Anybody in here had success with it? Given the current political and social issues going on in my current industry, I'm starting to look around at plan B's and C's.
Self Employment
- Thread starter Magnethead
- Start date
Kind-of. Depends on how you define "success". Self-employment hasn't made me rich, but it makes me happier than when I'm working for somebody else. If you pick something that you're passionate enough about to actually like working extra hours and extra hard enough to become really good at it then likely you'll make out all right.
If you can, start your business on the side while you're still getting a paycheck someplace else. Makes it easier to transition, particularly if you have a family to support. It can also let you recover if your business idea doesn't pan out... and you can formulate Plan D.
Best of luck!
If you can, start your business on the side while you're still getting a paycheck someplace else. Makes it easier to transition, particularly if you have a family to support. It can also let you recover if your business idea doesn't pan out... and you can formulate Plan D.
Best of luck!
Hotrod
2022 RFFL Champion
- Joined
- Feb 8, 2017
- Messages
- 3,606
- Points
- 443
Every shade tree mechanic we have ever known always had plenty of work
right there at their own garage. Word spreads and before you know it they will be
3 or 4 deep everyday at your own place. I have owned a business and sold it when
when the time was right. I have now moved into the world of futures trading. I am early
in to it but enjoy it immensely. All done in the home office, had no idea this industry exsisted
but very glad I found it.
right there at their own garage. Word spreads and before you know it they will be
3 or 4 deep everyday at your own place. I have owned a business and sold it when
when the time was right. I have now moved into the world of futures trading. I am early
in to it but enjoy it immensely. All done in the home office, had no idea this industry exsisted
but very glad I found it.
StandOnIt
Farm Truck
Self employment is a mixed bag. It can be simple as creating a job for yourself, which is Ok as long as you stay healthy, but it can be much better if you can find or get things that make you money while you sleep so to speak, and or get large enough and business wise to be able to employ employees.
- Joined
- Mar 21, 2012
- Messages
- 26,697
- Points
- 1,033
It was much easier in my situation because I had a full time job for six month's of the year. The other six months I kept busy with an asset liquidation company that I owned.
Depends on the business and the demand for that service in a given area.
I was a mechanic most of my life. I’ve worked for Ford, Jeep, several independent shops, including running my dad’s business.
Today, you have to specialize in a brand. You can’t work on everything anymore. Southern California killed the profits for most of the independent shops with ridiculous state EPA regulations, permits, fees, etc.
Every single independent shop I’ve ever worked for is now out of business.
If you want to do cars here mechanically you have to specialize in a brand or do some sort of custom work. Body shops and high end customs work here.
I was a mechanic most of my life. I’ve worked for Ford, Jeep, several independent shops, including running my dad’s business.
Today, you have to specialize in a brand. You can’t work on everything anymore. Southern California killed the profits for most of the independent shops with ridiculous state EPA regulations, permits, fees, etc.
Every single independent shop I’ve ever worked for is now out of business.
If you want to do cars here mechanically you have to specialize in a brand or do some sort of custom work. Body shops and high end customs work here.
- Joined
- Mar 21, 2012
- Messages
- 26,697
- Points
- 1,033
They still have a lot of top of the line Independent shops here.
I've been apprenticing / temp work at a racer's body shop this week and will again next week, before going back to my day job. I am learning, relatively quickly, how costly a brick and mortar establishment is. Glad I don't intend to have one. All the owner does is whine and complain...his management is slightly lacking right now. They just moved to a bigger building, and costs have gotten out of control from what they ever anticipated.
I've ran a shop before, somewhat absentee owner, so I know how financials, budgets, and management is supposed to work. A part of me can't believe what I'm seeing.
Thankfully, technology has obsoleted the need for a brick and mortar establishment for some industries.
I've ran a shop before, somewhat absentee owner, so I know how financials, budgets, and management is supposed to work. A part of me can't believe what I'm seeing.
Thankfully, technology has obsoleted the need for a brick and mortar establishment for some industries.
StandOnIt
Farm Truck
It can be a double edged sword on the mail order web. If you can do it, so can everybody else and they can knock the bottom out of the profit. Selling anything thru Amazon or Ebay also is a tough one, their vig is high after all of the incidental charges it is at least 15% off the top and can be as high as 25%..and then you pay to ship.
KTMLew01
Team Owner
I've been an auto mechanic for better than 40 years. Dealerships, indy shops, self-employed. Wasn't much of a businessman. Make more money working for someone else. Here on the east coast you better be able to fix anything they can slide off a flatbed. Custom hotrods, stumpgrinders, etc. Would be nice to work on one car line again but the dealers have driven the labor time down so fat it's ridiculous. 2005 Matrix starter pays .5. P
After diagnosing car outside in hot sun push car in bay, rack it, r&r starter for ONE HALF HOUR PAY. RIDICULOUS. Shop says customer won't pay more. Nope. Not unless you ask for more. They are afraid of losing the job. But i digress...
