thinking of starting my own business.

evil_c5 · 12-30-04, 11:29

back about 6 or 7 years ago i was ready to quit everything and start a shop but i was in the military at the time and got orders to japan. so my plan got sidetracked. now i have a really good job, but im getting killed on taxes, so i have been thinking of starting one again.

im concerned about a few things that i noticed the last time i tried this.

1. i had an employee that stole product and had customers meet him at his house to do work on the side. then he also never showed up on time. in order for me to do this, i need to continue working my full time job to start the ball rolling. need someone i can count on. do you hire a kid for low pay or bite the bullet and pay someone well to ensure that they do good work and come in on time?

2. what is a ballpark startup cost, i have alot of the equiptment still from last time. but i need to buy all of the product in bulk to do cars.

3. the initial outlay of cash to get a nice building to work in.

then on top of all of this, has anyone made a fair profit for the 1st year? i would be happy to break even or even be in the black the 1st year, but i dont want to lose 10's of thousands to start out.

i also have another problem, a friend of mine details at his tint and accessory shop, but i dont think the bulk of his business comes from detailing. i really dont want to step on his toes.

thanks guys

evil_c5 · 12-30-04, 11:30

sorry, double post

NY detailer · 12-30-04, 03:08

Well, I can tell you this...

It does not matter if you are a detailer or a new pizza shop in town, starting your own business for the first time can be a real pain and will take lots of hard work.

But I can tell you this, Don't give up in the hard times of your business, save for the slow days and always put money away. sooner then you think you account will grow and you will have a nice business that is doing fine.

Check your email>>

evil_c5 · 12-30-04, 03:15

back at ya...check email.

Jimmy Buffit · 12-30-04, 04:24

If you think you are getting 'killed' on taxes now, wait til you become self employed! Assuming that you play by the rules, you'll give as much as 40% of your gross to the various government entities! Intend to have one or more employees? Expect $8-900 per year/per employee just for Workman's Comp, plus another $1000 in general liability insurance... Have you heard of the 'self-employment tax? 7.5% of your net! The list goes on and on.

Get thee to a CPA.

But, Good Luck!

evil_c5 · 12-30-04, 04:57

lets just assume that i dont make a dime for the 1st year. i pay out 4000 to 4500 a month in expenses out of my pocket. i can write that off as a business loss for my personal taxes. then once i start to get to where the business can break even and self sustaining, i can use certain things for business tax breaks instead of getting hit with Alt Min Tax from IRS for my own taxes.

i guess what im trying to say is can 4000 a month support a starting detail business?

Jimmy Buffit · 12-31-04, 01:26

yeah, maybe. Depends on rent, utilities, payroll, and insurance...

It might be the best way to start - I kept a parttime gig for the first 4 months. Hey, ya gotta start somewhere!

Location, location, and don't count on dealer work!

Good Luck!

Jim

mirrorfinishman · 01-01-05, 08:14

Quote:

Originally posted by evil_c5
in order for me to do this, i need to continue working my full time job to start the ball rolling. need someone i can count on.

Brian,

Let me be the first to tell you that when you are in business, there are really not many people you can count on. Especially when you are the person who is taking on all of the risk.

The best advice is to think about putting together a business plan where you can clearly see that you will be able to get things started without having to also continue working your current full time job.

In summary, when it comes to running your own business, you have got to give it 100% of your time and energy or do nothing.

Just my view of things based on my own experience of being in business.

NY detailer · 01-01-05, 10:53

I agree that you need to give 100% to your business.
But i was also in the same shows as Evil_c5 not to long ago. I worked a full time job and ran the detailing company. It was very hard but i did it. It can be done just don't give up!!!!
You can make a plan to help you, but i have found that no matter what you plan for something always comes up and screws up your plan.