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What surprised you the most in your first 5 years of business ?

Discussion in 'The Hokey Ass Message Board' started by CHOPSHOP, Nov 12, 2007.

  1. CHOPSHOP
    Joined: Jun 26, 2005
    Posts: 1,919

    CHOPSHOP
    Member
    from Malden,MA

    What was the most surprising thing you learned about having a (business) shop within the first 5 years of being open?

    Just wondering if there are some jewels of wisdom we can all appreciate out there in HAMBdom.
    :cool:
     
  2. BanjoBoy
    Joined: Oct 2, 2005
    Posts: 570

    BanjoBoy
    Member

    Very interesting thread.

    I will follow up on this since I am in the process of starting a Tire Shop here in Socal.
     
  3. Larry T
    Joined: Nov 24, 2004
    Posts: 7,875

    Larry T
    Member

    How much time you have to dedicate to things other than working on cars. IE Business plans, paying bills, keeping books, cleaning shop (haven't done enough of that lately), pr/talking to customers, chasing parts, etc.
    Larry T
     
  4. mazdaslam
    Joined: Sep 9, 2004
    Posts: 2,524

    mazdaslam
    Member

    Well,after about 7.5 years,I still have not much money:confused: . But i'm having fun....................I think:eek: ????????????????
     

  5. Kurt
    Joined: Nov 18, 2003
    Posts: 698

    Kurt
    Member

    How you think your doing good, money wise, then be flat ass broke the next day. Its a constant feast or famine.
     
  6. superjunkman
    Joined: Jul 21, 2006
    Posts: 965

    superjunkman
    Member
    from Austin, TX


    It hasn't been 5 years for me yet, but I'll second that.
     
  7. CHOPSHOP
    Joined: Jun 26, 2005
    Posts: 1,919

    CHOPSHOP
    Member
    from Malden,MA



    I agree- I keep thinking it isnt part of my job- but then if I dont do it- who will? Always a wakeup reminder for me... at least I know- it isnt JUST me :eek:

    and it hasnt been 5 years yet for me either and very surprised on how well received Ive been with having my own shop- that makes me come back to the shop each day....
     
  8. mr. dick
    Joined: Sep 3, 2006
    Posts: 115

    mr. dick
    Member
    from New York

    I started a printing business 32 years ago. It was a fantastic business, had a lot of fun and really enjoyed going to work everyday. I made a ton of money and here it gets tricky. You have to be able to control your spending,because being self employed has its rewards...much more than working for someone else. If I could go back and do it again i would have invested instead of blowing everything on stuff I didnt need. So a word to the wise, invest what you make cause the good times dont last forever.

    Mr Dick
     
  9. 50Fraud
    Joined: May 6, 2001
    Posts: 10,101

    50Fraud
    Member

    My business wasn't building cars, it was designing toys. Two people offered me good advice just as I was starting, and they both turned out to be right.

    One guy told me, "save 20% of your time for promoting and developing new business, so that you're not out of work when the current project ends."

    The other guy said, "keep your overhead down." That was easy advice for me to heed, because I'm a cheapskate.

    In my business, it wasn't a time-and-materials kind of thing; everything we did was on spec. I'd make something I thought was marketable, and then show it around to prospective licensees. I had to consider just how far to take a project to get it sold: renderings only? Working prototype? Patent search? (the answers, for me, were: always, sometimes, never)

    There were a lot of things that weren't invention or design that needed to be done, too: Selling, negotiation, paying bills, contracts and other legal stuff, building models. Another guy told me "When you're in business for yourself, you have to wear a lot of hats, and most of them don't fit." That wasn't really advice, but it was sure as Hell true.

    Eventually I got out of the invention business because the steady rejection just became depressing. I went back inside, and worked for toy manufacturers for the rest of my work life.
     
  10. 35mastr
    Joined: Oct 26, 2007
    Posts: 1,899

    35mastr
    Member
    from Norcal

    It hasent been five years yet and I hope I make it there.Just trying to keep up has been a handful.
     
  11. UnIOnViLLEHauNT
    Joined: Jun 22, 2004
    Posts: 4,827

    UnIOnViLLEHauNT
    Member

    I dont know about "shop" but I work from home. The surprising thing to learn that was that the most rewarding part of it was that I can take off a Monday to be with my girlfriend...(soon) hopefully to be my wife. You can make all the money in the world, but when you look back at what you did with it...

    I spent mine being truly happy. Cant beat that.

    AND...










    As if it wasnt cool enough...my girlfriend and I cooking drunken dinner together, my post count with this post was 1951. Finally I have a 1951 Mercury 2 dr in my garage that I can afford to keep....sorry, thought that was cool!
     
  12. Mazooma1
    Joined: Jun 5, 2007
    Posts: 13,598

    Mazooma1
    Member

    1. There is no such thing as an 8 hour day.
    2. You MUST put yourself on a salary.
    3. You MUST take any funds over your "salary" and re-invest in the business
    and take some to put in IRAs...EVERY month.
    4. Learn the difference between what you want and what you need.
     
  13. fergenboysinc
    Joined: Nov 26, 2006
    Posts: 1,025

    fergenboysinc
    Member

    OK the first part sounds a little mushy for me (had a few of them GF's myself) but....I think you are dead on about being happy!
     
  14. fergenboysinc
    Joined: Nov 26, 2006
    Posts: 1,025

    fergenboysinc
    Member

    Why do you ask....................?
     
