definitely not my primary income.

[CleanNeon98]

Right now IMO is the worst time to make any serious moves of that kind. Nothing is stable, and you don't know what will happen. I support your idea of working for yourself, but wait it out at least 3-4 more months until things stabilize out.

Besides which, you may have a very hard time getting approved for loans right now, at my dealership we had to turn down 3 people for financing yesterday that we would have been able to approve at decent rates before this whole malarchy started.

Just my 2 cents though, I plan to be a business owner in time as well, and if I were you, I would sit tight for the meantime.

[redline]

I say go for it, owning a business and real estate is some of the best things you can do for yourself. First, I would ask is there a demand in your area? How much overhead per month compared to potential profits. Any hook-ups with advertising? It really can go either way right now and I think it really depends on the competition around your area. Offer services that your competitors don't. maybe throw in some PDR and detailing?

[zerioustt]

Originally Posted by Scapegoat

i'd wait and see what happens with the economy and the bail out

Originally Posted by CleanNeon98

Right now IMO is the worst time to make any serious moves of that kind. Nothing is stable, and you don't know what will happen. I support your idea of working for yourself, but wait it out at least 3-4 more months until things stabilize out.

Besides which, you may have a very hard time getting approved for loans right now, at my dealership we had to turn down 3 people for financing yesterday that we would have been able to approve at decent rates before this whole malarchy started.

Just my 2 cents though, I plan to be a business owner in time as well, and if I were you, I would sit tight for the meantime.

half of the corporations that make up the dow jones were started during a recession(disney, hp, microsoft all started in bad economies). competition is less because of the fear of failure. unemployment is on the rise so you can hire people for less which is more in your pocket. real estate is cheap atm. also you and other people starting businesses create more jobs which boost the economy.

Originally Posted by redline

I say go for it, owning a business and real estate is some of the best things you can do for yourself. First, I would ask is there a demand in your area? How much overhead per month compared to potential profits. Any hook-ups with advertising? It really can go either way right now and I think it really depends on the competition around your area. Offer services that your competitors don't. maybe throw in some PDR and detailing?

smart man...

[kennwrx]

I say go for it. just do the research, I started my print shop with nothing in my pocket and after 7 years sold it for quit a profit and the guy that bought it is still in business. its all in who you hire and for what and the demand for your service

[CleanNeon98]

Originally Posted by zerioustt

half of the corporations that make up the dow jones were started during a recession(disney, hp, microsoft all started in bad economies). competition is less because of the fear of failure. unemployment is on the rise so you can hire people for less which is more in your pocket. real estate is cheap atm. also you and other people starting businesses create more jobs which boost the economy.

Didn't think of it that way, good points. I tend to usually play defensive so thats where my arguments came from.

[zerioustt]

Originally Posted by CleanNeon98

Didn't think of it that way, good points. I tend to usually play defensive so thats where my arguments came from.

always look at all angles..and research research research.

[CleanNeon98]

Originally Posted by zerioustt

always look at all angles..and research research research.

I suppose I should play a bit more offensive with my career. Im learning little by little by watching how we do things at work, its a small business so at one point or another, I'm working on any given aspect of it. Just seeing how business went down the gutter compared to when I started puts me in a spot to give the advice that I did.

[zerioustt]

yeah but its a car dealership...he wants to fix cars. its cheaper to fix cars than buy new ones. mechanics will always be needed...just takes a very good person to keep a shop running.

[Evo8kid]

i say do it, and then hire me

[05OCsrt-4]

Originally Posted by Evo8kid

i say do it, and then hire me

I'd start by doing a lot by myself, i have 4-5 years experience fixing/diagnosing cars. and during those years i have a lots of service writer experience because the place I worked at for 2 1/2 years I wrote and contacted customers myself 20% of the time when our shop manager was busy. but i will 100% keep you in mind if i go through with this idea and it flourishes.

