backup if goes wrong...

[sacdetailing]

What if.... something about your business fails, or something happens, do you have a backup plan?

like a degree or something you would do...





I want to get medical assistant just not to be afraid and detail for passion and make my customers loyal. not afraid to fail.



My dad always tells me (ex business man back in Ukraine, sold everything before came to America) that before you open something, you have to know that it is what people need and should go well if it is. (what people need or want) ocourse if you know well that particular area.

[Accumulator]

I`m a firm believer in both as much education as possible (in as many fields as possible) and in always having a "plan B".



Education is simply *good*. Exercise your brain. Learn how to think effectively.



Plus, you never know...you might stumble across some field that utterly fascinates you.



If I had kids, no matter *what* their interest or ability, I`d encourage them to get liberal arts degrees and then consider grad school if there`s something they want to specialize in.



The backup plan thing is simply how I approach life in general. IMO you should always have some (preferably good) idea what you`re gonna do if things don`t work out the way you expect them to. Otherwise you`ll just be sitting there wondering "gee, *now* what?" instead of hitting the ground running.

[brwill2005]

Starting any business is risky, and you have to have the stomach for it. If it was easy, everyone would have their own full time business. I do have a college education, but enjoy the process of owning and growing my business. I also really dislike the concept of a normal 9 to 5. In the end for me, money is not the most important issue. Obviously, you have to make a profit to make being in business for yourself make sense though.

[imported_Ivan Rajic]

I have a bachelor`s degree in Architecture. I plan on working part time for however long to get enough hours to apply for a license. Once I have my license, I can make a lot of $$ just fixing all the porches around Chicago for the next 20+ years. It`s roughly $2-4k for porch drawings and a stamp, which is needed to get a permit. I do 2-3/month I`m in the $6-10k range with no problems.



The other plan, which I`m currently working towards, is a Master`s in Structural Engineering. I`m hoping to have that degree in 2-5 years. Option 1 is to go part time and waste money without scholarships, FAFSA, etc. Option 2 is to get a couple businesses going, which I`m also working towards and almost there, so they can support me while I go to school full-time. While I`d need to work at an SE firm for 4-5 years to get a license, with the license I can design anything but bridges (separate license that I`ll probably get anyway), including highways, high rise buildings, etc. It`s a lot of work but I love math and structures so it`s a good mix. Just have to turn this damn LUSTR company into a multi-million dollar business already haha.



Obviously plan Z is any labor work if all goes to sh*t, but it shouldn`t haha.

[tssdetailing]

is it bad that detailing full time is my Plan B? lol

[John_K]

I have a 4 year accounting degree and 150 credit hours (CPA eligible) right now. I can`t stand accounting and want out. But I could always go back, so I suppose that is my "back up."



I`m very risk averse so my strategy is this, feel free to copy, criticize, etc.:



1.) Start detailing business part time on weekends only

2.) Begin to build customer base and equipment over time

3.) Quit day job, and take up part time work doing something commission based (waiting tables, pizza delivery, etc.)

4.) As business improves, quit part time job.

5.) Full blown detail operation.



By the time you get to step 4, you will know for certain if your market has the sustainability you need to survive IMO.



Like I said. Feel free to constructively criticize. Personally, this is the approach I am leaning towards over a 3 to 5 year plan.

[wicho661]

I don`t really have a backup.



I do professional recording session work with my bass, but I have a... `messed up` background, so to speak, but nothing with the law thankfully. This will not allow for feasible employment at my current income.



I`m going at it alone and it feels riveting.

[Accumulator]

I have a 4 year accounting degree and 150 credit hours (CPA eligible) right now. I can`t stand accounting and want out..



Heh heh, I resembled that remark in my younger days :D By the time I got my Acct. degree the thing I`d *really* learned from it was that I didn`t want to do that for a career. I did do the accounting for the dealership, and some of the stuff I`d learned came in handy over the years, but generally....No Thanks!



Perhaps as a result, I have a real attitude about courses of study that turn college into a white-collar Trade School. Besides, the headhunters I`ve known said they wanted to hire people who can think and communicate, that their companies could always teach people how to do stuff and/or send `em off for an MBA. And the most successful business people I know did *not* get business related undergrad degrees.



