Any business owners here?

OH I'm sorry I just assumed you were posting your work. But it looks a little to far back for the shock towers.

 

If you read the whole thread you would see those are pictures of my aspirations. Can you see the bracket? No, so stfu. How else are you going to mount it there on that front end?

You really have nothing to contribute.. I'm seeing a trend of you coming into my threads trolling and trying to get them locked or deleted. You must have a lot of regrets in life or something.

 

wow dude I'm not hating. I love the look of the coupe that's all. And I thought maybe you found some cool old Hurst mounts or something.

Sorry I upset you.

 

I wish I could work smart not hard but I really am not the best in spotting gaps in the market... or when I think I see one to organize it so that I'm the cheapest or best.
If you have the motivation you can do it of course, but I think one of the best assets one can have is already being good in what you do/knowing the business you're going to start for yourself in. I'm unfortunately not an expert in any business, nor motivated enough to try something I know I'm not better than my competition.
Having grew up seeing my dad work his ass off with his own business has made it subconsciously clear for me at an early age I do not want something like that for myself. So in order to enjoy my time as I prefer I am lucky enough to be able to work hard but not much.

 

Wow, there's some serious negative vibes in some of the posts...
Have people been running out of herbal tea?

A business, in the early/intermediate days can be quite detrimental to serious commitment with women. I found the travel and shit was with me. But that phase of being "married to the work" is really coming to an end for me. Which is good.

I run a couple of businesses. One is in manufacturing/distribution and export etc. The other is financial. I'd like to spend more time on a 3rd creative one. And spend less on the 1st.

Business/being your own boss is wonderful. But I'd seriously caution anyone again giving up their job and diving in, then hoping for the best.

 

Roofing after many other jobs, such as oil drilling rig, dashboards in Mustangs and many more. Pulled into Santa Cruz with 5 bucks in my pocket and asked the service station guy to give me a job. Said--"there's a roofing company down the road that needs a roof loader. Got the job, but when I saw the shake nailers making a hundred bucks a day--in '67--I figured I needed some a' that! Wouldn't take me off the loading job, so I quit and honed some talent elsewhere. Free lanced and worked for others for some years, then decided to get a license and start up. Now my boys run it and I do some , but not like I used to.

Working for yourself is really freeing. Number 1 son is on tour right now with his band--could not do it if he worked for someone else. I did some college, but was more into the girls when I went---

 

Some suggestions. Make sure you have a solid business plan that allows time to build your business. Most banks will require one from you if you require start up money. In that plan also consider what you may be able to do to earn income while you establish your clientele. A natural progression might be to continue to also offer services to prior clients. Or possibly consider a business in small engine repair combined with your new business. It can help to keep the doors open.

While costs are always a factor be wise and truly analyze what you can and can not do and where your time is most productive. For example hiring someone to do front and maintain records may be a far more productive use of money than you trying to run your business and also the front. You earn by doing and production not by paper work. Consider hiring someone who can do all of that and that allows for you to continue to produce.

Most business fail as people are not realistic about the risk and start up time. In other words it takes time to turn profit and a plan that has that built into it will more likely to succeed. That is where a solid business plan can be beneficial. Stay focused but also open to change as that will keep you afloat.

I hope you are able to realize your dream and wish you well when you decide to start up. Working for yourself can be really rewarding.

Edit as I also wanted to mention that you need to network and that does not always mean in the more obvious venues. Your business will very much consist of one time clients. Think of ways you can network that are creative. For example making your business know to companies that are related but not necessarily directly involved. Create a really good web page that is found by tags, for example if some one is looking up parts for classics you would flag. Network with wreckers, parts shops, collision repair shops. Basically with anyone related service that you could gain customers from.

 

I own 6 western union franchises in 6 different locations. Cost about 15k to set up each one and the pay for themselves in a few years.

 

I keep experimenting with self-employment... I want to do something to do with fair trade, natural therapies (I also love natural recreational drugs) or something like that

 

Heat especially has given some solid advice, imho, though good points all around.

You may want to check out SBA and also SCORE to get a mentor.

Focusing on your core competency and developing a solid business plan are two tried and true elements of starting a business.

Good planning can save you a lot of trouble down the road.

