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mecp certification and starting a business

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Forum Name: General Discussion
Forum Discription: General Mobile Electronics Questions and Answers
URL: https://www.the12volt.com/installbay/forum_posts.asp?tid=69944
Printed Date: May 24, 2022 at 5:37 PM


Topic: mecp certification and starting a business

Posted By: crazymodgsr
Subject: mecp certification and starting a business
Date Posted: January 03, 2006 at 2:51 PM

I am playing with the idea of starting a shop someday. I don't know what kind of money there is in actually owning a shop that does good work and custom jobs. I am far from ready to start business right now, but I'd like to spend the next year or two honing my skills, and actually becoming certified. Is school required for this, or are online tests available? I have done many installs myself, but have only been able to work retail locally, not installing. I have Ritop not too far away, but I work full time at the casino as a blackjack dealer currently and don't have time for school. Not sure if car audio is the right business to go with but it's my passion. All I know is I want to be making at least $80k a year, and owning a good business and paying people to work for you seems to be the best way to go. Any comments or suggestions? Also, I would probably do auto detailing and/or auto paint on the other side of the shop.



Replies:

Posted By: xtremca2003
Date Posted: January 03, 2006 at 5:28 PM
Owning a shop is difficult work. It takes alot of resources to get a good shop up and running. Payroll is difficult. You can sink alot of money into the shop at startup. Money will no where be extreme is the "failure years" as most of the money you will make will go back into the shop, or to the bank. My best recomendation is to visit the SBA (small business administration in your town) They will give you plenty of helpful insight to getting started on running a business. They will not give you the answers you are looking for but will give you the questions that you need to make an informed choice. It not be easy, and after a visit with them you may chnage your mind, but if you don't you can take that information and use it to plan your business. I would also do a search on writing a "business plan" on the internet. It takes alot of time to do one out, but if you do, it will hold many answers to questions you would never think of. It's a tough business these days. No matter what, never look at it thinking you will have imediate sucess and results.

Chris




Posted By: crazymodgsr
Date Posted: January 04, 2006 at 1:06 AM
honestly, I don't even care if I own a car stereo shop, it's just that's what I like. I am a Blackjack dealer making $600/week take home. not bad, but, I see my goal being a $500k house and $40k car someday and $600 won't do that. school is an option, but it costs a lot and I don't like the uncertainty of a job or not when getting out. a LOT of people I talk to at the casino recommend owning a business, and if done right and the right type of business can essentially run itself while $100k+/year profit can be made




Posted By: xtremca2003
Date Posted: January 04, 2006 at 1:29 AM
They are right. But it seem you have a misconception. Owning a business is a job. And once you start and put money into doing it makes it only more difficult to quit. Don't get me wrong it may have it's payout. But it takes alot of hardwork and possible years to get to the point where you only have to come in to collect the money. There is only one way to get those things that you stated in your post. Hard work. But you asked for suggestions, and I gave you an honest answer. My suggestion is to go to school and get a degree in business. Or win the lotto.

good luck
Chris




Posted By: gus1
Date Posted: January 06, 2006 at 1:52 PM
There are 2 ways to look at this:

1) Go to school, apprentice for 3 or 4 years to get a really good handle on this industry. Then decide if you want to open up a shop. If, after 4 years of working in someone else's shop, having angry customers, nasty vehicles, etc. you still want to really be on your own, then, get on it. Preferably, buy out an established shop with client base and product lines....

2) Get a business loan, as soon as you are done with MECP or whatever other schooling program you feel like taking, find some property, rent it, and hope to hell you can get people through the door so you can pay rent.

Expect to not really turn profit for at least 2 years,
and hope you can make it through year 3.

Also, do very very thorough research as to the local market, how many big box puppy mills type bays there are in the area, will it make sense to open up an independant shop, etc. etc.

There is always option #3...... go to school, get some form of paperwork that states you know something (MBA, BSC, etc.) throw on a suit, and away you go.

Not trying to be a downer, but you need to be in a pretty good market, and have a bunch of cash in the bank if you want to open up a shop..... you need to do retail. You need stock. You need to pay the employees. The rent. The bills. If you have a couple of slow months, you need the money in the bank to keep the doors open.

Just my .02

Gus


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Wherever I go, that is where I end up......




Posted By: forbidden
Date Posted: January 06, 2006 at 5:49 PM
The best bet if you want to do this, is to buy a existing business where all of the initial work has already been done. Expect a good $150,000.00 at the bare minimums for the smallest of successful stores. Want mine, $250,000.00 CDN, turned a profit since day 1. Why? Because I knew wtf I was doing and had 10 years of experience going into it.

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Top Secret, I can tell you but then my wife will kill me.




Posted By: crazymodgsr
Date Posted: January 06, 2006 at 6:02 PM
well, I have done some more thinking and talking to successful business people in the past few days, and I think I have a fairly decent plan for now at least. 1. pay off the $10k of car loans and credit cards this year so I am debt free and credit will be good. 2. spend all of this and next year saving like and learning more techniques and custom work (glassing, etc.). 3. in August '07 when my lease is over for the house we are renting, get a mortgage for a $175k-$200k 3 family house (which I have found a few around here). live in unit 1, and rent out the other two units. I now have free rent and other people paying my mortgage (yes I realize $10-$20k or more may be necessary at any given time for repairs, etc.). at $2100/month, the house will be paid off in 10 years. during this time, I am still working full time as a Blackjack dealer and able to bank $15k-$18k/year - thats up to $70k+ after 7 years (getting certified etc while all this is going on). I can then decide if I want to open up a shop or maybe not get into the industry but use the $$ saved for some other type of business, as we may have a 1.6 billion dollar amusement park being built in 10 years, and that whole strip will get lots of business. 3 years later. I have a $200k house paid for in full, which I can then put say $150k down on my own $350k house. it all sounds good on paper at least, I think it's a step in the right direction. I was also wondering how a small go kart track/recreational facility would go over close to this theme park...





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