I gotta say that some of the most *boring* people I know are those who never studied anything but business stuff in college. You know, the types who want to talk accounting or finance at cocktail parties :rolleyes:

[John_K]

Heh heh, I resembled that remark in my younger days :D By the time I got my Acct. degree the thing I`d *really* learned from it was that I didn`t want to do that for a career. I did do the accounting for the dealership, and some of the stuff I`d learned came in handy over the years, but generally....No Thanks!



Perhaps as a result, I have a real attitude about courses of study that turn college into a white-collar Trade School. Besides, the headhunters I`ve known said they wanted to hire people who can think and communicate, that their companies could always teach people how to do stuff and/or send `em off for an MBA. And the most successful business people I know did *not* get business related undergrad degrees.



I gotta say that some of the most *boring* people I know are those who never studied anything but business stuff in college. You know, the types who want to talk accounting or finance at cocktail parties :rolleyes:



Well I think my problem was I chose accounting thinking that money and job security would ensure my happiness. Boy was I wrong.



I agree with you that what you learn by doing accounting can save you some serious dollars because you can sniff out people trying to possibly scam you a lot easier than someone with no experience. Also, doing my books should be fairly easy.



I agree with your last statement too, I enjoy chatting some about stocks, finance, etc. but at the end of the day, it just feels like "I`m smarter than you" sword battle when you try to talk portfolios.



I may make less money doing car details, but in all honesty, I just want to be happy. There is so much political BS in accounting people don`t know about, as well as "who you know." And where I live, the circle isn`t very big, so you don`t want to upset the wrong people...

[Accumulator]

John-K- Well, "Accounting is the language of business" so sure, it pays to have some fluency. But day-in, day-out for the rest of your life?



FWIW, most of the high net worth people I know *NEVER* discuss money in social settings; they consider it vulgar. And pros shouldn`t be discussing their clients` stuff anyhow. That does, IMO, pretty much reduce it a measuring contest once you`re out of the office.



One thing I would consider (and I sure don`t want any Pro detailers to take this the wrong way) is whether you`ll still want to be detailing as your primary endeavor after a few decades. It might not be a fair comparison, but most of the mechanics I know were happy to set their tools aside and make money with their brains instead once they got to a certain age, and the lucky ones (or was it the smart ones?) got to do that.

[sacdetailing]

very interesting guys! I like how most of you guys think!

[John_K]

Accumulator - I do have long term plans. My LONG LONG term goal as I age would be to hire employees and then just be a manager, and hopefully if it got really good... Hire a GM and just let the business run itself and I pursue other endeavors that interest me.



I know it may take a decade to build up to this, but I am willing to take the risk. I`ve read a few of Thomas Stanely`s books (Millionaire Mind / Millionaire Next Door) and you are right again, most true high net worth people have average Joe attitudes and still shop at Wal-Mart.



I love cars, but of course I wouldn`t go into this without a plan. Which is why I have been working on my business plan for awhile now! I don`t make a lot of money being an accountant actually, so it isn`t like I`m bailing on a $60k/yr + salary to pursue this.

[Accumulator]

John_K- OK, roger that. Now I have a better idea where you`re coming from.



I suspect the local pro detail shop (they`re doing much better work these days!) is headed towards autopilot. I bet the guys who started it will be sitting back and letting it run itself one of these days. Wonder if that`ll impact their quality...

[wicho661]

John_K- OK, roger that. Now I have a better idea where you`re coming from.



I suspect the local pro detail shop (they`re doing much better work these days!) is headed towards autopilot. I bet the guys who started it will be sitting back and letting it run itself one of these days. Wonder if that`ll impact their quality...



Autopilot doesn`t necessarily mean you can`t inspect your shop and crew`s work.



It would be nice just to not have to do all the hard work and only supervise from a business standpoint.

[Accumulator]

Autopilot doesn`t necessarily mean you can`t inspect your shop and crew`s work..



OH, for sure!! I didn`t mean to just leave things to their own devices, not by any means. I don`t trust other people that much in general ;)



I just meant that the customer base is established, the suppliers are all in place, the employees know what to do (and how to do it), and things like that.