Business owners!

5BrothersFabrication · May 10, 2018

I'm tired of making someone else rich. Some questions I have before I decide to go out on my own-

Are utilities billed at a higher rate per KWh in a business than a residence?

Let's say I open a Subaru repair facility, what can I put on the sign? I don't think I'm allowed to put Subaru up there without paying them a big licensing fee.

For those of you with your own specialist shops, how do you go about going to school for "the new VVT engine" or "the new rubber band transmission"? Is that not a dealer only thing?

I would like to offer an adjustable rate lease to the building owner, say $500 first month, $1k next 6 months, and the full $1500 after a year to help with the burden of starting a new shop. Has anyone tried this?

Thanks in advance! :dblthumb:

Eddyj · May 10, 2018

Insurance...

86chevota · May 10, 2018

Good luck good old trump has small business paying more in taxes next! You Will want to be a LLC or an S corporation of some kind. Good insurance if you have employees Workmen's Comp. my head hurts I will let somebody else finish. I've been self-employed my whole life it's got its ups and downs but it damn sure isn't getting any easier. If I had it to do over again I would've picked a better job working for somebody else make them more money. The biggest thing I can tell you no matter what you decide to get into. That **** is with you 24-7. When my guys shut the toolboxes pull the key out of the trackhoe At the end of the day They head home to their families. I'm off to another job to work. I'm off to look at another job Price. I'm buying materials and getting ready for the next day fixing stuff gets broke keeping up with taxes and insurance. I'm writing invoices sending invoices emailing people with bids. Taking care of customers 24 seven with problems or no problems. I'm official licensed Adult daycare provider. I could go on and on give me a call if you have anymore questions.

5BrothersFabrication · May 10, 2018

86chevota said:
Good luck good old trump has small business paying more in taxes next! You Will want to be a LLC or an S corporation of some kind. Good insurance if you have employees Workmen's Comp. my head hurts I will let somebody else finish. I've been self-employed my whole life it's got its ups and downs but it damn sure isn't getting any easier. If I had it to do over again I would've picked a better job working for somebody else make them more money. The biggest thing I can tell you no matter what you decide to get into. That **** is with you 24-7. When my guys shut the toolboxes pull the key out of the trackhoe At the end of the day They head home to their families. I'm off to another job to work. I'm off to look at another job Price. I'm buying materials and getting ready for the next day fixing stuff gets broke keeping up with taxes and insurance. I'm writing invoices sending invoices emailing people with bids. Taking care of customers 24 seven with problems or no problems. I'm official licensed Adult daycare provider. I could go on and on give me a call if you have anymore questions.

I hear people who own businesses say, "I'd rather just sell out and punch a clock for somebody." But the people who say that have 3 muscle cars, one just had a McMansion built, and one never has to tell his kid, "We can't afford that right now." I'm not looking to get rich, but I'd like to be in a position where if my fridge goes out, it's not a ****ing ordeal.

I don't mind putting in the time, but I'm tired of working 50 hours a week and making 1/6th what my boss does on 40. On my own I'd stand a better chance of reaching that goal than just sticking it out and praying that he doesn't do what he's done 1000 times before and promote a buddy.

Big David · May 10, 2018

I worked for a guy & his business was named "European Import Specialist" .
Pretty much sums it up. We worked on anything.

5BrothersFabrication · May 10, 2018

Big David said:
I worked for a guy & his business was named "European Import Specialist" .
Pretty much sums it up. We worked on anything.

I used to work for a Fiat-Alfa Romeo shop back in the day, but that guy was a **** and he's dead now. So I dunno...

ranger11 · May 10, 2018

I was in the same boat, tired of people getting rich off my back and my loss of family time. I wanted my own shop so bad but ultimately decided to get on at the paper mill and let it support my family and keep doing side work as time permits. I haven't given up on a shop all together but it's on the back burner until all debt is paid off and the kids get a little older.

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poolman · May 10, 2018

86chevota said:
Good luck good old trump has small business paying more in taxes next! You Will want to be a LLC or an S corporation of some kind. Good insurance if you have employees Workmen's Comp. my head hurts I will let somebody else finish. I've been self-employed my whole life it's got its ups and downs but it damn sure isn't getting any easier. If I had it to do over again I would've picked a better job working for somebody else make them more money. The biggest thing I can tell you no matter what you decide to get into. That **** is with you 24-7. When my guys shut the toolboxes pull the key out of the trackhoe At the end of the day They head home to their families. I'm off to another job to work. I'm off to look at another job Price. I'm buying materials and getting ready for the next day fixing stuff gets broke keeping up with taxes and insurance. I'm writing invoices sending invoices emailing people with bids. Taking care of customers 24 seven with problems or no problems. I'm official licensed Adult daycare provider. I could go on and on give me a call if you have anymore questions.

This. You live with it, and there are ups and downs, and the bigger you are the bigger the swings. Taxes, workcomp and insurance are huge so is liability insurance and fuel cost for me. I would suggest starting small, keep your job for a bit until you can get on your own for sure.

To answer your questions.

Utilities are higher in Kentucky

I'm not sure about car dealers but I'm a certified dealer for the 3 major companies in my industry and a warranty station for them. I do not have to pay to put it in my marketing, they pay me. One is over 5k a year free.