  15. 6inarow
    Joined: Jan 24, 2007
    Posts: 2,360

    6inarow
    Member

    the thing I learned in the first 5 years is that there is a lot more money in selling auto parts than fixing teeth.....
     
  16. partsdawg
    Joined: Feb 12, 2006
    Posts: 3,503

    partsdawg
    ALLIANCE MEMBER
    from Minnesota

    Never forget why you started your business.
    When it's no longer fun....get out.
    Dont forget the business of a business...you have to have attention to detail in both worlds.
    Everyone will tell you how to run your shop.Nod politely,smile,then do it your way.
     
  17. fergenboysinc
    Joined: Nov 26, 2006
    Posts: 1,025

    fergenboysinc
    Member

    Trade Ya! ps! see ya Wednesday.... When, you can take all my hard earned money away.... Ha
     
  18. Buy your own building. Don't pay out the largest portion of your income to someone else so that they can buy the building. Learn how to read a profit and loss statement. Decide where your strengths are, and what you like doing, then get capable people to do the other stuff. Get the business going so that you can step out of the picture and it will function without you, then don't step out of the picture.
     
  19. And I STILL cringe over that last wisdom tooth you pulled! If it werent for cheap Leinies and the Safari I might have gone postal!:p
     
  20. 6inarow
    Joined: Jan 24, 2007
    Posts: 2,360

    6inarow
    Member

    didnt I buy the beer for you and Chad that night???
     
  21. RugBlaster
    Joined: Nov 12, 2006
    Posts: 563

    RugBlaster
    Member

    Where I live, the tax appraisal district showed up with their hand out wanting money......they tax everything used in conducting business, every year.......blood sucking motherfuckers
     
  22. crook
    Joined: Oct 10, 2007
    Posts: 375

    crook
    Member
    from Winder,Ga

    #1. if you don't charge your friends, strangers will expect the same deal...#2. you get the respect you command. #3. and most surprising, is how hard it is to remember #1 and #2. there are way more good rules....but I can't remember them either right now, but I'm not surprised.
     
  23. crook
    Joined: Oct 10, 2007
    Posts: 375

    crook
    Member
    from Winder,Ga

    Amen brother
     
  24. malkintent
    Joined: Sep 3, 2007
    Posts: 442

    malkintent
    Member

    even if you can't really afford it get ins on your self.

    one fall and you next suprise could be that your biz is one that didn't make it.:D

    aww what the F$%k i wanted to do sumthin else any way!

    but get comp!!!
     
  25. malkintent
    Joined: Sep 3, 2007
    Posts: 442

    malkintent
    Member

    oh yeah. let lose of some rains, and get a good go-for, how much does it cost you to go get spark plugs?

    i mean realy!
     
  26. boxstr
    Joined: Aug 15, 2006
    Posts: 127

    boxstr
    Member

    The customer is always right. Keep that in focus and you will always be busy.
    CCL
     
  27. bigdog
    Joined: Oct 30, 2002
    Posts: 761

    bigdog
    ALLIANCE MEMBER

    Had my own shop for 14 years. Biggest suprise was how much time was taken by things other than actual work. In an eight hour day you'll be doing good to do four or five hours shop work-and if you want to succeed you better plan on working a LOT of hours. Also something that you reaqlly enjoy doing as a hobby can get to be a real drag when you do it for a living, burnout is a very real possibility. after working on cars all day you might not want to go out and work on your own ride much.
     
  28. Evilfordcoupe™
    Joined: May 22, 2001
    Posts: 1,831

    Evilfordcoupe™
    Member

    Its gotta be that I still love to be there 10-14hrs a day and that everyday is a monday.

    We put a lot back into the business and the other day I was looking around at all the machinary Ive aquired and went, WOW!! It certainly has gotten way out of hand.

    The only sucky thing are the people you hire that turn out to be a complete waste of time.

    -Jason
     
  29. MIKE-3137
    Joined: Feb 19, 2003
    Posts: 1,578

    MIKE-3137
    Member

    My hard earned suprises
    1. nobody you hire will run your business as well as you, employees can and will walk at anytime, and unfortunately some will steal, even one I thought I could trust with my life. This one was a big time bitter pill.
    2.I shouldnt have hired family or friends, or done work for some of them.
    3.that I would have to "fire" some customers that took lots of time for very little return, keeping me from really good customers. Now I can spot the potential problem customers a mile away
    4. that I should have never had a partner.
    5. that I was glad I was friends with a lawyer, when my ex-partner started skimming money.
    6. The last suprise I had is that the IRS knows exactly how much I have saved every year and usually takes it all. I need a better accountant.
    I could go on and on.
    But on a positive note, the time I can take off to spend with my family makes it worthwhile. most of the time.
     
  30. jj mack
    Joined: Mar 22, 2007
    Posts: 735

    jj mack
    Member

    1. Getting sued is not cheap
    2. Does not matter if you are right or wrong...its gonna cost you...if you wanna win, better have more money than the other guy.
    3. Advise from lawyers is expensive and will always result in requiring services from said lawyer
    4. If you do get sued or have to sue....have a polite sit down with the other person. Try to work it out. Dont tell your lawyer (see #3).
    5. Probably not a bad idea to avoid doing business with lawyers...they tend to sue.

    I hope you never have to, but you probably will, deal with attorneys.
     

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