Starting a legit business

[smokenjoep01]

Hey folks, Im needing some guidance and figure we got a wealth of unbiased knowledge around here. I have had a back yard shop since 2003 and it has kept me quite busy. In recent years I have made easily 50% of my regular job salary. My day job is in a elementary school. I am a NC state employee with retirement, health insurance etc.
Just as everyone as been effected by the economy so has things with the state. Mainly no raises in over 3 years. Now I have a new boss and things are not as smooth as they had been. My shop is very busy and I have been toying with the idea of starting a legit shop in a commercial area close by my home. Im well respected by the local import bike shops as they send me work and we have a all brand shop that subcontracts me there Vtwin work. The other two independant Vtwin shops local are not known for there quality and one is actually quite far out of town. So I think the business would be there to support a new shop.
Just not sure how to go about this and still be able to sleep at night knowing my mortgage will be paid. I have no business experience. Just good mechanical service! Some have suggested a business plan, but I wouldnt know how to do that. Were do I start??

 

[Marc]

I'm thinking the samething, carier change... subscribed.. doesnt seem to be the same recession with this kind of thing, like I;m experiancing with my 41 year old business..

 

[Aaugman]

I've owned my own business for years, the best advice I can give you is
1-keep your overhead as low as possible, most people when they start go out and spend all the $$ they have because they think fancy tools huge premises and wrapped cars will generate business...it doesn't

2- when ur on your own your business is your life and it's 24/7 if ur not looking for business U should be looking how to make it better.

3- rather under promise and over deliver than make promises that you can't deliver. It's a lot better to have people happy and impressed than upset because of an expectation you set up front.

4- you will always spend more than you think

5-The higher the risk the higher the reward...but the quicker you run out of Capitol if it doesn't work...it doesn't work far more times than it does....if it was THAT easy everyone would be rich..


That's all that comes to mind as I'm sitting in the doctors office, I hope that helps a bit.

 

[Legacy Baggers]

Not sure what GOOD advice I can give. I have always had my businesses as "side businesses". One thing I would offer is to get as much of the business/plan together before you leave the day job. Your already have the client there it seems, so marketing can come later on once you transition over and are looking to get busier.

I would focus on locking in the place you want to open it in... behind the house, in a industrial center, a storefront, etc... Overhead is low when you build/use the garage at your house, but there is a downfall to that. Hours become longer when it is so close to walk out to work... it will be hard to get away for a break! And when you have a home business, everybody will know where to find you. When your shop is located somewhere else, people can only drop by when you there, not drop by while you are trying to have a beer in the backyard!

 

[vrog]

I own my own business and like already mentioned you work 24/7 and can never get away from it. Yes it can be rewarding at times but you cant do it all on your own. Especially in a repair business. You need 2-5 guys working making you money. Thats hard to find these days, figure in come backs, wrong parts ordered etc etc.

Unless you lose your job I do not recommend trying to start up your own business. You have health insurance and retirement, thats huuuuuge! If you try to do the repair shop legit and by the book you will quickly learn why HD dealers charge what they do for labor, and the reason is because they have to. Figure in rent, insurance, taxes, business license, sales tax this tax that tax everywhere you turn around there is someone wanting money from you.

If I were you I would tough it out and work even harder out of your house and keep stacking the cash away.

 

[crutter]

How much longer before you are eligible for retirement? And know that your best employee will only give 80% of what you are willing to give.

 

[smokenjoep01]

Great advice guys. I think I do need to stay on the state nipple and milk it for all its worth.


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[Aaugman]

If your going to work ALL The time anyway I also think you should just stick with your day job and ramp up the shop on the site until you are forced to open a bigger shop, then that's a great problem to have.

 

[TNTCC]

I own my own business and like already mentioned you work 24/7 and can never get away from it. Yes it can be rewarding at times but you cant do it all on your own. Especially in a repair business. You need 2-5 guys working making you money. Thats hard to find these days, figure in come backs, wrong parts ordered etc etc.

Unless you lose your job I do not recommend trying to start up your own business. You have health insurance and retirement, thats huuuuuge! If you try to do the repair shop legit and by the book you will quickly learn why HD dealers charge what they do for labor, and the reason is because they have to. Figure in rent, insurance, taxes, business license, sales tax this tax that tax everywhere you turn around there is someone wanting money from you.

If I were you I would tough it out and work even harder out of your house and keep stacking the cash away.

+1... Not easy going at it on your own. Phone, orders, parts, repairs... gets to ya. Trying to find employees with good work habits as well as doing it the way you want it done(correctly) is one of the big issues. Think long and hard about it.

 

[Opunui]

And never take off more then you can chew to soothe your ego..not saying you have one.just personally speaking.

 

[smokenjoep01]

Im going to meet with some fellas I know that have a entrepenures(sorry about my spelling) club. Trying to work it that I dont end up using my retirement or life savings to do it. And how to go about it while still keeping my state job as well at first.