How long does it take to start a shop/buisness... Expertiese welcome

[83turbomon]

This has been a dream ive had for awhile, to start my own shop. it would be fairly decent sized shop that i would probably build using a US steel building. My family wants/has land. I was thinking about 10 acres enough for me and my family (want to start a small farm)

What does it take to start a buisness and run it successfully?

Im currently getting ready to go back to school to earn my associates in Buisness management at a college across the street. my 10 year plan has been to find a decent amount of land (forget washington, way too expinsive here) get my dealers licence to legally sell cars (im tired of selling cars the "hard" way and the way my friends show me could get me in a heap of trouble), find all the tools neccesary, my buisness degree, a class A CDL, have a shop built that could accomidate atleast 11 cars. (my uncle is a mason and my grandad is an electrician, if you look at some of the houses in monroe louisiana, theve built) and some mechanical expierience. I dont have alot of actual mechanical experience, (I know the real simple chit, batteries, air filters,tires, PCV, plugs, wires, and maybe fuel pumps) know the parts of and engine and what they do, but dont ask me to replace them let alone where to start especially with electrical components, however I can do a bit of bodywork and I have expierience finding parts for people and purchasing/selling cars online for a profit margin.

I would like your honest opinion and expertiese. Im also thinking of getting a part time job at a dealership and an intership at a mechanics shop nearby that does good buisness.

 

[asd60303]

Some tips from my management class; my teacher was an entreprenuer in several countries.

-Plan really well, come up with multiple scenarios/plans and have strategies for each(you will need this when you go to the bank for a loan)
-Take calculated risks-research everything about the business, talk to other business owners.
-Don't be afraid to hire people that are smarter than you or can do a better job than you. For example, you said you don't have much technical skill; well hire very good mechanics.
-Your skill is buying and selling cars; I would be control of that part of the business(you don't need to hire anyone for that "department")..before you buy a car that needs work, bring your mechanic along with you to the auctions to help evaluate the car and whether you can turn a profit on that vehicle.
-Finish school but work experience in your respective industry is the important thing..go find a job as being a mechanic to see how the business is run and to see how you can change that business. What are some different ways you can run that business? What can you do to improve it? What are the pros/cons of working in that industry?
-Getting your CDL would be a good idea that way you don't have to hire someone for that job.

-there's 2 ways to earn a profit in a business: 1. cut costs 2. increase prices.

I am by no means a business owner, i'm just a student with an Associates in automotive technology(i learned more working in a shop than I did in school) and in the process of getting a Bachelors in business management. My goal is the same as yours so i've been thinking about this same thing myself. What i gave isn't detailed but those are what I thought about off the top of my head.

 

[83turbomon]

Some tips from my management class; my teacher was an entreprenuer in several countries.

-Plan really well, come up with multiple scenarios/plans and have strategies for each(you will need this when you go to the bank for a loan)
-Take calculated risks-research everything about the business, talk to other business owners.
-Don't be afraid to hire people that are smarter than you or can do a better job than you. For example, you said you don't have much technical skill; well hire very good mechanics.
-Your skill is buying and selling cars; I would be control of that part of the business(you don't need to hire anyone for that "department")..before you buy a car that needs work, bring your mechanic along with you to the auctions to help evaluate the car and whether you can turn a profit on that vehicle.
-Finish school but work experience in your respective industry is the important thing..go find a job as being a mechanic to see how the business is run and to see how you can change that business. What are some different ways you can run that business? What can you do to improve it? What are the pros/cons of working in that industry?
-Getting your CDL would be a good idea that way you don't have to hire someone for that job.

-there's 2 ways to earn a profit in a business: 1. cut costs 2. increase prices.

I am by no means a business owner, i'm just a student with an Associates in automotive technology(i learned more working in a shop than I did in school) and in the process of getting a Bachelors in business management. My goal is the same as yours so i've been thinking about this same thing myself. What i gave isn't detailed but those are what I thought about off the top of my head.

well i want to be an honest buisness owner. Ive had my family tell me that my own buisness and endeavors is just what i need. and i fully agree with them. I like exchanging goods, and i Like making deals, I have a mechanic friend who would be perfect, and could use a job.

 

[turbocliff]

-there's 2 ways to Maximize profit in a business: 1. cut costs 2. increase prices.

Fixed.

The reason I fixed is because if a "business" is not making a profit without cutting costs or increasing prices (essentially break even or in the red) then it's not a business it's a hobby.

 

[asd60303]

well i want to be an honest buisness owner. Ive had my family tell me that my own buisness and endeavors is just what i need. and i fully agree with them. I like exchanging goods, and i Like making deals, I have a mechanic friend who would be perfect, and could use a job.

I never said anything about being dishonest; hope i didn't come off like that. Maybe having your own business is right for you; just have to take that risk in yourself. Have your strengths(buying/selling) work for you and then improve on your weakness(technical skills).

TurboCliff: thanks for clarifying-your statement makes more sense.

 

[Little6pack]

I am no expert but a way to get some experince is go to work for someone who currently owns a business like the one you want to go into for yourself.

To me that would give you insight on how he/she does it.

Work there for a year or two.

Another way is to maybe find someone getting ready to retire & would be willing to sell/finace his business to you.

 

[Yedi]

I am no expert but a way to get some experince is go to work for someone who currently owns a business like the one you want to go into for yourself.

To me that would give you insight on how he/she does it.

Work there for a year or two.

Another way is to maybe find someone getting ready to retire & would be willing to sell/finace his business to you.

I agree... I went to school for autobody repair/refinishing, always thought I would open my own shop, If I chose, I could..but I won't.

I like punching out at the end of the day and forgetting about it.

Too much liability/a$$holes out there that WILL take advantage of you.

I've worked in a small shop alongside the owner, and @ my 3rd dealership. I am happy w/ my job. I've seen every agle of the spectrum, it's a hard industry to make it happen, unless you know alot of people, and have a steady volume of work. just my .02 good luck whichever route you go!!