Quantcast
Jump to content

Flash Sale + Social Proof


Flash Sale + Social Proof


Flash Sale + Social Proof

Transition from wage earner to self employed....


LexTech

Recommended Posts

I have posted a little about myself and ideas, but regardless of what my business model will be or how I plan to run a business, theres one topic that really scares me... And Im not sure how its done, or if I can do it at this point in my life.

 

I am the main bread earner for our family. Im married with 2 children, ages 10-12. I provide the income and health insurance through my employer and need the paychecks that are coming in to pay the bills and everyday living expenses.

 

How do you go from one to the other without losing it all...

 

Which leads into my other question that I have read a number of different opinions about. When I do start a business, how do I pay myself? (I think alot may have to do with how the company is set up) I know I cant just take money out of the till to pay my electric bill at home....

 

Maybe others can share how they did it when they satrted out...

 

Thanks for the advice!

Link to comment
Share on other sites


As a New BannerBuzz.com Customer You Get 20% Off Your First Order! Use Code: FIRSTORDER for 20% Off Custom Banners, Decals, Marketing Materials, and Any Custom Print Needs! Offer Does Not End


As a New BannerBuzz.com Customer You Get 20% Off Your First Order! Use Code: FIRSTORDER for 20% Off Custom Banners, Decals, Marketing Materials, and Any Custom Print Needs! Offer Does Not End


As a New BannerBuzz.com Customer You Get 20% Off Your First Order! Use Code: FIRSTORDER for 20% Off Custom Banners, Decals, Marketing Materials, and Any Custom Print Needs! Offer Does Not End

I have posted a little about myself and ideas, but regardless of what my business model will be or how I plan to run a business, theres one topic that really scares me... And Im not sure how its done, or if I can do it at this point in my life.

 

I am the main bread earner for our family. Im married with 2 children, ages 10-12. I provide the income and health insurance through my employer and need the paychecks that are coming in to pay the bills and everyday living expenses.

 

How do you go from one to the other without losing it all...

 

Which leads into my other question that I have read a number of different opinions about. When I do start a business, how do I pay myself? (I think alot may have to do with how the company is set up) I know I cant just take money out of the till to pay my electric bill at home....

 

Maybe others can share how they did it when they satrted out...

 

Thanks for the advice!

 

Starting your own business is a huge step and to answer all your questions at once will be overwhelming. But, through ASO, I am sure that we can help you with key points and give you valuable and life-saving advice.

 

After 30 years in business I can tell you that the most important skills to being successful will be your skills to manage and run your business. I was a great mechanic, but knew very little about business. After struggling for a decade, I realized that I needed to become not just a man in business, but a businessman.

 

I took seminars and classes on business topics: accounting, advertising, marketing and other business related courses. I read all I can on business and leadership.

 

To be successful in the auto business, you need to be proficient in technical aspects of the business and in the managerial aspects of the business. Too many shop owners have failed because they were great techs, but poor business people.

 

Let’s keep this conversation going, there is a lot I can tell you. Do you have any specific questions?

Link to comment
Share on other sites

I couldn't agree more with what Joe just said. I went from Tech to business owner about 2yrs ago. Man, what a challenge. DO YOUR HOMEWORK!!! Take the time to do a little business learning. Just cause you may be the best tech in your shop doesn't mean you are ready to start your own business. Get some business management training before you start. Also make sure you have a plan for what you want to do and how.

Link to comment
Share on other sites

Thanks guys, I can see there is a wealth of knowledge and experience here on this forum. I am I thankful I found it.

 

I know i might be throwing a bunch of questions out there, but I am just in the beginning stages of learning all I can about starting a business, my head is spinning with questions and what if scenarios..

 

I guess my biggest decision I have to make is when (not if) to do it. If I do it soon, with my family relying on my income to live, could it be to much of a financial risk to struggle with a new business and pay the bills, insurance..etc.. Or should I wait until my kids are older and less dependent on me (maybe even out of the house) when it would be easier to take a risk like this.

 

I truly am tired and fed up for working for someone else, not to mention I am ready to put down the wrenches.. Im at the stage as a tech where you start looking around to see where all the old techs are, and what shape are they in.. its a pretty bad thought.... If I never try, I may be doing this literally, till the day I die. There is no such thing as retirement for me as a tech. Its a hard way to make a living, as Im sure you all know.

 

I guess what I was hoping to find out when I started this thread was, is it possible for someone to start their own business and still earn at least what they have been earning as a tech. Even if it will be more hours and work. Should I expect a pay cut when I start my own business?

 

I know thats a hard question for anyone to answer, there are so many varibales.... but in general, if a tech openes his own shop, do they typically take a large paycut to keep the business going?

 

I dont want to sound like all Im doing this for is the money.. Im not. I know those who have been succesful have worked their ass off for it. I just want to be able to plan for my familes future at the same time. Im willing to put the work and effort in, I just want to know what to expect.

 

Thanks again for the advice, I will be reading books and learning as much as I can in the near future.

 

If theres any good resources or books you would recommend I would appreciate it.

Link to comment
Share on other sites

All of the above is great advice. Here's my take: Can you start out part-time and still work at the dealer? You said you are willing to put in the hours, this would allow you to continue to draw your pay from the dealer and slowly build your business. This is what I have been doing for the past 3 years. There was some talk that the company I work for would close so I started a repair shop on the side. It's hard and a lot of work but it has allowed me to slowly build clientel as well as getting the necessary equipment without any loans of any sort. If I were to call it quits today I could sell all of my equipment and put that money in the bank, not use it to pay off a loan. This would also give you the wiggle room to make a mistake or two without causing undue harm to your family. If it takes off, then you quit your job. If not, you still have an income. Just a thought.

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
      Back in the 1990s, some shop owner's feared that fuel injection, 100 mile spark plugs, the elimination of the Distributor cap, rotor and extended fluid services would be our demise. But, that didn't happen. 
      Now I hear many in our industry state that "There is no needed work on an electric vehicle, they are problem free." 
      My opinion, let's not fall into thinking that the EV car will run forever of even for years without needed service.  The EV still has tires, suspension, brakes, and a whole new area of opportunities. It will be different, but there will be a need for the Automotive Technicians and for repair shops.
      Your thoughts? 
       
       
    • By Joe Marconi
      We are almost into the 4th quarter of 2022, which means that you need to consider your 2022 tax return. Many shops are having a very good year, which means there may be more taxable income at your bottom line.
      What do you do to plan for and minimize paying taxes, while still maintaining a cash reserve? 
       
    • 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? 
    • By Joe Marconi
      The word OSHA makes many shop owners cringe. 
      I was lucky enough years back to have my insurance agent suggest I perform a voluntary OSHA inspection. A private company did it at the time.   
      They found tons of violations; some we knew would be flagged, but most we did not. 
      Have you ever had an OSHA inspection? And what can shop owners do to protect themselves? 
    • Advertise your services or products to passers-by attracting them towards your business
    • By Joe Marconi
      There's a lot of talk these days about a 4-day work week.  Some discussions include the entire shop only being opened for 4 days, other discussions talk about rotating employees to work only four days, while the shop remains open for 5 or 6 days. 
      I am on the fence about this. I do see the benefits, but it's not as easy as some may think.
      Thoughts, Comments? 
       


  • Our Sponsors


Flash Sale + Social Proof


Flash Sale + Social Proof


Flash Sale + Social Proof

×
×
  • Create New...