I spent years working arm deep in other peoples **** ,ooops I mean Biosolids.I knew that someday the retirement checks and the lifetime free medical would stand out. I does and it did,now I work in the garage when and where I want to.I could not support a family out of the garage and it would make me hate cars if I tried. Here is my advice, Walk up to your wife and thank her for her support, her understanding and her careing.Then tell her that you decided that providing for her and the kids was going to be your top priority,and the tell her you love her. Remember to do this when you have shaved and put some smell-um on too ,cause I GUARANTEE your gonna get layed. best of luck!
If you decide to make it a second job make sure your spouse is fully aware of the hours it will require and dedication.I seen way to many times were the wife and family was ok with it to start but changed quickly after your in the situation.Personally i worked around 60 or more hours a week much of my carreer and and am finacially sound but have a went through some rocky times with my family.I would have traded it all for a better with my family.Burl.
Oh yes, keep the job for sure. Y'know what they say about "..a bird in the hand.." It's easy to see green pastures from outside the fence. Perhaps ease the kids into the hobby, then eventually transition from full time with the regular job to the hobby/job. That way you can test the waters to see if indeed your hobby/job could support your way of life. 2cents.
OK so if it's being laid out the wrong way here is what I meant: I am not going to quit my job next week, next month and problem not is 6 months. What I am interested in is the best course to take long term to grow and get to the point that I can make it a career or hobby decision. Hope that helps cut down on the "Don't do it because of the current economy".<o></o>
I just did exactly this and shut down about a month ago.. previous posters had some good advice: - It won't be your hobby if you need to make a living doing it - Have 2 years worth of cash to live of, you won't have much if any income - Write a detailed and honest business case - Don't get into debt - Hire the skills you don't have, it costs some money but it pays itself back quickly - Don't expect to work on your own project if you have customer projects - There is more paperwork then you ever thought - This is a bad (the worst) time in recent history to start any company depending on discretionary spend - Expenses are HUGE, rent and insurance can really eat your lunch get info on the costs in your area, don't estimate, talk to experts. I did this to do what I love to do, not to make money, I didn't touch any of my own projects for over 6 months and the operation required money to keep going. I don't have a big hot rod or mechanic background (sounds similar to you) but I have loads of experience starting and running businesses, I hired the mechanic skills to complement my business skills. After about a year, with business going strong but no long term work on the horizon I decided to shut down about a month ago, yesterday I actually worked on my own car for the first time in a long time and I LOVE IT. If you want to do this, and I applaud you for trying, PM me, I may be able to help you get going on a business plan.
Continue making money what you are good at. Period. When that scenario changes..you make the change. I would not make a major business decision or carreer change during these times for no one. For the life of me, why would anyone want to make a hobby a full time job?
I too thought I wanted to have my own "store" at on time . Best advice I got was from someone doing it . He said "If I had it to do all over again I would not.Do what you do best , if its managing people or selling or anything your doing now and are good at it , continue."........ I've also learned "Work with what you have". Look around in your own space and use what you have or re-do something , you don't always need "something new" to make things work.........
Since I started working in the shop I'm at, I haven't had the time or energy to get anything "constructive" done on any of my projects. Which would be alright if I was rolling in cash and could take time off, except now the wife's out of work, and with the economy the way it is I'm losing work and starting up a creek without a paddle. What you really need to ask yourself at the end of the day is how happy will you really be in the end, and what's best for your family...cause cup o noodle ****s the third week in a row.
Ok, 1) Take a body or welding course at a local Vo-Tech, or both 2) Get a project to work on at home or rented space 3) Estimate time frame to get it done, Make sure time frame would satisfy a customer's time frame 4) purchase tools 5) Start working 6) When it's not done on time, imagine telling the customer 7) Justify the added costs and over runs, you will have them Now that your done the project: How did it turn out, you satisfied? How many things went wrong and right How far off budget Could you pay for all your bills, including benny's? Any profit? Maybe now you would be able to make an educated decision!! Good luck!!
