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I am thinking about opening up a muscle car shop, specializing in high performance work as well as restoration. However I am wet behind the ears when it comes to starting a small business.
I would love any constructive critisism and advice on starting my venture. I do not have experiance working or restoring other people's cars (ie.. customers) just my own.
How will that come across to potential customers?
I'm open at this junctore for advice.
You need a good reputation as a builder/restorer if you want anyone to trust you with their high dollar investment. I would do it as a side business to get the ness. experience and reputation. Are there allot of muscle car owners in your area? Enough to keep you busy and are they willing to pay what you need to stay in business? Do you know how much you'll have to invest in tools / parts / building / etc. to start up a muscle car shop? Many questions come to mind, but these are a few starters.
Along with Pro's list, don't forget insurance. If you are going to have a few ultra hi-buck resto and rod projects around, customers cars and parts have to be HEAVILY insured. You will also need some liability insurance for the premisis and for your work on customers cars. As Pro said, it's a whole lot better to do it as a side line until you know you have the income to match the overhead. Been there, done that, got the T-shirt----It ain't cheap !!!!!!
Yup, I'm a lightweight when it comes to business risk. I worked for about 10 years as a sideline business and got most of my equipment paid for before I took the "full time" plunge. Plan on workin' way more hours than you would be willing to for someone else, and plan on workin' for little or no real profit for a few years. Other than that self employment is great. Just know what your getting into, Do your homework and don't get yourself overextended.
When we first started in the resto biz, we had a lot of overhead such aas yellow page adds and equipment leases. The work was pouring in. We had a 18 - 24 month waiting list,working 12 hour days, but good help is impossible to find and our customers suffered for it. We finally stepped back assests the problems and actually shut the doors for a year to straighten everything out. We reopened about a year ago and have been very selective about the projects we take on. We are now a small two man shop with everything paid for and couldn't be happier. Our only advertising now is a web site , word of mouth, and bussiness card.
Do it in your spare time for now, and let it grow slowly, you will be glad you did.
Quote:
Originally posted by nhoth2o
When we first started in the resto biz, we had a lot of overhead such aas yellow page adds and equipment leases. The work was pouring in. We had a 18 - 24 month waiting list,working 12 hour days, but good help is impossible to find and our customers suffered for it. We finally stepped back assests the problems and actually shut the doors for a year to straighten everything out. We reopened about a year ago and have been very selective about the projects we take on. We are now a small two man shop with everything paid for and couldn't be happier. Our only advertising now is a web site , word of mouth, and bussiness card.
Do it in your spare time for now, and let it grow slowly, you will be glad you did.
My thoughts exactly! If you dive in headfirst more than likely you will never see daylight again!
I second the comments from Corbett.............I put a lot of businesses out on street because they started small and expanded too quick.......the main two (2) reasons businesses fail are 1) poor management 2) under capitalization..........pure and simple!:D :whacked:
Yup, I siad this B4. As a sign shop I do signs for allot of startup businesses. After awhile you can tell the ones that have a real plan and the ones that just think it would be so neat to be self employed.