to the shop owners

[mdillon 10+ year member]

i have questions for the car audio shop owners about starting up a shop. if someone could pm me it would be appreciated.

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[mdillon 10+ year member]

bump

 

[mrogowski 5,000+ posts]

Have you drawn up a business plan and a 3-5 forecast yet? Perform a risk/impact analysis? Feasibility study? Needs assessment?

 

[audioholic 5,000+ posts]

Ive considered it too, but it seems like a difficult market to get into, and stay healthy/profitable in. Look how many existing B&M's are failing, or struggling to hang on these days. Internet sales, and imo consumer awareness, has really hurt the local B&M business in most areas I've seen.

If you do this, be prepared to make alot more of your money through direct labor, and less via product sales. That is, imo, one of the biggest mistakes most failing B&M's make these days. Even if people purchase products online, the local shop could still provide local support. But that's alot harder way to turn a decent profit than is just selling products with ridiculously huge profit margins.

 

[kovemaster559 5,000+ posts]

internet is key, they take away from pimps and prostitues too , dam internet is ganna **** all .its not the gas prices its the internet

 

[mdillon 10+ year member]

theres still a local market from what i can see, although it is somewhat smaller. this was something i have been thinking about getting into as a side business. i only work 180 days out of the year, so i can find time for it. i also have a friend that is interested in helping. i was just wondering how difficult the first few years would be and when i can expect to start turning a profit.

 

[audioholic 5,000+ posts]

Im not suggesting there is no market, I am suggesting breaking into a shrinking market is generally not a good idea.

Look at it this way, you are looking to get into a market that has fewer and fewer businesses in it every year, and asking perfect strangers on the internet when you could expect to start turning a profit. Have you worked in the industry, at any local shops, before?

 

[mrogowski 5,000+ posts]

Well, this is where a feasibility study and needs assessment will help you. Doing a mid to long-term forecast is paramount if you intend to be in it for the duration. Of course, nothing is stopping you from blindly committing to a multi-year lease on a building and all the costs associated with owning/running a business. Roll the dice and see where it takes you. Worst case, you end up closing shop and in debt thousands of dollars.

Forgive my response, but if you are serious about it, make sure you do your homework first. You may find out at the end it is not worth it and you save yourself a ton of grief. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[denim 5,000+ posts]

From experience of owning / running both a brick and mortar and internet, let me tell you this;

 

It is not worth it,

There is no money in it,

The customers want nearly everything for close to free - then get pissed when it is not,

Out of 50 customers you deal with, less then 7 actually buy something,

You never get to actually work on your own vehicle or finish your own install,

Customers do not understand that you actually have a life,

 

//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[Kold_Killa 10+ year member]

First step to any business is a Business Plan... Not only necessary to see if the business is feasible, but a bank (or other lender) isn't going to loan/invest money without one.

 

[DARKHART 10+ year member]

From experience of owning / running both a brick and mortar and internet, let me tell you this; 

It is not worth it,

There is no money in it,

The customers want nearly everything for close to free - then get pissed when it is not,

Out of 50 customers you deal with, less then 7 actually buy something,

You never get to actually work on your own vehicle or finish your own install,

Customers do not understand that you actually have a life,

 

//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

AMEN!!!!!!!!!

But what's worse is that we are now in a recession and unless you have some REALLY DEEP POCKETS to float your company through this sh*ty economy right now then DON'T EVEN THINK ABOUT IT THIS YEAR.....save yourself the time, money, energy and headaches of trying to do it this year.....trust me when I say this is diff NOT THE YEAR to open a brick and mortar....//content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[C3 Customs 10+ year member]

A business plan will help get you realistic goals, if you truly can offer something different then the other B&M shops in your area, then I would suggest going for it. As far as banks and SBA loans go you have to have at least made the amount that you are requesting right now. The economy is only bad for those who were/are living check to check. So I say if you truly have something different to offer then do it otherwise it is not for you.