Your building is going to depend all on the owner and his policy. I chose a high traffic location 13,000 cars a day minimum. I was able to negotiate the first 6 months but I had to put several thousand dollars in the building to get it like we wanted. But that's better than paying full price and STILL putting money in the building. I had other places offer 2-4 months free with a five year lease but the location was not as good. Hope that helps man! :dblthumb:

poolman · May 10, 2018

And whatever you think it will cost..... X5

KPatterson · May 10, 2018

Before starting my company 5.5 years ago, I was a corporate trainer for a fairly large company based out of Tampa. I was making great money at the age of 26. There was no more room for growth for me. I traveled way to damn much and just got burnt out. Being self employed will wear your ass out as well. Taking calls, responding to emails while on "vacation",. Dealing with employee **** ups. Dealing with people that you cannot make happy. Chasing down money when they don`t pay their bill. Working too much and having your freshly built buggy sit :rolf:

People say the first 2 years are the hardest. Not in my industry. I`m in the RMR business so the more customers I acquire the harder it gets. Not trying to discourage you but if I found a job that offered a salary similar to what I make now with benefits. I would hop on it. Until then, I`m plugin away. I say go for it! :flipoff1:

extremetownie · May 10, 2018

In Tennessee it is not always an advantage to be a corporation or a LLC. In my case it is cheaper and smarter to be a sole proprietor. Tennessee has so high business taxes and even more in addition for LLC's. Maybe when you get a lot of employees ,it might be a good idea. Also here in Sparta Tn ,everything commercial is higher. Water is more ,electricity is more. Being able to use the landfill is more.

zukimaster · May 10, 2018

Just play the lottery mang! Dont worry about that working stuff..

halcat · May 10, 2018

Want to buy a pipeline company....my comp and gl is 150k a year. I have 30 employees and pay 28k a week in payroll .......a week.

5BrothersFabrication · May 10, 2018

This is the building I'm looking at. HIGH traffic, corner lot at an intersection so people have to stop and look at it, 4 bays with 2 lifts, showroom, office and shitter, small fenced lot in back, old service station. Another bonus is it's less than a mile from the house, so "living at work" won't be too bad. I used to "live at work" on the far side of the next county over, this won't be anywhere near that bad.

Enzo + a couple of you guys have said to run it at home til I can assess its viability, but I don't think this building will last long on the market. I'd love to own it, but I'm fighting Tony Bolton for territory to pick up cans. That, and my garage is 20'x20' with an 8' ceiling, so no lift in my future. I couldn't even get a 4 door JK in there, close the door and walk around it. Working from home isn't an option.

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5BrothersFabrication · May 10, 2018

This is a company I want to emulate. They are a one stop shop for VW and Audi owners. They service, repair, sell parts, and sell used cars the owners lost interest in. Matt Ford is a super awesome guy, I can remember when he started in a shop just like the one I want, now his shop is every bit the size of a shop at a stealership.

https://mfauto.com

Matt's business model is what I want. It's basically this- "Oh ****, my warranty is out and I don't want to get boned at the dealer again. Where do I go? MF Auto!"

wimpykid · May 10, 2018

I can't vouch for the water and gas utilities, but depending on what type of electric service you have, the cost probably is higher for some businesses.

A single phase 240 volt service feeding a 200-300 amp main for a house is cheaper to install than a 3 phase 480 volt service feeding a 500 + amp service for a business. On top of that, some businesses pay a higher rate for more reliable power.

For what you would be looking at, the install would cost the utility company more, but they should make that cost up with the amount of power you use.

ROKTOY829 · May 10, 2018

You asked about the training, I know the local orielly stores in my area will have classes time to time.

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TacomaJD · May 10, 2018

From a person that really knows little to none about smart stuff, I say it's awfully easy to let the emotions of being tired of your current job drive up the level of glamour of an alternate career path, whereas the unforseens in the alternate career path may far outweigh your expectations.

I find myself staring at job postings on the internet from time to time knowing I could go somewhere else for $10k-$20k more/year than what I make now, but instead of being 15 min from the house, it may be an hour and 15 min....or it wouldn't be working in 68-70 degrees year round, or it would be much harder work to where I don't know if I could even do perform the job reliably with my leg, or whatever else may come up. But when you are looking for an out, it's super easy to capitalize on the thoughts of the glamourous parts of the idea and push aside the negatives that WILL come with the territory, as others have mentioned here. You may be working 50 hrs a week now, but owning your own business will likely have you working more than that.

I'm not saying don't do it, but if it was easy, everyone would do it. You just need a well thought out plan and know your forecasted expenses going in before you make a decision, rather than being driven over worry of how long a building will be on the market before someone else rents it.

And to start up something like you are wanting to do will still require a good chunk of capital. Think of all the high tech tools and such you need in that field, insurance as others have mentioned, signage, advertising, whatever you may have to pay to get all utilities installed including internet and tv for customers, office desk, computer(s) for book keeping and such, waiting room chairs/tables, etc. Just like building a buggy, you think "ok, chassis, axles, tcase, tranny, engine, seats, shocks, links, hell thats about it....." But then you start building and get nickeled and dimed to death over the little **** you didn't think about that is an absolute necessity.

Good luck.

Eddyj · May 10, 2018

Want to buy a medium carnival? The hours suck, you pick employees from the bottom of the barrel, and when you get a grip on it...you pack it all up and move it 200 miles.

Seriously. You are in a better position then most, you are already in management so your not dulusional on what to expect out of employees. Also you are a hard worker who's not afraid to adapt and overcome problems. But I think everyone looks at their situation and thinks others have it better.

With that being said my next adventure in life will be solely dependent on myself, no employees. No longer will others dictate if I can provide for my family.

Talk to Grcthird he is cool and has his shop up and running.