Big business opportunity...

[Randy Savage 5,000+ posts]

I *may* be opening my own shop up. From an investment standpoint, I won't have to put much money down (only the first months rent to start off with). I will have a few product lines that I will probably not have to do a buy-in for, so I won't need ~$3000 for a a buy-in from just a singly manufacturer. It's a fairly busy area, and 2 of the local shops were recently shut down (One was bought out and closed, the other the owner decided to focus on dealership work and close down his shop).

I've got some time to think about it...and while I don't have any experience from a business standpoint, I think it's a great opportunity for me to start off with.

I just don't know what to do though....//content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

Click to read more...

 

[tRiGgEr 5,000+ posts]

I just don't know what to do though....//content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

BIG RED FLAG!

Don't do it then. Unless you can get a partner who has experience in this.

 

[Randy Savage 5,000+ posts]

BIG RED FLAG!
Don't do it then. Unless you can get a partner who has experience in this.

Well I'm going to take the next few weeks and see what kind of business plan I can draw up.

I know that it's a very risky thing to do...but the investment I'd be making really isn't all that much money.

 

[Chevyaudio 5,000+ posts]

Yeah, you might want to get an expereinced partner

 

[MastaFlex 10+ year member]

x2 on the experienced partner. Also did you have a major or minor while you attended college in enterprenuership or however you speell that word???

That would be nice, you may have to take some IVY tech classes or basically small classes to get an understanding of how things work. Everything costs a whole lot more and takes up all ur time if you open your own busniess - TRUST me lol

Good luck!

 

[Randy Savage 5,000+ posts]

x2 on the experienced partner. Also did you have a major or minor while you attended college in enterprenuership or however you speell that word???
That would be nice, you may have to take some IVY tech classes or basically small classes to get an understanding of how things work. Everything costs a whole lot more and takes up all ur time if you open your own busniess - TRUST me lol

Good luck!

I'm still going to school....I'm currently majoring in education, but am taking business and economics courses this semester, as I planned to change my focus to business.

If I do go through with this, I'd take night classes until I got my degree.

I am thinking about getting a parter to go into this with.

 

[Nikuk 5,000+ posts]

1.) business plan

2.) DBA

3.) start filing for permits & licenses

4.) call up BBB and join

5.)study alot of books on starting Your own small business. acutally, make this NUMBER 1.

There are a lot of benefits in NY State for small businesses starting up, federal benefits too.

But there are ALOT of details to worry about, insurances, payrolls, accounting, stated income, business loans, etc...

 

[80INCHES 5,000+ posts]

sounds like a good situation.....all u need is a partner who knows has experience...in the car audio indusrty and how it works

i was in the same postion u r in now..i didnt persue it becuz i chose to be a social worker...but if i had 2 do it all over again i would have jump on it..and got me a silent partner..someone i trust that has knowledge of the 12volt indusrty

80

get some grants ....the govt offer grants and loans 4 smalll businesses

and if u want to advertise your shop in mags..i can hook u up.my friend owns plush magazine if u start this i can put in a good word and he wont slap u hard with fees to advertise in his mag

 

[Patrick Simmons 10+ year member]

You really need get someone that already has experience AND in the car audio field. I've owned my shops for 7 years and is very, very tough to do and survive. The first year you can pretty much expect to be the hardest. Most small business don't last more than a year. Here in IL we decided to go dealership and private work only but the one in TN is for everyone. Anyways, it's a lot to it and you will need way more than a couple months to learn the ropes. I can help you out as fars as advice goes but it has become even harder for car audio business especially, due to ebay and other online retailers that sale for way less than we can afford to since they don't have any overhead. Think about all aspects before you sign.

Good luck either way.

 

[InhumanAcura 5,000+ posts]

good luck man

 

[audiolife 5,000+ posts]

from a business stand point it isnt too difficult the only hard part is finding the right stuff for your area. go too high end you wouldnt have customers due to price go too low people might think you just deal junk. also dont get so far over your head that half of your customers cars are guinie pigs. dont ever let your feet leave the ground either after a while (10 + yrs) its ok but make sure you have people working for you that are good enough to allow it.

 

[Patrick Simmons 10+ year member]

If I do go through with this, I'd take night classes until I got my degree.

I am thinking about getting a parter to go into this with.

You will not have time, believe me. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[Randy Savage 5,000+ posts]

You really need get someone that already has experience AND in the car audio field. I've owned my shops for 7 years and is very, very tough to do and survive. The first year you can pretty much expect to be the hardest. Most small business don't last more than a year. Here in IL we decided to go dealership and private work only but the one in TN is for everyone. Anyways, it's a lot to it and you will need way more than a couple months to learn the ropes. I can help you out as fars as advice goes but it has become even harder for car audio business especially, due to ebay and other online retailers that sale for way less than we can afford to since they don't have any overhead. Think about all aspects before you sign.
Good luck either way.

Well the current owner has been there for almost 2 years and he's doing very well right now...and he's only employed 1 full-time installer.

The 2 closest shops shutting down helped a ton- brought a lot of business through the door. Like I said, from a business standpoint, I don't know all that much, but from a car audio standpoint, I think I know enough //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif.

It would also help that I can bring in product without a buy-in. I don't want to name the company, but he's had GREAT success with their line. NO ONE sells it locally, and it's not transshipped online.

 

[Loudrango112 10+ year member]

I *may* be opening my own shop up. From an investment standpoint, I won't have to put much money down (only the first months rent to start off with). I will have a few product lines that I will probably not have to do a buy-in for, so I won't need ~$3000 for a a buy-in from just a singly manufacturer. It's a fairly busy area, and 2 of the local shops were recently shut down (One was bought out and closed, the other the owner decided to focus on dealership work and close down his shop).
I've got some time to think about it...and while I don't have any experience from a business standpoint, I think it's a great opportunity for me to start off with.

I just don't know what to do though....//content.invisioncic.com/y282845/emoticons/uhoh.gif.c07307dd22ee7e63e22fc8e9c614d1fd.gif

If you were closer I would help you out the best I could.

 

[Patrick Simmons 10+ year member]

NO ONE sells it locally, and it's not transshipped online.

I thought that too when I was an authorized dealer of JL Audio but look, you can find them all over the net now, especially ebay.