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After how many years is it best to start your own business in Auto & Body?
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Carmen’s Answer
HI Juan, I personally do not own a business , however, I do have two friends who have opened their own body/repair shops. First, when you say how long should you wait to open a business , the answer really depends on whether you will be doing the work, or hiring others, or both. If you are only going to own and manage the shop, then you could pretty much open it once you have the capitol and a solid business plan, etc. If you want to be the primary technician working in and running the shop, then obviously you would want to make sure you have enough years of experience doing the work and are familiar with all of the local city, state, and federal laws surrounding this type of business. The fact that you are even considering it is step one! :-)
As stated, I am not a business owner, however, would like to give you some advise to just make sure you do your research! You need to choose a location that will be successful and has a demand for this type of business .. you need to determine how much money you will need to lease a building, buy tools and equipment, and if hiring employees, will need to consider wages, and all other expenses (electricity, internet, phones, etc).
Any successful business starts with drive and determination and a solid plan of what is needed and how you are going to get there.
I wish you the best of luck!
As stated, I am not a business owner, however, would like to give you some advise to just make sure you do your research! You need to choose a location that will be successful and has a demand for this type of business .. you need to determine how much money you will need to lease a building, buy tools and equipment, and if hiring employees, will need to consider wages, and all other expenses (electricity, internet, phones, etc).
Any successful business starts with drive and determination and a solid plan of what is needed and how you are going to get there.
I wish you the best of luck!
Updated
Sally’s Answer
Juan, I have not opened a body or repair shop, but I have family who have done so. There are several considerations. First you need to have experience in doing the work so that you can properly train your employees and oversee their work. Second there are many start up costs associated with running your own shop which will require you to save money to be able to afford things like covering the first 6 months of rent on a property, which will likely include some type of deposit. You will need to be able to cover the cost of your initial supply inventory, costs for the labor you hire, your own salary, Business Insurance for yourself and employees, several months for utility costs, uniform costs, etc. It will likely take time to gain the experience you need, and to save money for the startup expenses that will be incurred. The timeline is dependent on you being able to fund your new endeavor.
Updated
John’s Answer
I don't have experience in starting an autobody business, but a few general comments should help. Let's say you work at an autobody shop for 5 to 10 years to learn the skills and running the business. What next? Do you have enough money to open your own business? Where are you going to open the business? Is it going to be right down the street from where you used to work? Or, is it going to be in another part of town or another town altogether? If you open it where an autobody place doesn't exist, how will you know there is enough demand to make a profit?