Mopardh9
Team Owner
Most of the certified mechanics I know working at dealerships have stuff on the side. Side jobs make up the difference they used to make at their dealerships. Guy that works on my Hyundais does a nice little business that way.
Bobw
Team Owner
- Joined
- Jan 22, 2013
- Messages
- 13,283
- Points
- 883
Ah yes, I remember those days. Many times you spent that .3 GM paid to adjust a window in the lot looking for the car.
I know the Motors and Mitchel books insurance and body shops used for times required to R&R a body panel were based on ''new undamaged parts''. Time required to R&R a crash damaged part is quite different. DAMHIKT
Today was the second day that I've almost thrown my keys at my boss and walked. One of the head bosses left and it's made a structural mess of the management system.
The double standards and corruption is appalling.
First I get yelled at by my boss for helping another co-worker do something as a means of promoting safety in a situation (several hundred pounds versus one person) instead of doing what I'm paid to so (in not as nice language).
Then I get yelled at by HR. Some of the things said were not exactly proper or flattering.
It's not worth the brain damage anymore.
The double standards and corruption is appalling.
First I get yelled at by my boss for helping another co-worker do something as a means of promoting safety in a situation (several hundred pounds versus one person) instead of doing what I'm paid to so (in not as nice language).
Then I get yelled at by HR. Some of the things said were not exactly proper or flattering.
It's not worth the brain damage anymore.
2 Sweet
HMS 4-life
What is your job? I'm assuming you are a mechanic? I've known guys that have done side work in hopes of doing it as their main gig and transitioning into their own shop. It's really hard to pull it off.
There will always be a demand for good mechanics that are willing to do side work for a fair price. How far would you want to take it? Are you going to do side work out of your home garage where you can pick and choose what you want to do, and expand towards a shop and eventually transition to that? If you plan on going big, you're likely going to make your money turning the hours like every other shop out there or separating yourself from the herd like performance based shops. Be prepared to deal with all the headaches (finding good employees, paperwork, accounting, insurance, etc) that come along with that. Not to mention when you're turning work left and right you're taking on a lot of “retail jobs” dealing with idiot customers, etc.
I don't know the background of you or your job or any of those details, and I don't own a shop and I'm not a mechanic, so take it all with a large grain of salt
Personally, I hate taking my cars and paying $100+ an hour to a shop/dealership where the actual person working on my car is only making a small fraction of that. I would much rather pay all of that money directly to someone who is qualified. Most of the shops around my area (central Ohio) are mediocre at best. I still haven't found a shop that I'm satisfied with. One shop initially estimated three hours for a rear drum brake job for my Chevy 1500. Cool, I dropped off my truck, and they called a few hours later saying they could fix it for $2200 (load of BS). Another shop told me a heater core job on my S10 would cost 11 hours (I politely declined, and did the job myself in two). I have stories like that from almost every shop I've tried around here, and I don't even bother with the Midas/Tuffy type of places. If I don't have time to fix it myself, I prefer to try and find a trusted mechanic that will fix it on the side. That has always worked out well.
I know some mechanics who make six figures diagnosing industrial equipment, airplanes, elevators, etc. They got tired of turning wrenches at dealerships or wherever and never looked back. Just some food for thought.
There will always be a demand for good mechanics that are willing to do side work for a fair price. How far would you want to take it? Are you going to do side work out of your home garage where you can pick and choose what you want to do, and expand towards a shop and eventually transition to that? If you plan on going big, you're likely going to make your money turning the hours like every other shop out there or separating yourself from the herd like performance based shops. Be prepared to deal with all the headaches (finding good employees, paperwork, accounting, insurance, etc) that come along with that. Not to mention when you're turning work left and right you're taking on a lot of “retail jobs” dealing with idiot customers, etc.
I don't know the background of you or your job or any of those details, and I don't own a shop and I'm not a mechanic, so take it all with a large grain of salt
Personally, I hate taking my cars and paying $100+ an hour to a shop/dealership where the actual person working on my car is only making a small fraction of that. I would much rather pay all of that money directly to someone who is qualified. Most of the shops around my area (central Ohio) are mediocre at best. I still haven't found a shop that I'm satisfied with. One shop initially estimated three hours for a rear drum brake job for my Chevy 1500. Cool, I dropped off my truck, and they called a few hours later saying they could fix it for $2200 (load of BS). Another shop told me a heater core job on my S10 would cost 11 hours (I politely declined, and did the job myself in two). I have stories like that from almost every shop I've tried around here, and I don't even bother with the Midas/Tuffy type of places. If I don't have time to fix it myself, I prefer to try and find a trusted mechanic that will fix it on the side. That has always worked out well.
I know some mechanics who make six figures diagnosing industrial equipment, airplanes, elevators, etc. They got tired of turning wrenches at dealerships or wherever and never looked back. Just some food for thought.
Actually not in the automotive field at all...Let's just say it's one of the two most political businesses that isn't actually in politics.