thinking about opening up shop

[lovethedrift]

i've been in tuning scene even before i got my license. now im 24. lost my job, and thought to myself, why not turn what i love doing and what other people love doing and just spread the love all together.

i've got a jist of opening up a shop, but if anyone could give their opinions on what to look out for and what not to do that would be great.

i know opening up a shop is a big risk and especially in these times where everyone is holding onto their money really tight.

im pretty sure that everyones out is why were on this forum.

i love cars as much as the next guy down the street.

but bills are piling up and things are getting tight. i just dont want to be another shop down the street thats in competition with the next. i do have a strong automotive background and great fab skills.

just looking for tips and some advice.

thanks in advance.

[ESmorz]

No one wants to go to your shop when they are worried about their own jobs.

[KA-Kait]

Dude. you're going to get flamed for this. GL.

[DataXUnknown]

Do not open up a shop right now if you got bills to pay. You are just going to create more bills. Unless it's going to be some crazy big shop, it's not worth it. Plus I really don't think you have the money to open up your own shop and a loan wouldn't be too good I'd say.

[CrimsonRockett]

Starting up your own business takes a lot of work and money.

Lots and lots of money.

If you have bills stacking up right now, it will fail. Guaranteed.

[adam s]

but bills are piling up and things are getting tight.

No.

msgfail

[zenki.life]

WTF. why is there another one of these. i think im going to start a "I think im going to be an astronaut what do you guys think?" thread.

[SochBAT]

To be honest, and a tad of an asshole, its a stupid idea.

Do you have a few grand to spend on the rent/lease for the building?

Do you have a few grand to shower into the garage area?

Lifts, power tools, welders, tools, liquids, employee pay, etc etc?

Can you guarantee your success?

-------------

If you have answered NO to any of these questions, please hang up.

[jamg]

it's not even worth it, honestly.

human beings have perfected almost everything when it comes to automobiles.

find a new market to get into.

[325irollin]

It takes money to make money...

[tunersedge]

as much as we depend on cars , i dont think we necessarily need more automotive shops. Unless you can provide a service current ones dont.

[TheWolf]

It would take a minimum of 30k to open a shop. and always. the first rule of business is that the first person to get paid is yourself. If you can't pay yourself then your playing with your weiner and not in business.

[FRpilot]

Starting up your own business takes a lot of work and money.

Lots and lots of money.

If you have bills stacking up right now, it will fail. Guaranteed.

plus, new businesses usually lose money for the first few years before they make a profit. when they say that, i think it means giving back what you make to pay off interest for loans and expenses (tools and wages) that you bought to open up a business.

you got to pay your workers/assistants on time or they will leave you.

It would take a minimum of 30k to open a shop. and always. the first rule of business is that the first person to get paid is yourself. If you can't pay yourself then your playing with your weiner and not in business.

$30k, maybe for a small garage car workshop type. if you want to franchise a mcdonalds or something similar, it will cost $500k+.

[exitspeed]

All of what everyone else said AND I want to add something more specific...your location.

You know we don't have the biggest market here in the Midwest. It's really tough for shops here becuase you don't really have a year round business. Sure we all wrench away over winter but people aren't constantly buying parts all winter. Touge Factory and AMS are pretty much the biggest shops we have around here and I doubt they are even doing that good anymore.

If you had a lot of capitol and were a really well known tuner with a very needed skill-set then I'd say maybe.

Just think it over.

You need a business plan or a lot of money to go any further then the dreamin stage.

[Daniel.]

You're 24, seem to have no concept of running a business and don't even know what to do to get started.

That, and you're on an internet forum asking a bunch of OTHER people how to open up a shop and for business advice.

I'd say you're a long way from opening up shop.

If you like what you do, and can do it well then why not just go get a job at someone else's shop? You don't have to worry about running your own place, paying more bills than you already are and all that BS paperwork.

Just sayin'.

[zylvia213]

not a good idea.... I tried it last year and just recently threw in the towel.... Its alot of work and yes a lot of money to start one and keep the shop up for the first couple of years. How everything is right now you would just be digging a deeper hole bro. You will also need help as well you cannot do this without help. You have to make sure you chose the right location, have to find a spot that the city permits you to do what you want to do, have to get certain permits for certain stuff, if you want your spot legit you gota get your business license, have to get insurance for you shop, and the list goes on and on.... It is not easy, its tough. I would definately say dont even think of doing it since you already have other stuff you need to take care of.

[HyperTek]

EXPERIENCE!! No one is gonna want to go to some average joe home mechanic lol.. now if you had something under your belt, say a formula d title or championship, than you stand out more.

[Gnnr]

If you are serious, you can start reading some of these:

HowStuffWorks "How Start-up Capital Works" (http://money.howstuffworks.com/startup-capital.htm)
HowStuffWorks "How does venture capital work?" (http://money.howstuffworks.com/question398.htm)
HowStuffWorks "How Business Plans Work" (http://money.howstuffworks.com/business-plans.htm)

Small Business Administration - Small Business Planner (http://www.sba.gov/smallbusinessplanner/index.html)
Small Business Administration - Get Ready (http://www.sba.gov/smallbusinessplanner/plan/getready/SERV_SBPLANNER_ISENTFORU.html)

HowStuffWorks "10 Common Problems for New Businesses" (http://money.howstuffworks.com/10-problems-for-new-businesses.htm)

[HAWAII]

just put into consideration that the first three years of the business will be a loss, on the 4th if you get lucky, you'll break even. let's say you might see profits in the 5th year that is if you have enough funds to get to 5 years.

[lewisfk]

try looking for a gov. grant! There out there, but people are to lazy to fill out the paper work! U can hire a lawyer who specialize in small business, so they can help u through the headache!

[WanganRunner]

I'm not normally one to discourage someone from undertaking a relatively sensible business venture, but credit markets are TIGHT right now and getting a small business loan will be next to impossible.

[supervenom]

No one wants to go to your shop when they are worried about their own jobs.

If he does good work at a good price. He will get customers. Just promote as best you can and hope for the best.

[ESmorz]

No, no he won't.

Don't go chasing waterfalls.

[drift freaq]

Seriously take it from someone that knows. If you are asking here about opening a business? Don't. People who open business's do not go on forums asking people on the internet if they should open a business. If you do you have not a clue.

Leave it to people that know how to do it. Even now for them its a struggle.

[sidedrifts13]

whatever you want to do go ahead and do it just remember hard work and dedication pays off but you definately need money to make money and another thing whenever i want to do something i go ahead and do it, I dont ask people because at the end you are responsible if you succed or fail.....

[sw20>>s14]

you dont open a business to build capital, you build capital to open a business...stop living in the bizzaro world...

[Kwonza Says]

I've always and still want to open a Korean BBQ place like the $10 all you can eat.If you been to one you know what i'm talking about. Always wondered how much it would cost to open one of those. Still 20 years old but a goal of mine in the future. Special discount or something if I ever open one for Zilvians :wavey::wiggle:

[bb4_96]

Go for it. I'm turning cars out of my garage right now. Don't know how it is in chi, but in rockford people are lining up in front of garages for service. Not necessarily the big name shops but local non-franchise places like marvin's and dave's. There is alot of money to be made on minor repairs. Just get insurance.

[WanganRunner]

How the fucks did this get bumped back up?

[Phlip]

Last Activity: 01-27-2010 11:11 PM

This thread should not have been bumped.