BUSINESS START UP
I was doing classic auto restorations part time now im doing it full time. Under the radar if you know what i mean. Like to start a legit business. Just asking for some pointers. What to do What not to
I think a lot depends on how much risk you want to take and how much capital you have to start your business
Do you have to rent a shop. Can you work legit were you now work. Do you have health insurance now
Your going to find going legit, you have to generate a lot of revenue before showing a profit
I have serious concerns about a one man legit restoration shop, which means you need to help and thats a entire different situation
When your legit you need to make money, have money coming in every week. How you do that while paying overhead and depending on one or two customers to pay you, I would say you need at least a few months expenses in the bank
Id say if you want to open a body shop, do insurance work and such and take a restoration one at a time that might be a better option
Every small restoration shop or one man show ive ever come across had or has a shop on their property out of view and flys under the radar
I had a S corp welding business. I worked a FT job and did my other work in very free second I had
I literally worked seven days a week from early morn to late at night
I was able to switch days off and work off shifts on my FT job to accommodate my welding business
Every year my welding business grew. My wife was working a state job and had benefits for the family if need be, so I seriously thought of quitting and going full time in my business
My downfall was I wasnt that good at reading blueprints and although my mechanical skills were top I still wasnt that good at the business end, there was a lot I didnt know
And than there was liability and insurance. The liability insurance was a big nut but I needed it for some jobs.
I was called to look at a very big pipe job that would have lasted months. I could have made big money, I looked at the plans and was prepared to bid the job but they required liability insurance/ workers comp policy's. They also stated no work after hours and no work on weekends. This was because it was a big apartment complex and residents would not put up with the noise
Still I forged ahead
What happened was a few weeks later I got called for a union Boilermaker job at prevailing wage and the kicker was it was a full time job with good benefits
My youngest was just diagnosed with Type 1 diabetes.
I came up with a figure for the contractor and told him what I wanted for the pipe job
I told him I need a check for a third to start. He balked and asked to see my insurance first. I told him look, I'll come to your office with my policy's but I leave with a check
needless to say I took the boilermakers gig and put in 21 years retiring in 2014
I dissolved the S corp but worked part time, nights and weekend for various contractors, finally retiring for good earlier this year at my 70th birthday
I did very well but I do pay a toll
Good luck just be cautious and dont get in over your head
