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| Starting your own business https://coloradoclassicbroncos.com/viewtopic.php?f=4&t=8507 |
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| Author: | crawlercreations [ Wed Jun 29, 2016 4:51 pm ] |
| Post subject: | Starting your own business |
Anyone here done it? What are some of the things you found that you didn't predict? What are some of the hurdles you've had to overcome? What feedback do you wish you had received before opening it? I'm getting close to leaving my job due to irreconcilable differences with my management team. I refuse to change my management style to suit theirs(I refuse to rule by fear). When I am terminated or quit I'll be opening my own automotive repair shop. I'll be starting small and slow by building my clientele from my home shop(set up better than most shops I've been to). Once I've procured the proper location and loans required I'll be at a full on facility open to the general public. This is the preparation to that. |
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| Author: | Gunnibronco [ Wed Jun 29, 2016 5:11 pm ] |
| Post subject: | Re: Starting your own business |
I owned a retail storefront selling, servicing, and installing spas, stoves & fireplaces, & pooltables. First, don't have a partner. I was a young kid (under 25) and didn't have the confidence to do it myself. I took on a partner who was in his mid-50's, expecting him to bring more to the table than he did. Then after 5 years of suffering with his mismanagement, I had to buy him out, just to get rid of him. It really sucked paying someone to buy the business I built, with little or no help from him. Second, get a good accountant. I never really had a lawyer, my accountant knew enough to file the proper paperwork to start the corporation, etc. Much cheaper than a lawyer. Also, I learned pretty quickly to hand off the tedious work of filing monthly & quarterly taxes to her. Spend your time doing what you are best at, and makes you money. Hire out what you aren't an expert at. Third, get a good insurance agent. I had incomplete liability coverage because my first agent excluded "installation" of spas from our policy. We didn't hook them to the house (electric & water), just set them in place, returned, filled & started them when electric was hooked up. A spa was damaged before filling it up and our insurance refused to cover it. In the end, I bought the customer a new spa. Good luck. I'm inching towards a similar goal, right now. |
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| Author: | plumbdoctor [ Wed Jun 29, 2016 5:28 pm ] |
| Post subject: | Re: Starting your own business |
To add from Chad, register your name with the state so it will never pop up in another location, and good cheap marketing program. I was fortunate enough to never have to advertise, payment was different than what you are going to do, so I won't bore you with that aspect And don't forget about sales licensing etc, not to bad just paperwork |
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| Author: | horseplay [ Wed Jun 29, 2016 6:29 pm ] |
| Post subject: | Re: Starting your own business |
One of the things that has become a financial concern for industrial space is the pot industry has drastically changed the price & availability of space depending on your area. As for automotive parts suppliers be careful so many companies that used to provide quality products are being picked up by bigger companies quietly and changing their manufacturing quality. I know one shop that was servicing primarily American vehicles using box store parts and closed do to their warranty lose ratio. |
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| Author: | Digger [ Wed Jun 29, 2016 9:50 pm ] |
| Post subject: | Re: Starting your own business |
2x on hiring an accountant and getting good insurance. Be prepared to pay more than you first expect. Running a business is expensive. Be fair to yourself and analyze every benefit you gain from your current employment and put a dollar value on it. What I benefit from bonuses, 401K, employer payroll taxes, and especially health care, adds up to 40% over my base salary. You'll need to factor these things in when deciding what to charge for your services. |
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| Author: | BroncoCrawler [ Thu Jun 30, 2016 8:23 am ] |
| Post subject: | Re: Starting your own business |
Whatever you think it's going to cost.... triple it. Seriously. After having started my own shop about two years ago the cost has been astronomical. I have been very successful but I'm also working 7 days a week 10 hr days to keep up. Just finally hired someone else so that I can hopefully enjoy life again. That said I quit a very good paying job to start my shop because I was miserable..... I'm much happier now even with the cost and hours because I know what I'm working for and that things are being done right and customers treated fairly. |
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| Author: | BroncoCrawler [ Thu Jun 30, 2016 8:24 am ] |
| Post subject: | Re: Starting your own business |
I also confirm the accounting thing. I use one for my payroll and taxes. |
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| Author: | ZOSO [ Thu Jun 30, 2016 2:32 pm ] |
| Post subject: | Re: Starting your own business |
Like what was mentioned before finding a shop is tough. I have a buddy that has looked for months and no one would rent to him cause the pot business pays so much better. And when you do find it the price is high. |
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| Author: | valentino [ Thu Jun 30, 2016 10:56 pm ] |
| Post subject: | Re: Starting your own business |
Make sure to have a loaner car or two. At my old shop we had a customer that use to go to a guy that had a shop at the house.She said he did good work but was always busy and unable to finish right away.with a loaner car they don't care how long you take. |
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| Author: | horseplay [ Fri Jul 01, 2016 10:13 am ] |
| Post subject: | Re: Starting your own business |
What type of service are you looking to offer & do you have a general service area picked out to draw from and what would set your service apart from potential competition. |
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