Starting a buisiness

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440 Scamp

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I have been thinking about starting my own shop or buisiness of some kind. I,m tired of working for my current employer. I have very little money and considered doing an after hours thing until I could go it alone and still work my current job. Any sugestions? I can rent a 3 stall shop with office for $300 a month for the first year. Problem is I would need a hoist and air compressor to start. I'm 45 in Sept and really have nothing but my drag car and a pickup truck and my shack of a house. My credit is starting to get better after a bankruptcy in 95. should I go for it or wait until I can better afford it? My work and myself are well known in the area.
 
if you have a customer base, I think you can do it. The cost of the compressor is not that bad, i have not idea about a hoist or lift. Check with the SBA they offer loans for small business and have plans tailored for people in your situation. Do you have a special interest going for you, meaning are you minority , vet or anything because there is also grant money out there to start a business that you dont have to pay back. the fact is you will never get rich working for someone and if you have the skills and reputation and the market will come to you then it is no problem.

You need to sit down and do a budget , rent , utilities , payroll , stock and inventory and figure your start up cost and then an average monthly cost. You will also have to come up with your charge sheet per job, which i am sure you already have. Figure out the numbers , do the math and see what you have to make to turn a profit. if the number add up you can do it.

The biggest thing is to get over your fears and go for it, just be smart about it.
 
As long as you do good work word of mouth will help build your business.My sister-in-laws uncle started his own business with 2 car garage,he does good work and doesn't charge and arm and a leg.He now has so much business he's working 6 to 7 days a week and has a couple guy's working for him.He's in the process now of adding 4 more bays to his garage.Good luck if you decide to start your business. :D
 
Here is a trick to show more mothly income in a buisness/ sole proprieter (spelling). If you are working for yourself you don't need to register as a buisness. Make your moon lighting money that is not cash work for you. If you deposit say 2k each the month for your buisness pull it out two times and redeposit it in your accout . Then when you go for a loan and your bank checks your acount it will show a 6k income for you buisness. Then your buisness shows three times the income and you will have a better chance for a loan. Report only the 2k on your IRS. I also have a trick for credit repair.
 
I say go for it! A two leg lift will probably run ya $2000.00-$2500.00 and then when your doing well, you could always add a 4 leg lift.
 
Marty, if you can swing it that $300 per month is cheap. Only you know if it is time to take the risk or not. I would say go for it but stay on the safe side. Which is to say make sure you have your assets protected. If you try you will succeed! word of mouth is a powerful tool. I have a friend who went on his own in a town of 800 people in the middle of no where and he could work 24/7 and never catch up. He has 2 other wrenches too. You have a big town to draw from and good reputation. Just make sure you can open with the right equipment and the place looks top notch. People who are not mechanically inclined judge you buy their first impression, so make the place look organized and professional.
 
These folks have given you sound advice and input. Only you know for sure if you are ready. As already noted, your reputation and word of mouth referrals will bring in the customers,, even so, be aware that most start ups don't actually turn a profit for the first two years, so having some degree of emergency funds set aside to nurse the buisness along if you hit a tough stretch would be helpful and recommended.

If you do take the leap, I wish you much success as do all your other A Body Brothers....
 
Go for it.. I went to work for my self 18 years ago. Best thing I ever did.. It is a little rough for a little while, but it only gets better IF you do GOOD WORK!! I do Auto repair,All kinds of repair including computerized repairs. It takes a while to get all the special tools and computers , but it is worth it. I work by myself, it gets hectic sometimes, But I do the job right, the first time . It doesn't pay to do the same job twice!! If you can swing it, Go for it!! :D
 
call the saml business adminstration and see if they can help defer the start up cost, come up with the first year fiancilas and go for it, yu juat havew to ghave confidence and understand that for awhile it may be 7 days a week for small change until all the dut clears.
 
I decided to try it part time after hours and keep my day job unless my current boss fires me. I doubt he will like the idea,and the shop is only 75 yards away from his. I plan on parting out a few cars and doing a little after hours preformance type work that probably wouldnt have gone to his shop anyway but sooner or later it will start pulling work away from him. I am checking on insurance and the phone Monday,and already talked to the local parts store about an account.
 
Sounds good, That's a start!! That's how I started mine ( 18 or 19 years ago), I bought a older garage, and worked there after work and on weekends, only a mile from home, I worked 70 miles away from home!!I did that for about a half a year, then got fired from job (forgot reason), so I went to work for myself fulltime!! Best thing ever happened!! :D
 
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