Quantcast
Jump to content

Start LLC for $0 at IncFile


Start LLC for $0 at IncFile


Start LLC for $0 at IncFile

Cash: Am I Ending Up with Enough of the Pie?


Alex

Recommended Posts

5%, 10%, 15% or even more of the income in many automotive shops wanders off every year. How much money evaporates in your shop? How well do you manage your money? Do you look for the best deal, negotiate and ask for discounts? Do you regularly compare your expenses with other shops? Do you have a budget? We'll explore these issues and many more!

 

View the full article

Link to comment
Share on other sites


Start LLC for $0 at IncFile


Start LLC for $0 at IncFile


Start LLC for $0 at IncFile

5%, 10%, 15% or even more of the income in many automotive shops wanders off every year. How much money evaporates in your shop? How well do you manage your money? Do you look for the best deal, negotiate and ask for discounts? Do you regularly compare your expenses with other shops? Do you have a budget? We'll explore these issues and many more!

 

View the full article

 

Alex:

 

I very much appreciate you mentioning one of my classes here. Of all the classes that I present, this is the money class where we really concentrate on getting rid of a lot of wasted spending. Not just a few hundred, but thousands of dollars a year. The next one will be held in Grand Rapids, MI on Thursday, Nov 13th 9am-4pm.

 

Thanks again,

Link to comment
Share on other sites

Tom, as a graduate of AMI I can attest to the fact that this training is vital to the success of the independent shops across the country. Management training often takes second place to technical training. It should be the other way around for shop owners, managers and service advisors.

 

Joe Marconi

Link to comment
Share on other sites

Tom, as a graduate of AMI I can attest to the fact that this training is vital to the success of the independent shops across the country. Management training often takes second place to technical training. It should be the other way around for shop owners, managers and service advisors.

 

Joe Marconi

 

The financial mess appears to be headed to an area that none of us can comprehend. The management of both personal and business finance should be first on everyone's to do list as the US economy one year from now may be unrecognizeable. The wheels may be about to come off...yet few are open to accept that possibility.

Link to comment
Share on other sites

I hate to sound like a broken record…but THIS time I truly believe that only the strong will survive. Shops that are on the fence financially and do not have the business skills to weather this economic storm will not be able to ride it out. Many shops will come out this weakened and battered. Many will be gone.

Link to comment
Share on other sites

I hate to sound like a broken record…but THIS time I truly believe that only the strong will survive. Shops that are on the fence financially and do not have the business skills to weather this economic storm will not be able to ride it out. Many shops will come out this weakened and battered. Many will be gone.

 

Joe:

 

I believe you are absolutely correct. Many will never know what hit them as this is a very fast moving situation. I would not be surprised to see the majority of legit shops gone a year from now. On the other hand this is the type of industry where countless backyard shops will open and find themselves in high demand as consumers are also rapidly wiped out. I have developed multiple plans for our shop to remain open...all shops should do the same.

Link to comment
Share on other sites

Are you saying that many of the good shops will dissapear, which will leave the door open for backyard shops to arise to power all due to the economy?????

 

Isn't this the time where the better shops who know how to plan will win out?

 

It depends. If the economic slump is mild, the reduction in the number of shops may be good for those remaining. But, we could be headed for a world not seen since the 1930's in the US or even the 1990's in Russia. In such a case, all bets are off for almost any business. Such a scenario is almost unimaginable. Worthless currency. Most business done in barter. Civil unrest. With three of the hottest selling items in the last couple of weeks being safes, guns, and ammunition one gets the impression that it is no longer just the far fringe groups making preparations. I hope it doesn't go that way, but I also do not believe that it could not happen. Can't hurt to be prepared.

 

What will you do if your bank tells you that your funds are not available at this time (this has been occurring to some extent already with some money market funds...just not making the news)?

 

Tomorrow morning would be an excellent time to review the location or all of your assets and investments. ;)

Link to comment
Share on other sites

Alex:

 

I very much appreciate you mentioning one of my classes here. Of all the classes that I present, this is the money class where we really concentrate on getting rid of a lot of wasted spending. Not just a few hundred, but thousands of dollars a year. The next one will be held in Grand Rapids, MI on Thursday, Nov 13th 9am-4pm.

 

Thanks again,

 

No Problem! Makes for a great discussion.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Similar Topics

    • By Joe Marconi
      From what I am hearing from my fellow shop owner friends, the shops in my area, Northeast (New York), auto repair shops are busy and steady. However, there is a feeling from many shop owners to be cautious about the future. 
      Things that give shop owners concern: Inflation, the cost of living affecting the consumer's ability to afford auto repairs, dissatisfaction with the current administration,  and possible recession. 
      Your thoughts? 
    • By Eric Roberts
      Firstly let me say that I an just a regular guy from the UK who is the owner of a seven bay service centre/garage. I am not a financial expert. The dreaded inflation is upon us again. For the guys as old as me then this is nothing new. Back in the 70,s we had 15% inflation, but we all got by and lived for better trading days. Here in the UK we have always looked up to the USA because of your business prowess. So what do you guys look out as your worst enemy!
      When prices are going up then I find that the gap opens between rich and the poor's disposable income. So this question will effect garage owners in different areas. My garage is in a poor area with many immigrant families who drive cars. So this means we have to be more flexible with pricing. Finding out if your customer can afford that service ! For this reason we devised a three tier service pricing structure. This has also the effect of not loosing your profit margins. 
      The lowest price should include an oil and filter change and a general vehicle check over. This way we find the customer will perhaps be able to afford a service and your profit margins wont drop. This is just one small idea that we carry out! What do you guys do in these times of high inflation ? 
    • By Joe Marconi
      Most communities have a variety of repair shops, dealerships, and franchise models.  Do you consider them the competition, or colleagues?
      Do you think it's worth it to get to know other auto businesses in your community?  To share and exchange business ideas and strategies?
       
       
       
       
    • By carmcapriotto
      Guest Host and Shop Tour with Todd Cole, TC Auto Service, Corpus Christi, TX. Four years ago Todd left his medical sales job and became the new owner of TC Auto Service.
      Todd Cole, TC Auto Service, Corpus Christi, TX.
      Key Talking Points
      Was in medical device sales but looking to make a change. His great grandfather, grandfather, and father were all in the automotive business Was a customer of the business and bought the business from the owner (who was 80 years old) Senior tech has been with the business for over 30 years- loves to teach and help others, maintains quality. He is a mentor for apprentices.  ‘Running out of concrete' as they started growing- purchased satellite location  7 lifts total Look at productivity by technician weekly- scoreboard with names listed, fun competition Drive through lanes with vehicles- 3 lanes  
      Connect with the Podcast:
      Aftermarket Radio Network
       
      Subscribe on YouTube
      Visit us on the Web
      Follow on Facebook
      Become an Insider
      Buy me a coffee
      Important Books
      Check out today's partner:
      Dorman gives people greater freedom to fix vehicles by constantly developing new repair solutions that put owners and technicians first. Take the Dorman Virtual Tour at www.DormanProducts.com/Tour
       

      Click to go to the Podcast on Remarkable Results Radio
    • Advertise your services or products to passers-by attracting them towards your business
    • By Joe Marconi
      There seem to be mixed opinions on what Business System is the best. And also, not all business systems fit a particular repair shop model.
      There are a lot of new players in the past few years: Auto Leap, Protractor, Teckmetrics, Shop Boss, Shop Monkey, and more.
      Are you happy with your system?  What features are important to you? 


  • Our Sponsors


general heavy-duty 728x90


general heavy-duty 468x60


general heavy-duty 250x250

×
×
  • Create New...