I opened my own shop when I was 18. I took my money from the army + my bonus and didn't look back. It's a small machine shop that spe******ts in high performance and restoration parts. For the first 2 years we did GREAT, but now not so much. The truth of the matter is people don't spend the money on there hobby any more, and if they do they tend to use bolt on parts. I am now 23 going on 24 and I have just registered for cl***es. I will be trailing my shop down over the next few years. I plan on getting my mechanical engineering degree. Why because now I have a wife and kid. When I was single a bad month meant less beer now a bad month = less food. Just think about this before you start up and be prepared to change your simple routene just to make ends meet,ie no eating out less moives and very few personal car parts. My 2 cents but I hope it helps.
Don't turn your p***ion into a business. I did 20 years ago(motocycles) and I like the business but no longer have the p***ion.
I cut my overhead to the bone....$2000 a month. Tell her to factor that in the budget. My tools and equipment have been paid for 10 yrs. I made good money....in the 90's. Start as CHEAP AS POSSIBLE if she insists!
What "skill sets" do you think you already have? Taking cl***es is a sound idea. One car builder/owner I met with this summer bought some of the larger euipment he needed, then sold it when he was done with the build. From our short conversation this took place over several years.
When the shop is short on money so is your family. Bills don't stop when the cash flow does. Health insurance and retirement investments are important. When you are on your own these are extremely expensive. Being self employed is a roller coaster ride. If you jump into it hold on tight because your p***ion will turn into another job that you may grow to hate. It could also be very rewarding and give you a since of worth that may not have at your full time job. Maybe take a few evening business courses at you local community college. Keep your full time job and do the car thing on the side for pocket cash. Do your homework and make sure there is the demand for what you want to do in your area.
I try and do one car a winter, and sell it in the summer. I keep my day job and punch a time clock. The company covers my medical and retirement, plus vacation. You wont get any of those working for yourself.
all i know is when i had cancer in 92' having a job with medical coverage was a blessing. having your own business isn't all that its cracked up to be, long hours leading to possible divorce. guess one good thing is you won't have to spend vacation with your wife anymore.
I read your inital post and skip what everyone else cause I just have to speak my mind. 15 years of having success of doing it full time I can safely say that if you quit what you are doing now it will be the biggest mistake in you life. Keep your hobby and career two diffrent things. You said yourself you don't have the skills.....and you want to start a shop???? Get a job in the industry first, it will be an eye opener I promise. You have no idea of how hard it really is. Go to this thread it might help - http://www.jalopyjournal.com/forum/showthread.php?t=306131
The gr*** is greener..usually cause there's more manure... Keep the day job..use the spare time to delelop the skill set..and determine IF you can make money at the biz..
After loosing my career job to unforseen ser***stanses, I pursued my dream. After about two years, I learned so very much. Turning a p***ion/hobby into your form of income can put a bitter taste in your mouth. It took me tearing my ACL in half, tearing my Meniscus almost in half and folding underneath itself and moderately tearing my MCL all without insurance to get me to re-evaluate. Now I'm back to doing what makes that cash and keeping my p***ion/hobby as exactly that. Educate yourself with the skills neccessary and begin the never ending investment in tools and start building yourself a car. When your done, enjoy it for a little bit while shopping for the next project!
I left my Ops Manager Job at an Oil company, with very little cash to jump in and do Powder Coating full time. I bought all the nice equipment in the past years and worked on developing a reputation for show quality **** and building a client list, then one day I had enough of their BS and 11 hour days and walked. Havent looked back and business is booming ape **** now that I've applied myself full time instead of 4-5 hours daily. Strangely enough, God blesses even those that are not worthy.
I know a few that work a day job and projects for customers on the side. Like many posters above, I would do this until you are sure you can provide yourself/family with the same or better level of compensation and benefits your current day job provides. Definitely some wisdom here on the H.A.M.B!
1. A job is a job. A hobby is a hobby. If you love your hobby don't **** it up by confusing the two. 2. Don't talk about work at home.
#1 Are there any shops in your area willing a to hire a lesser skilled employee? #2 If so can you live on minimal wages till your experience grows? #3 Can you get by without insurance or most other benefits because most shops can't afford to give them? #4 If you do open your own shop what do you have to offer potential customers. After all, would you pay a shop rate to have somebody without multi years experience practice on your car? #5 The American dream isn't what it used to be. I had my own rod shop for many years, and it is a thankless position to be in, and like everyone else said, you might as well forget having a car of your own.
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