[zerioustt]

Originally Posted by 05OCsrt-4

I'd start by doing a lot by myself, i have 4-5 years experience fixing/diagnosing cars. and during those years i have a lots of service writer experience because the place I worked at for 2 1/2 years I wrote and contacted customers myself 20% of the time when our shop manager was busy. but i will 100% keep you in mind if i go through with this idea and it flourishes.

also keep me in mind for my brilliant business points...discount work will suffice.

[Girly VR-4]

I think just starting out, that's too much. You need to start off in a smaller space, with a lot less overhead. To profit $2k a month, when you JUST start, is a lot. Then yuo need to figure in electricity, gas (you're going to need some heat), phone bills, water (if you have a bathroom, etc), tools, equipment, cable/internet (if you plan to run that there, you can usually get it along with your phone line). Zoning approval, registering the business, etc, etc.

It's not so easy as just moving in and starting a business.

In all honesty, I think you're jumping in head-first without really thinking it through, and realizing how much you need to PROFIT per month to keep the doors open.

Where is all of your business going to come from? Are you going to advertise? Where and how? Do you know how much advertising costs? What will be the most COST EFFECTIVE way to advertise? Do you have money to front for parts? or will you ask the customers to cover the parts cost up front? Do you have a book of receipts for repair work with your business letterhead? A business bank account? credit card processing machine/contract? (you need a business tax ID, etc for that), and everyone expects to pay with credit cards these days.

Can you CONFIDENTLY pull in over 5k profit per month?

I don't know you from a hole in the wall, but how much automotive repair experience do you have? Are you willing to work 7 days a week, 14-20 hours a day?


Just some food for thought from my personal experience, and helping my boyfriend restructure his business. It's a lot.

If you have any questions, or if I can help at all, please feel free to PM me. I'm more than happy to help, and give advice from my experience.

-Em

[05OCsrt-4]

Originally Posted by Girly VR-4

I think just starting out, that's too much. You need to start off in a smaller space, with a lot less overhead. To profit $2k a month, when you JUST start, is a lot. Then yuo need to figure in electricity, gas (you're going to need some heat), phone bills, water (if you have a bathroom, etc), tools, equipment, cable/internet (if you plan to run that there, you can usually get it along with your phone line). Zoning approval, registering the business, etc, etc.

It's not so easy as just moving in and starting a business.

In all honesty, I think you're jumping in head-first without really thinking it through, and realizing how much you need to PROFIT per month to keep the doors open.

Where is all of your business going to come from? Are you going to advertise? Where and how? Do you know how much advertising costs? What will be the most COST EFFECTIVE way to advertise? Do you have money to front for parts? or will you ask the customers to cover the parts cost up front? Do you have a book of receipts for repair work with your business letterhead? A business bank account? credit card processing machine/contract? (you need a business tax ID, etc for that), and everyone expects to pay with credit cards these days.

Can you CONFIDENTLY pull in over 5k profit per month?

I don't know you from a hole in the wall, but how much automotive repair experience do you have? Are you willing to work 7 days a week, 14-20 hours a day?


Just some food for thought from my personal experience, and helping my boyfriend restructure his business. It's a lot.

If you have any questions, or if I can help at all, please feel free to PM me. I'm more than happy to help, and give advice from my experience.

-Em

i already work 65 hours a week now so the working part isn't a problem, i'm sitting down with a few other automotive repair owners that I know and discussing with them their costs and all that fun stuff, so i'll have more updates later on in the week.

[Girly VR-4]

Originally Posted by 05OCsrt-4

i already work 65 hours a week now so the working part isn't a problem, i'm sitting down with a few other automotive repair owners that I know and discussing with them their costs and all that fun stuff, so i'll have more updates later on in the week.

Good to hear Figure out what your month to month costs are, then almost double it, and that's what you'll be spending every month

Like I said, if you have any questions, feel free to PM me. I've been helping him run his business for the last 3 years or so, and it's grown leaps and bounds, and that's when the bills REALLY start piling up. Just be careful And good luck.