What surprised you the most in your first 5 years of business ?

same here

 

The big thing is to control your costs. and get organized. A good book to read about business "E-Myth by Micheal Gerber" Best book I've read.

Looks like everyone in the Automotive business is in the same boat. We work hard for our money, We love what we do, and if were Lucky we get a Little to but away.

Keep your overhead down, own your own building, Figure out your real costs and be brave.

That's why I have a "On-Site" business were I go to the customer like a Plumber or Electrician. My overhead is my Salary and my Van to carry my tools. I've been at it for 7 years and it's just slowed down.

The Old Tinbasher

 

aint that the truth...... people that turn up and want to talk crap for an hour or so just because they have time to kill sucks the paying hours out of a working day. i have a little more time for a select few but there are others that get the yes....no.. etc answers to their questions till they get the message and move on. i swear one guy (who i seem to have got rid of) would just keep yakkin i reckon even if i pissed off out of the area and replaced my good self with a fence post!! some don't notice that i'm loosin the will to live listening to their dribble........ as far as being in business for a period of time i guess i've been at it for the best part of 20 years. kinda started off as a hobby painting cars and doing general mechanical work for myself and mates etc. got into playing around with mid seventies f series trucks back in the late eighties. still doing it and whatever else comes along.quite enjoy rust repair and metal shaping work more than the prep work required for paint.that shit just don't blow my hair back anymore!! have never advertised in all that time, people just find you eventually. the good old word of mouth system. managed to save a few bucks,got a bit of luck or made it as some would say. bought my shop that i have been renting for 10 years just last year, 2009.i don't employ anyone, as plenty others have already mentioned nobody does what you do in the same way. probably a bonus in some ways!! i can only go along with the start small line of thinking and keep a handle on expences etc. do you really need the flashy work vehicle etc etc just for the look at me factor. will that shit actually bring in any more work? who knows.... i just let my work and reputation speak for itself..........just my .02 cents worth....

 

I have not read a more true statement yet!The longer you are in business,the more you will realize that the only thing you for sure did right was that you did not give up!

 

After 6 1/2 years owning a construction company, all I can say is:

If you have a good year - SAVE your money - don't blow it on a good time or the latest gadget - this cost me my hotrods, all my parts and some of my retirement.
Find a good accountant so you don't give the govt all your money
Understand the business side of the business, take a course from a community college or SBA.
Forget about having a "normal" marriage or life - mine is almost shot because of "my dream"
Surround yourself with competent people - keep them happy so they don't go off and become your competitor
Keep the good employees - the bad ones will run your business down like a bad apple in a barrel of good ones.
One Awe Shit wipes out a hundred At-A-Boys.
Customer service to keep the customer your customer - be honest & be nice
As soon as you think you are doing well the government will tax you or come out with some new bull shit rule that will cost you money
People will try and screw you - just be a step ahead and plan for it.

Finally - Do what you said you would do, when you said you would do it and for what you said you would do it for.

Happy F-in New Year

 

Basically - you have to be a Lawyer, Accountant, Marketing Guru to know who is feeding you a line of crap to get your money.
and TRUST YOUR GUT

 

Great info here. I have to agree with Tinbasher, read and re-read the E-mythe. Another good book is "Fire Someone Today", great information.
I have been in business for 17 years designing and manufacturing machinery mostly for the industrial fastener industry. Now employ 10 people. When you stop and think about it, you the owner are responsible for providing an income for all of your employee's and their families. A big responsibility. I am an engineer by degree but have had to learn accounting, marketing, sales, dealing with the bank, etc, etc. Spend most all of my time now on non engineering tasks. Would I do it again, yes.

 

There's alot more tire kickers out there than you think.

 

Do what you love and it is never a job but a good trusted bookkeeper is a must!
Ihave been on my own in business for sixteen years and good money people and good PR skills are very important , and yes I still love my construction business. Rob

 

kirban 2 cents worth

To answer the question....that something I enjoy I was able to make a business rite out of the military (1970s).....

