How'd you get started?

[JB4310]

Matt,
Since I posted the first time, you answered a couple of important questions, first was your age I now gather you fairly young, which means of course you have more time to try different things. In your first post you mentioned something about your retirement, so I thought you were an older guy.

Second, you mentioned that you have now talked about it with your wife, in the first post you stated something like she didn't know what you were planning. when I read that I thought this is gonna lead to a train wreck.

So those are two very important things out of the way, I wouldn't worry about your boss since his shop is far from were you want to work, he should not feel threatened at all. I encourage the guy who works for me to do side jobs, the more money he makes the less he'll complain to me about a raise, and I do let him take any tool he needs home. He's a laborer in my restoration & waterproofing business but he's a good mechanic and does alot of brake jobs, exhaust systems and other general repairs at his house. as well as handyman jobs for people at their houses.

I'm a small contractor that's been on my own since 1983, I've been thinking about your situation and was thinking about all these cliche's that may or may not help you. I'll tell you a couple of things that help me, one is the biggie many people will tell you and that is you have to like what you do, I do alot of dirty and dangerous work but I like it.
If your job is your hobby even better, I like being able to buy any tool or small equipment I need for a job cause I know I'll use it for my self as well. This is very applicable to your trade, most auto enthusiasts have a pretty good collection of tools, so if you can make money with them, great.

One more thing before this gets to long, start to treat your side jobs like a business, don't do alot of favors, an old timer told me long ago "never give your trade away" try and line up a couple of profitable jobs a week instead of wrenching all day for beer money.
If you know a shop charges $400. for a job you charge $350. don't do it for $200. just because you can. plow that money into what you need to be able to do more work. I said don't do favors but try and do something a little extra and special for all your paying customers, something they notice or if it's not noticeable tell them what you did.

If you do this right you could double your income with out killing yourself, you may decide not to run your own shop or you may build up an empire, either way for now I think you've got the right idea to "Get Started" and help yourself out.

Good Luck, JB

 

[Matt_Jr]

start to treat your side jobs like a business, don't do alot of favors, an old timer told me long ago "never give your trade away" try and line up a couple of profitable jobs a week instead of wrenching all day for beer money.
If you know a shop charges $400. for a job you charge $350. don't do it for $200. just because you can. plow that money into what you need to be able to do more work. I said don't do favors but try and do something a little extra and special for all your paying customers, something they notice or if it's not noticeable tell them what you did.

Good Luck, JB

Great advice JB. Especially the part about do a little extra. I'm a firm believer that if you love what you do, you'll never work a day in your life, and that's why I want to get this going. Thank you.

 

[rox]

Thanks for all the replies.

Just to clarify
1. I own all my tools. I'm still paying for some of them but they are mine. Not the boss's, shops or anyone elses. If I leave one at home the boss can't really be mad 'cause he doesn't know about every tool I own, and if I took half of them home I'd still have more there than anyone else has.

2. I don't have to tell him what I do or don't do on the the weekend or weeknights. When I leave work it's my business, but if he asks I'll tell him. I'm not competing with him. The neighbors and friends who's cars I work on wouldn't drive that far anyhow. I'm not trying to keep it a secret but I'm not broadcasting either.

3. My boss is only interested in making money for himself. He's not interested in a partnership, and I've tried to do extra at work-stay late and work weekends, help others including him, and it leads to me pretty much working a lot more for a little more(not worth it).

4. If I was forced to look for other employment I have two other places that would hire me back(I left on good terms) and spoke to recently just in case.

What makes me confident is I do a lot of electrical diagnostics. I can always find a short or broken wire. It's my specialty. I've been hired by other shops to fix stuff their techs couldn't figure out. I'll do pretty much anything.

I'm just tired of being held back, that's pretty much what started this whole thing. Thanks for all the feed back. You guys really do think of it all. That's why I asked on this forum. I think if more people knew about TBN they'd buy tractors just so that they could post.

Matt Jr,
After reasing several of your posts it seems to me that you
#1 the talent
#2 the drive and ambition
#3 support of your wife

I can write from a wife's point of view. My hsuband was a talented chef and made a very substantail salary. What he asked me to do was give up my security so he could pursue a dream of his to own his own restaurant. My security was his regualr paycheck that paid our monthly mortgage payment. Not only that we had to take out a second mortgage via a line of credit on our existing house. Lines of credit were brand new and the only people who every took out a second mortgage did so because they were in financial trouble in those tiimes. But I really did believe in my husband and so I did it. What he did after owning the restaurant is the very first thing is he paid back the second mortgage in less than a year.

If you do borrow against your families assets to get started the very first thing I would reccomend is pay it back right away with the proceeds from your business. Trust me your wife's decision to support you full time in your own business will be huge. So far she has not done that she has only said (well maybe it is you I'm not clear on her full support of full time self employed for you) "well do it part time." Doing it part time is not a full commitment, and is no biggie. She still has her security of your regualr paycheck. Trust me it is very very hard for a wife to risk her financial security based on what you will do in the future. I did it but it was hard and very scary for me. I huge part of it is just plain vanilla love. I know he is talented and I love him so I'll sign the loan papers. In your case since you have the tools already it doesn'tt sound like there would be that much investment, which is a big plus.

