Originally posted by MGMan75
I'm definetly willing to be broke for a while. One question though, after I'm done being broke can I make atleast 50,000 dollars a year? Because that is honestly the lowest amount of money I want to work for after about 5-7 years of being in the business. I'd be very happy with 50,000 a year. Is that realistic? I understand "the sky is the limit" but coming back to reality is that do-able?
A good body man at a body shop can make $50,000 to $100,000 a year. A good painter can make even more. This takes training and experience. I would suggest getting into this end of the field (ever notice that Chip Foose and Boyd Coddington have no issues about jumping into the spray booth?).

You'll need to build yourself a hot rod of some type before someone will trust you to build one for them. This can cost you well over $100K. Who cares if you built a $30K car? The money is in expensive stuff (the 3 cars Foose has won the Riddler Award with were easily $500K-$1M). Can you build a car as detailed as Foose? As good as Jimmy Shine? Can you build a better car than I can make myself?

I started my business for less than $5000. In my business, I started with 15 years experience. The costs involved were for a laptop computer, collision estimating software (a monthly subscription), an office jet, cell phone, business cards, and a connection to get business from some insurance companies. I doubt that I would have had nearly the same acceptence with only 2 years experience.

I've been in business for 6 years now with no regrets. You'll have far larger overhead than I have. You'll need around $300,000 to $500,000 in equipment and a building to put it in. You'll need employees and have to set up payroll taxes for those employees. What type of regulation and licensing is necessary in your state? How will you title your cars (see Boyd Coddington's headaches).

Who is your competition? Are there any other shops in your area doing this?

I'm not trying to scare you of, but a lot of planning needs to go into starting a business. A hot rod shop is very much like a body shop. Go offer to buy a body shop owner lunch and ask him about his business. Let him know what you are looking to do so that he doesn't think you're going to open a shop near him crating more competition. I think you'll be surprised how much work is involved. A body man gets to go home at 5 PM or 6 PM, but the owner doesn't.