Never punching a time clock.

Every idea is a crap shoot.....

Like everyone else in business you quickly learn you can't please all the people all the time.

If you do what makes you happy your stress level remains low......

You are always seeking the homerun....but are willing to settle for doubles and triples.

The business I am in....like most of you is not a necessity so you keep striving to do different things. (We are in the aftermarket mail order business supply may large companies with products we have made and designed).

While they say death and taxes are two constants.....

If you run a funeral home you are assured of constant employment besides having the nicest lawn on the block.....and having to wear suits most days!

The trick after 5 years, is to keep it going well into the next 5 years and beyond.

Those that have I tip my hat to you...

enjoy the ride


denniskirban@yahoo.com

In business 25 plus years...

 

Somebody already said it, but I was amazed that 5 years had gone by and I was still standing hoping for no.6. Must be some truth about being a glutton for punishment.

Frank

 

Hire a good CPA to audit your books on a regular basis. It's amazing how many small and medium-size businesses go broke each year because the bookkeeper or a partner has both hands in the company cookie jar and the owner isn't aware until he is about to go bankrupt.

 

yeah- I cant say THIS one enough...

 

I agree but you enever know just by looking at a person- some of my best clients looks like they fell off the back of the truck when they come in to see me yet when they 'clean up' they look like different people.

 

I've made it through 34 years so far. The habits below are what I've developed over the years to put up with all the BS.
Mikey
www.mikeyspinstriping.com
www.motorvating.com

Rebel takes you places you never thought you could go...mentally and physically<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>
<o></o>
Individualism is really the foundation for becoming an independent success
Driven gives you power way beyond those who accept defeat
Objectivism you see every side of the equation through your beliefs, ideas & experiences
Autonomy- Depend on yourself because no one else will do it for you
Insanity is better than sanity because it is your excuse to do what you do without people asking why. And, Insanity roolz when you run the show.
Negativity within reason, and a bit unreasonable, can lead to positive outcomes
Eccentric let’s you do wild and crazy stuff without explain your actions; they just wonder
Unique is what we all seek, everyone wants to be that but very few are the real deal<o></o>
Hustler the key to knowing how to survive and thrive in a world looking for freebies
Survivor Many fall because they have no idea how to survive what may come along and spoil their party
Risk Most people are afraid to do what it takes to achieve any measure of success
Outlaw you gotta break some rules (maybe a few noses & legs) to get what you want
Defiant not compliant
Attitude is the key to implementing all of the above and more<o></o>

 

Man, I have no idea what that font type is in my comment! A new style of striping!?
Here's what is should say...

I've been a survivor of business over 34 years now and have developed these 15 habits to survive many failures and achieve some success.
Mikey
www.mikeyspinstriping.com
www.motorvating.com

 

looks like Greek to me...ha! Great advice though...

 

thought it was time again to bump this up- every time I do- we ALL learn something new I think.

 

Nicely put. I think the best advice I ever heard was invest your money in "Assests" and I don't mean implants for your wife. I mean things that will make you money. If you buy that building, buy one that has another spot in it you can rent to someone else and they can pay you to be in business. That piece of equipment you want, make sure it's working more than sitting collecting dust. Make sure you return on investment is sooner rather than later.

Assests make you money and when you do step out of the picture, you still have positive cash flow. Pretty soon, you'll enjoy making money and it won't seem like work.

Last but not least, don't be one of these douche bags that play this "vendor finance" game. These grease balls that open an account and agree to pay in 30 but decide to let it ride for 120 all the while doing business for free. If you're honest with people you'll be surprised how many more people will be honest and nice to you.

Good luck.

Andy L. Kaempfer
St. Louis, MO

 

Hot rodders are tighter with their cash then restorers....