Here is one nuggest of wisdom I did learn from my hsuband (he sold his restaurant we we now own together an olvive farm in Provence so we are still self employed) "You have to have money to spend money" a lot of people say, "You have to spend money to make money" While this is true you have to have money to spend money" is the proper order of things. That might mean that while you are starting out you can't do every job you are capable of because you are missing a tool. When you havee the money buy the tool but not before. Until you have the money to buy the tool turn down the job.

In summary - Do not underestimate how difficult it will be for your wife to offer you her full 100% support it will be very hard for her so be appreciative.

Pay back your personal start up debts first and right away before you invest more back into your business.

Don't give away free meals Charge the full price for the meal but perhaps give away a desert to a good customer. you can change this analogy to suit your business.

You have to have money to spend money.

Build up savings from your business and get a nice nest egg before spending.

Have a backup plan. It is on another trhread but basically my husband sold his restaurant on a land contract and when the guy quit paying we were in short term trouble. But our back up plan was the restaurant was paid for and we had two toher proeprties paid for so if the guy quit paying we would have to sell something in order to make our farm payment. We needed to go to our back up plan and we came through it and paid off our farm.

Your back up plan might be more simple as 6 months worth of household expenses in cash in the bank.

The other thing I would suggest is bird dogs. At the auo supply stores you get the staff to direct customers to you and kick them back a bird dog fee. And don't be discouraged if it takes you a while to crack that. Don't be like, "Well I went there an asked and they didn't send me anybody" You need to keep going back, don't be discouraged, you need outside people to send you traffic when you are starting up. Also for signs you can get signs pretty reasonable priced at Fed ex / Kinko's. Check out teirr signs. I always think a sign makes you feel you you do have a legitimate business.

Finally GOOD LUCK!!!! Follow your dreams, take the chance.

 

[Sigarms]

I'm just tired of being held back, that's pretty much what started this whole thing.

The only person holding you back is yourself.

From your comments, it sounds like your more unhappy with your work enviroment than anything else.

Have faith in yourself, in your abilities (and perhaps a higher power), and no matter what you decide for yourself in what changes you make, in the long run it, will all work out for the best.

 

[dbdartman]

Just some general thoughts...

It's funny, but my brother & I were just talking last week about this very thing; auto repair shops. Now does seem to be a good time to go out on your own. People are putting off buying that new car & are repairing the old one.

We also discussed the idea of franchise auto repair shops.

Another thought is operating out of an older station that's only "gas & go" now. I know there are plenty of them around here in central NJ that only pump gas & have 1, 2 or 3 bays sitting empty.

 

[warhammer]

What about a mobile repair business where you go to the customers place?
Limit the repairs you do in this manner to ones that do not require a lift. Assuming you have a truck or a van to carry the tools you would need a pair of magnetic signs to put on the vehicle doors, invoices and business cards to be official. If the volume of work gets good enough then think about having a location.

Warhammer

When my retirement plan was pushed back another 20 years due to the stock crisis that we have witnessed, I started thinking about ways to get ahead. Safe investments aren't working out as planned, and although new car/truck sales are down, the repair business is prospering. More and more people are preparing their vehicles for the long haul. Realizing this, it would be a great time to open up a repair facility.

I've got a ton of tools. Almost everything one would need to be successful in such an endeavor. However I don't have lifts, a building, or place to do it. I would like to be far enough away from where I work so as not to compete with my current employer (out of respect). I still owe quite a bit to the CANDY truck and have LOTS of other bills to pay. I'm really just keeping my head above water financially. The bank would never loan one in my income to debt ratio anything if they were smart. I've been fixing cars since I was a little over 12, went to a trade school after high school, and have been learning more ever since. I feel very competent in my field and usually only ask for help if I need an extra set of hands to persuade a large engine to line up with a trans, or place a heavy head on a block. I know how much profit my boss is making and I'm looking at ways to give myself the same kind of oppertunity. Although it's been over 10 years since I've taken any business classes, and at least 3 years since taking any leadership classes, I do have a basic understanding, a wife that's a financial analyst, and a willingness to learn more and take calculated risks. While I'm not asking for advise on how to do such a thing on such an open forum.. seems somewhat inapropriate 'cause it kinda walks the line on legal advise which I don't want, I do value what you say. The knowledge, caring, and experience that the members of this forum have surpass those of any group anywhere else.

My question to you is, if you were in a situation somewhat like mine, what did you do to get on your feet? If one was to write out a solid business plan, are there financial institutions out there that would be willing to help out the "little man" that isn't open yet? I ask you instead of my wife 'cause she has no idea what's in my head, and I like to have things well thought out before I open my mouth in front of her and give her another reason to make me feel like a.. well.. you know. Thanks.