Who is your target market? How much are they willing to pay? What will happen to the market in the future? Who are your competitors, and what is your edge over them? What will your costs be? How will you handle billing?

If you go into business with your buddy, you should probably formalize your business relationship so that is clear what the rights and responsibilities are. Have a back up plan in case he decides to leave or becomes uncooperative.

If what you want to do is focus on the cars, Heat's advice about getting someone to handle other aspects of the business sounds solid.

The failure rate for new businesses is around 80% within the first five years. It's important to have a plan that will keep you from being one of these, and to have a realistic plan on what to do next if you are.

 

Cool thing about roofing is-----Every building in the world has a roof!! So target market is whomever and wherever you want it to be. Of course, advertising and especially good CUSTOMER RELATIONS and the results of your work are vitally important and will get repeat customers and friends of customers for any type business. People can be so easily taken advantage of ---and if that's what a persons mentality is, (thinking of short term $$$)it will eventually catch up to that type. Would not believe the crap and crooked stuff I've seen on roofing. Anyway, honesty, attention to what a customer wants and to be willing to take the time to answer ANY QUESTION a potential client wants to know. And KNOW YOUR TRADE/BUSINESS the best you possibly can. If you don't know something--say so and then do research until you do know.

(To add about roofing=watch it. Not many folks will go up on their roof to check the job and many so-called roofers understand this. Get references and check them out. It's a big investment and one wants the best affordable---you don't have a water tight roof---you have BIG troubles.)

 

well, people are always telling me to mind my own business...

i never understood why they have to be mutually exclusive. i try to work smart and hard.

 

Lots of very good advice in here, much appreciated and just what I was looking for. A lot of it I have kind of thought of.. but it's great to hear from people with experience. Tarket markets and what not. What we decided today is we are going to keep our jobs for sure, they are too good to drop especially in this economy. Finish the projects I've already started in my garage and other buddies garages. Pick up a model A over the next year out of Utah that someone's holding and go from there. Either get some space here or move to Austin or socal where there is more of a market. But then again also more competition.

As far as business plans and loans and all that, I have one guy that's a millionaire venture capitalist and who would cut a check tomorrow to open a place. Another guy who's also loaded but seems more of a corporate dude that got laid off, and he wants to be actively involved. I met him when he brought me his 65 GTO that was built in south fl and is so fucking incredible I can't even describe. But these guys will ultimately want control and of course ROI and I just don't feel right about it. Rather do it ground up as I've been doing. No investors. Just take my hobby a little more serious and treat it like a business. Give myself deadlines or something.

I'm not sure if I was a complete asshole and took that wrong, but I've gotten the feeling over a lot of your posts you have some kind of issue with me. And I was having a really bad day to begin with.

The thing about me is I get defensive because I started out sweeping shops and taking the trash out at 14, just trying to get around guys that had knowledge and I could learn from. I had to pay my dues, earn my right to work on shit, earn respect. The night of my high school prom I was at the shop with one of the mechanics welding and helping him with his truck. Said fuck the prom.

And as much as I know now and how far it's taken me I still ask questions and still try to learn from everyone I can. I still have a lot to learn. With both the repair side of late models and custom fabrication. There is always shit to learn. I don't know your story or even know you, I just have come across so many people who read things on the internet or magazines, or pay someone to build a car for them then act like they know what they are talking about. Never had their hands dirty and their hands are soft like a chicks. So I get defensive, and to be honest I took that question as some kind of pissing match not a legitimate inquiry. I assumed it was obvious I didn't build those cars or own those shops.

So if that's the case I apologize. I apologize anyway because I shouldn't be such an asshole to anyone, yet I am. I don't take shit which is good but sometimes I look back and realize I read into something the wrong way. Who knows.

This turned into a novel. Deviate out.

 

You have to be careful of VC's. Lots of them will try to screw you as hard as they can, and also want lots of control.

Unless this is a guy who really has a passion for cars and no longer needs a return, I would say be careful.

I wouldn't start with the car, then see if there is a buyer. I would start with a buyer, then get the car. You don't want to be stuck with something that you can't sell, or can't sell for the price that you are asking for.

I would say get a contract signed by someone saying they will pay at least x price for the finished product. Then check their credit.