 

This is from both a customer and business standpoint...
Every start-up needs to take the time and understand their core comptencies and determine their "brand". Customers have a lot of options in where to do business in today's highly comptetive marketplace. Ask yourself the question, "what sets my business apart from everyone else in the industry?" Corporate brand identity IS your reputation whether you are 1 employee or have 5000. In the custom car/Harley world the "heavies" who are in business for themselves conjur up an mental image to each of us whether we have ever done business with them or not...think Winfield, Jesse James, or even Edelbrock. Once the corporate brand is determined, protect it with your life (There is a reason Disney sues anybody who uses an image of Mickey Mouse without authorization!). Learn from those who have prospered in business. By the way, creating the corporate brand is much harder than it sounds and sticking to it is even harder.

 

its ammazing but there is no REAL definition of quality. When buying anything price will always be the arbiter if there is more than one choice. The old saying "good,fast,cheap pick two" is always in play if you have to pay. Its just the way of the world.

 

That I made money, In spite of myself.

 

Ill give a little advice as a employee of more then a few small business. I went to work, and worked hard everyday. My "skills" are so broad that I at least felt I was a valuable employee. When I was working in body shops, I did all the mechanical work because I could, on top of the body and frame work I did. So I was very versatile to my employers. But after they had invested in me (and I understand that 100%), and had learned something or got much better at it I would be denied a raise. My past employees would act like I owed them.

What I'm getting at here is that a dollar a hour goes a long ways with employee moral. At the end of the week, Ive cost you a extra $40, but I'm working harder because my hard work has got me somewhere. A good employee DOES know what he is worth. Make him happy and he will make you even more money. I left more then a few places over a buck a hour, because someone else saw more in me then my current employer did... Now I'm not saying that I never cared about my employers business growing and making money, I did. Big time. But when I didnt get a little piece of it, after all my hard work, it makes it really hard to care. Why should I?

Ohh, and give us Saturdays off on 3 day weekends. Don't complain when I want a Friday off and haven't taken one off in 6 months. Make me happy with the little stuff, and I WILL make you more money. Like it or not!



And BTW this had been a great read. Once my health gets better I'm going into business for myself. I'm tired of breaking my back for $15 bucks a hour, when my employer is making $20 off that hour I just worked!

 

any more words of wisdom out there? This is a great thread to review every once in a while...

 

Yeah....I enjoy reading this kinda stuff too!

(maybe I kin actually learn something!!!)


here's one little tid-bit...

I've been in business for nearly 30 years, and just like I said just above...it's always a good time to learn something new.
So I think I'm gonna hit the local community college and take a small business management class. Yeah, I know how to run my shop and I make a fair living out of it, but it'd be nice to learn how to run it efficiently and properly, so that I can not only be more prepared for these economic crunches (when they arise)...but I can maybe actually make some 'real' money, upgrade my shop tools, maybe even buy my own building, ect...

so my advice to newbies in the business world would be to go take some business management & bookkeeping classes..........it'll definately make your life easier in a very important part of owning your own small shop.
(maybe you could take them online??)

 

A lot of small business owners tend to shy away from partnerships for any number of reasons, all of them valid. However with perfect 20-20 hindsight, I wish that I had taken advantage of hooking up with a partner than complimented my skills with his (or her) skills that would have strengthened the overall operation and extended the life of the business. Another mistake I made was not grooming a successor.

 

Business partners must be VERY carefully chosen. I had one for the first three years of shop operation. Things were pretty good for about 2-3/4 years.

About then, he decided that he wanted to make absolutely sure that what he was looking for in life was not at the bottom of a liquor bottle.

Almost 6 years on, I am still experiencing the repercussions from this.

 

bumping this up for the new guys to read. Good stuff.

 

Running a successful business is a completely different thing than being a great mechanic etc.

2 completely different things.

Probably wouldn't try to build an engine professionally without Knowledge to do it.

Trying to run a business without years of training and experience in running a business is like trying to walk into the Ford dealer with no mechanical experience and start as the lead tech.

Taking for granted what is needed in training and experience is probably the biggest mistake people make.