You’ve might’ve learned to work on cars while you were just hanging out with Dad in the garage, and now it’s turned into a full-time job for you; or maybe you went to school to become a mechanic, but either way, it could be a lucrative business if you so choose. You’re saving money already by running your business from home rather than paying outrageous prices for building leasing, but maybe by now, it’s beginning to take up quite a lot of space around the old homestead.
Of course, you have the option of moving your business to another location, but if you decide to do that, sit down first and figure to see how much money you’re bringing in and how much it will cost to lease a building and pay for utilities and other expenses. In addition, add in the cost of your home expenses, possibly some additional employees, and other factors before considering a move.
Another option, if you have space, is to have a pre-fab building put on your property, or build the shop yourself. These can range from small to huge and it’s optional to add bays, lifts, and other additional considerations. The expense will be a goodly amount, but you won’t be paying rent to someone else.
After deciding the right way to go with your business, consider advertising to bring in extra business. Also, take care to treat your customers fairly and respectably, and they’ll return again. If you’re a great mechanic, but not so good at crunching numbers, think about hiring an accountant for help in this area. No need to risk losing the business over some bad calculations.
One mistake you don’t want to make is to decide to go at a business full force, without figuring expenses to a tee. If you set up a new building, complete with employees, bays, lifts, tools, tires, auto parts, and even more, then see that you don’t have enough customers to cover your expenses, you’ll be out of business shortly after opening the doors. More than one small business has gone bankrupt because of this type of error.
Sure, it’s nice to have all new equipment and top-of-the-line parts and accessories, but can you afford it? If you’re just beginning, chances are, you’ll have to work your way up to all of that. For beginners in business, unless you have quite a substantial amount of cash to invest, concentrate on the necessities and add extras as you move up in the ranks.
If you’re not yet ready to open shop, you can continue to run your business out of your home garage, or whatever area you have designated for your work. On the side, you might want to assist another mechanic to earn extra money for investing in your own business later. While you’re working up to your own business, start making a list of tools and other items you’ll need and their costs, along with lists for approximate expenses, the approximate amount of needed employees, approximate hours required weekly, and so on.
Then, make lists of how you’ll accomplish your goals. This can be done on a calendar or just a piece of scrap paper, but layout where you plan to be in your business in one month, 4 months, 9 months, etc. These lists will help you decide what you have, what you need, and what all you still need to do. Before starting your own business, make sure you’ve saved at least a year’s salary so that you’re ready for not only starting the business but unexpected emergencies that arise in all businesses.
Don’t be your own worst enemy when it comes to your business. If you’re, not a good accountant, hire one. If you’re great with cars but not with people, hire someone who will meet, greet, and take orders for customers. But, participate in your business. Know where your money is being spent, take time to find out how many customers you had last week, and make decisions wisely, to further benefit your goals.