Taking the leap to self-employment.....Eventually

[doitmyself]

Originally Posted by maxdustington
Ata boy cline, I am proud of you and glad to see you moving up in the world. It's worth it, there's no feeling quite like being "the man". Also, cline can walk to work!

That means no snow days for him! 50% of new businesses fail in 5 years and almost 70% by year ten. So, it is not as worth it as many assumed. I don't think I have the personality for business ownership. That's o.k.. I also understand the mindset of some that say they could not stand to work for someone else. The business world weeds out the ones that don't have or won't learn ALL of the necessary skills needed for business ownership. wag123's list is excellent in pointing out many factors that challenge business owners. One that I would emphasize is people management. Many don't realize how hard it is to manage people effectively (consider all the a-hole bosses in the world).

I, too, wish you the best clinebarger. I have to imagine that you have good experience under your belt and that you are getting every duck in the row lined up. I can't imagine how many compliance (environmental, safety, etc.) issues you must have to abide by. I just spent half my winter updating all of my workplace issues......Worker Protection Safety (WPS) - oh, my Lord - EPS and OSHA are so impossible to comply with. And, with lawyers hovering everywhere, it is risky to ignore these things like we could do back in the common sense days.

 

[4WD]

Originally Posted by clinebarger
Originally Posted by 4WD
Congratulations !

PS: what's in the tanks behind there ?


Gasoline & Diesel storage tanks, The Terminal is being decommissioned as we speak.....Probably to make way for more 4 story apartment buildings that are going-up in Fort Worth Proper!

With all the gentrification going on.....I should have bought more property when it was dirt cheap! I bought lot #11 for $600 in 1993.


Yes indeed … I missed the boat with waterfront property as the demand soars
All the best with the new endeavor …

 

[clinebarger]

Originally Posted by 4WD
Originally Posted by clinebarger
Originally Posted by 4WD
Congratulations !

PS: what's in the tanks behind there ?


Gasoline & Diesel storage tanks, The Terminal is being decommissioned as we speak.....Probably to make way for more 4 story apartment buildings that are going-up in Fort Worth Proper!

With all the gentrification going on.....I should have bought more property when it was dirt cheap! I bought lot #11 for $600 in 1993.


Yes indeed … I missed the boat with waterfront property as the demand soars
All the best with the new endeavor …


I mean't to type $3600......

 

[Number_35]

Congratulations, I'm sure your business will be very successful. I hope, though, that you will be able to take the time to continue to share your troubleshooting experiences with the BITOG crew here!

 

[clinebarger]

I don't plan to have any employees
Originally Posted by doitmyself
Originally Posted by maxdustington
Ata boy cline, I am proud of you and glad to see you moving up in the world. It's worth it, there's no feeling quite like being "the man". Also, cline can walk to work!

That means no snow days for him! 50% of new businesses fail in 5 years and almost 70% by year ten. So, it is not as worth it as many assumed. I don't think I have the personality for business ownership. That's o.k.. I also understand the mindset of some that say they could not stand to work for someone else. The business world weeds out the ones that don't have or won't learn ALL of the necessary skills needed for business ownership. wag123's list is excellent in pointing out many factors that challenge business owners. One that I would emphasize is people management. Many don't realize how hard it is to manage people effectively (consider all the a-hole bosses in the world).

I, too, wish you the best clinebarger. I have to imagine that you have good experience under your belt and that you are getting every duck in the row lined up. I can't imagine how many compliance (environmental, safety, etc.) issues you must have to abide by. I just spent half my winter updating all of my workplace issues......Worker Protection Safety (WPS) - oh, my Lord - EPS and OSHA are so impossible to comply with. And, with lawyers hovering everywhere, it is risky to ignore these things like we could do back in the common sense days.



I don't plan to have any employees.......If I stay away from (Loss Leader) services like oil changes it's definitively doable. Of coarse I'll change the oil after repairing an engine or as part of a larger PM services.

With everything being paid off in full before I open the doors will hopefully help my chances of the business succeeding. If it does fail....The worst thing would be lost income from the rent house. But it needs foundation, roof, & plumbing work that I'm sick & tired of patching.