Either that, or get the money up front to do all of the work. That's probably the best.

Getting a mentor is really important, imho. Five years from now, your future self will probably have a list of things that you wish you knew before going into this. Figuring out those things ahead of time is the difference between success and failure.

The apology to Jo King was called for, at least judging by this thread. Mature and civil of you to offer it too.

 

I'm an IT Consultant and work with partners that also have their own businesses and together we provide IT services in the Los Angeles area. The nice thing about my industry is these days people NEED their computers to work or else their businesses can't function, so clients are always happy to see me.

My goal is to be able to work from anywhere in the world. I want to travel so being able to work from Europe for Asia or where ever I might be would be a dream come true. Right now I can pretty much work from where ever but sometimes I'm still required to see clients in person. If things go right I might be at that level within the next year or two.

My advice is to make sure you always take care of the red tape. Make sure you got all your permits, legal docs, tax returns, etc, in order. I fell behind on taxes and now the IRS is on my back and I have to pay thousands of dollars in fines and penalties.

 

If there's extra space in the shop, your boss might be ok with your working on a car as a personal project.

So if you can get that model A for not too much money, you could start working on it right away. Get it into nice shape, and then you can take it around to car shows. Then give out a business card.

Folks like your work, your name will get around. You could then sell the model A and work on another project.

Pretty soon, you'd have a waiting list of clients.

 

I do kinda the same thing, Im just a little off lol. Only thing not touched was the tub/hood/fenders. I was approached 1200 miles from my home, And asked if I could build a rig for him. Why not? Its all tax free as its fabrication and the 'jeep/26k IIRC' was the only thing taxable.
I see you're in the same field, So you're customers are cash too :2thumbsup:, Cant go to the bank and get a loan on what I make unless a lean on the house.

But in osamas economy, Im glad I had 8 years of W bush to save and hide, Cash is king. Like mentioned, No time is a good time, But under Osama and his epa and all that bullshit, Id hold off a bit. If you can do small cash jobs you are much better off. Good luck either way

 

Very very good advice, thank you. I read it days ago and it sunk in.. so much stuff happening so fast.

First off, I agree (by instinct not experience) about VCs. To me that'd be almost essentially what I'm doing now. We have another investor who just offered 2 mil for payback with no terms or interest whatsoever, just to work on his bikes and cars and collaborate. He has 28 vintage Harleys plus a car collection and owns a media outlet which is why he's so rich. Well, we told him that we'd possibly be interested in a year or two. I just don't know.

For now my garage is getting even more filled up with equipment and we found a warehouse at the beach, through a friend, for a really good price. Trying to do it all on our own, minus collaboration with other local 'alternative' yet successful businesses. First step is getting more equipment, practice practice practice and we are incorporating in the next few weeks for vendor accounts and all that.

As far as my current job and doing work there, I can do whatever I want but I keep it separate for the most part. I don't even leave a MIG welder at the shop, I bring it home and my boss has asked why. It's just the way my mind works, I have to separate passions and paying the bills. So what it looks like happening is a merger of the two. I had my cobra torn apart there for awhile but now that this has taken on a new objective that won't be happening again. So many developments since I even posted this thread I can't even think straight from excitement. Just trying to stay calm and keep thinking linear. One reason why we are doing it the way we are, I don't like the idea of including growing time and being in the red as part of a business plan. I want it to jump off before the doors officially open.

 

Glad to hear that things are moving along. I would def. get a mentor though before you do anything. Score.org is probably the best place to find that.

You've got a lot of good things going for you. You don't want to fuck that up with a lot of rookie mistakes.

 

What exactly is a mentor as far as business goes? Is that along the lines of a consultant?

I've had trade mentors, the trade off was I do work for a low hourly rate that they make good money from and in return they teach me.

And you are right, but that's one reason why I'm not diving in as my only source of income. It's a situation where you have to consider the technical aspects and logistics, plus the business aspects. And still produce. It's overwhelming if I think about it. That's why we want to get the warehouse set up and do our thing for awhile on nights and weekends. There's no shortage of clients but it needs to be on our terms until we're ready.

Does that make sense or does that go against the principles of business you know about?