For those of you that have started a business, I need some advice. What better place than an automotive forum right ;-) We have to have some small business owners on here!
I plan to open up shop later this year or early 2013. I am going to specialize in the ordering of car and truck accessories, performance parts, and the installation of said products. I have a great location that has just opened up and I met with the owner this morning. I have a business plan and portfolio in place, it breaks the costs and budget down of everything lease amount, advertisement, payroll, operating cost. I tried my best to make sure the banks knew I was 100% serious, and that this wasn’t something I had thought of overnight. I talked to 2 banks and 2 credit unions in the last week, and after doing so I am a little disappointed on what I need to fund this venture up front.
The lowest percent down was 15%, now I know starting a business is a gamble, and quite frankly my wife and I are scared to pull the trigger. We are young, and we don’t feel comfortable depleting our savings account. I understand this is a very high risk venture as I will most likely be borrowing 40k to 100k depending on whether or not I purchase a dynojet. This may be wishful thinking, but do banks or business lenders offer 0% down, and 0 collateral business loans?
I have a current full-time job that pays decent 65K/year. I make my own schedule 42-44 hours a week. I have every Friday and Saturday off, and I am off by 4 or 5 Sunday-Thursday. I plan on keeping this job as a failsafe for at least 3-4 years or until the business takes off. I realize I would be putting in 100-120 hours a week when I combined the two. The company I work for now is very open and I have talked to both my district manager and my district HR, and I have the okay to open a business as long as it does not interfere with my performance at the store level.
I have asked all 23 automotive based businesses in town (dealerships/suppliers/detailers) if they think the community could use this sort of business. All but 3 said yes. Of the ones that said yes 17 said they get requests weekly to install parts/accessories, or if they know of anyone in town that does. There is not a single business in town or the surrounding area that you can order parts, and have them installed at the same location. Most of the businesses will not touch the install of performance parts/accessories due to liability and or company policies. I think the dynojet would go over extremely well as the closest one is 150 miles away, and it is for 2 wheel drive applications only.
As you can see I have a pretty good idea of what I want to do, and for the most part what I need to do. My question for you is more geared towards that startup cost, and is there a safer or cheaper way to do it?
Thanks~
I plan to open up shop later this year or early 2013. I am going to specialize in the ordering of car and truck accessories, performance parts, and the installation of said products. I have a great location that has just opened up and I met with the owner this morning. I have a business plan and portfolio in place, it breaks the costs and budget down of everything lease amount, advertisement, payroll, operating cost. I tried my best to make sure the banks knew I was 100% serious, and that this wasn’t something I had thought of overnight. I talked to 2 banks and 2 credit unions in the last week, and after doing so I am a little disappointed on what I need to fund this venture up front.
The lowest percent down was 15%, now I know starting a business is a gamble, and quite frankly my wife and I are scared to pull the trigger. We are young, and we don’t feel comfortable depleting our savings account. I understand this is a very high risk venture as I will most likely be borrowing 40k to 100k depending on whether or not I purchase a dynojet. This may be wishful thinking, but do banks or business lenders offer 0% down, and 0 collateral business loans?
I have a current full-time job that pays decent 65K/year. I make my own schedule 42-44 hours a week. I have every Friday and Saturday off, and I am off by 4 or 5 Sunday-Thursday. I plan on keeping this job as a failsafe for at least 3-4 years or until the business takes off. I realize I would be putting in 100-120 hours a week when I combined the two. The company I work for now is very open and I have talked to both my district manager and my district HR, and I have the okay to open a business as long as it does not interfere with my performance at the store level.
I have asked all 23 automotive based businesses in town (dealerships/suppliers/detailers) if they think the community could use this sort of business. All but 3 said yes. Of the ones that said yes 17 said they get requests weekly to install parts/accessories, or if they know of anyone in town that does. There is not a single business in town or the surrounding area that you can order parts, and have them installed at the same location. Most of the businesses will not touch the install of performance parts/accessories due to liability and or company policies. I think the dynojet would go over extremely well as the closest one is 150 miles away, and it is for 2 wheel drive applications only.
As you can see I have a pretty good idea of what I want to do, and for the most part what I need to do. My question for you is more geared towards that startup cost, and is there a safer or cheaper way to do it?
Thanks~
Hope to offer some basic insurance options in this FY but holy hell are group plans expensive and attorney/HR people to negotiate them cost just as much.