 

[wag123]

Originally Posted by clinebarger
I don't plan to have any employees

I thought the same thing when I opened my first business, but, I can tell you from personal experience that you are going to need at least one employee or you won't be able to get any work done between the interruptions and other daily chores. The last thing that you need is for the phone to ring or a customer to come in while you have your hands in some important work.

 

[wag123]

Also, you should go into business as an LLC to protect your personal assets. I did an S-Corp because there wasn't any such thing as an LLC when I went into business years ago. You should keep the property, building, and it's equipment/contents assets in your name and completely separate from the business, the business should lease the building and equipment/contents from you (and be sure to put the lease in writing). Open a business checking account in the business' LLC name and make sure that you cut a monthly rent check to yourself from the business account. Why go to all of this trouble? Because we live in a litigious society and you need to protect your assets from potential lawsuits.

 

[JC1]

Clinebarger,

Congrats on the move to working for yourself. Based on the work I've seen you do here, you'll do fine.

What are your plans for advertising and attracting customers?

Just remember there will be times when you need to do those loss leader Jobs in order to get new customers and get the word out, unless you're specializing in Engine rebuilds and big money jobs.

 

[DoubleWasp]

You own the land.

You own the building.

No employees/issues/costs.

I've talked to enough transmission guys to know you are well above average in your field.

1,2, 3, and 4 means you are way ahead of the game, and using your head right.

I'm going to take a different tack and say that I don't believe there's any way you can screw this up.

Godspeed. I think you will do very very well.

 

[SatinSilver]

How old are you clinebarger if you don't mind me asking?

 

[George7941]

Bob is the oil guy, clinebarger is the tranny guy. We could have a new forum, Citog!

 

[clinebarger]

Originally Posted by JC1
Clinebarger,

Congrats on the move to working for yourself. Based on the work I've seen you do here, you'll do fine.

What are your plans for advertising and attracting customers?

Just remember there will be times when you need to do those loss leader Jobs in order to get new customers and get the word out, unless you're specializing in Engine rebuilds and big money jobs.



I have a couple fleet accounts already that I have jumped through hoops to keep/maintain......Working weekends, And sub-contracting to the shop I currently work at when emergencies crop up during the week. One is a Electrical Contractor & the other installs Sprinkler systems. They do their own scheduled oil changes.

I also have a couple high volume used car lots that will gladly give me all their major Engine & Transmission repairs along with Electrical repair. They employ entry level mechanics that do all the Maintenance, Brake & Suspension work.

I don't have a plan for advertising, I might start a Company Facebook page for Competition/Performance Transmission builds.

Just so everyone understands.....I'm not starting this business to get rich or build a lifestyle around, I've already built a comfortable zero debt life with retirement savings that was a TON work!

Major Engine & Transmission work, EVAP, Advanced Diagnostics, Electrical is the exactly what I'm after as so few shops want to mess with it

 

[ZZman]

Best of luck!

 

[JC1]

Thanks for the Info.

 

[clinebarger]

Worked through the weekend on the building......Feel like I got kicked by a mule....Repeatedly!!

Rented a Material Lift from Home Depot to raise the Rafters, But was a little short. So I had to use a Come Along & some Ratchet straps to hold the Rafter so I could then move the lift closer to the columns....Raise one end, Start a couple bolts.....Then raise the outer end.

I'm resting up today (Working on cars all day is now considered rest), I'll get back after it tomorrow after work.

My brother helped me raise the Columns & was spent after that! He's an overweight Lawyer so he doesn't take to physical labor very well.

 

[P10crew]

Hey hey first time I seen this thread. Looks good!
Best of luck. Wish I was closer. Where's the awning eventually going? It won't be hard for you to be successful.

 

[clinebarger]

Originally Posted by P10crew
Where's the awning eventually going?


In front of the bay doors.....

 

[P10crew]

About the only thing I watch on tv any more is the motor trend channel . There are 3 shops on that channel that are in Tejas. They all 3 have those awnings. Very nice weather down there.

 

[clinebarger]

You can work comfortably under a cover most of the year, We do get little cold snaps here & there through the winter but they don't last long.

 

[red7404]

here is an idea. make a 6 ft by 6 ft small building to put your air compressor in. to keep the noise out.