Time to take the passion Full Time

ProDetail

ProDetail

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::Warning This Is A Long Plea For Help & Advice::

Hey everyone, I've been detailing part for quite a few years but mostly part time. I've been lucky to have a mechanic for a friend that allowed me to use his garage on my days off, and when I wasn't detailing at a customers house.

Unfortunately my friend is moving to Western FL and I'm out of a shop. I personally do not like to do mobile detailing so I decided to set out and find my own shop that I could afford without going bankrupt in my first year(which until now has been elusive). I had decided to take the fall/winter off and start fresh in the winter. That was until I stumbled onto what I believe is the perfect shop lol.

Main St, Downtown N. Andover, right next to a busy intersection.

The Garage is HUGE and attached to it is a store/office front which fits in with my future goal of opening my own local store for detail supplies.


Now that you have read that long story I have one problem, I've been caught completely off guard because I put all my plans on hold till the winter. That included finding investors, and drawing up my business plan. I have to ask those of you who have set up your own brick n' mortar shops and are still successful what are things that I can do to get this ball rolling so that I don't lose this shop?

I don't really have too much family that I can rely on so family funding is out, I've tried asking the many for smaller investments and those are not adding up almost at all so my only other alternative is a loan and again it feels daughnting because I'm consistenly told that have to be in buisness for X amount of years before I'll be given a loan.

So back to square one. Even though I don't have a completed buisness plan I do know how to detail (Step 1 Complete :xyxthumbs:) and I've taken the classes on business management so I know how to run the business, and lastly I have the ambition and drive to make this work. I do have some savings in the form of my retirement and to take out of it would require a 48% cut so I want to use that as a last resort. I've already inquired with the local gov about any restrictions and requirements and I've been green lighted, owner is on board, just waiting on me to come through with the $$,

I've already got the advertisement planned and I saved for it, going to run my flyer which will now be a grand opening flyer through the USPS new .14 per address. So that should get the attention to the shop. I've also made an appointment with the SBA of Mass to see what they may be able to help with.

Like I said before, I mainly need help from the guys(and girls if there are any) that have done this or are still doing this on how they started.

Thanks in advance, sorry for the rambling.

:)
 
Best of luck to you! I would definitely not take out my retirement whatever you do. I think you'll get some good advice from some of the guys here that have been in your shoes. Good luck!!
 
I agree you are facing a truly trying start, but I admire the drive! To start I would print up a flier or two, build a website, and put together a business plan. Doesn't have to be totally complete but have packages, day to day operations systems in place, and knowledge of insurance needs and restrictions. Have all of that prepaired to show and talk through with potential investors. Look for other business that are in a similar industry and are near by the could possibly benefit from investing in you or even share space with you if that's an option. Tint shops, stereo, customs and tuning shops, things like that. Best of luck, I hope others can help with more and better advice.
 
Well everything comes down to money. Your going to have to invest in yourself if you want others to invest in you.

I barrowed against my retirement to get my little part time business going. I was able to withdrawal $3000 and pay myself back with interest. I was able to pay all my start up costs and buy some equiment to get myself going.

I'm only mobile and only part time. I am getting established business relationships not only with customers but also my bank my insurance company my suppliers other small business in town.

If I wanted to do what your trying to do I think it would be easier because of the ground work I'm laying.

Maybe consider establishing yourself as a mobile detailer. Take a year or two to establish yourself then it will be much easier to get some loans and open a shop once everyone knows you and you can show some business tax returns to banks and other investors.
 
Porsche Pilot said:
I hope I am not violating the forum rules but Renny is a member of the community here. His new book is definitely worth the read and may offer some additional guidance.
Click to expand...


I have not read the book yet but talked to Renny on Monday and he's sending me a copy. I'm positive even that it will help anyone to start a successful detail business or take their current business to a higher level.

Also, Renny has been one of our VIP Detailers for Autogeek for the last two years.


Detail Fest 2012 Guests of Honor!




:xyxthumbs:
 
Various colleges across the nation have small business incubators that are connected with the SBA. For a nominal fee, much guidance and direction given. Also, once program is completed, one has direct accesss w/ limited red tape for small business loans/grants. Program time varies, 6-9 months @ 4-6 hours per week in the class room.
Once business is off and running, mentor partnership with college/local business leaders is offered at no charge to help ensure a beneficial start.
 
Mike.Phillips@Autogeek said:
I have not read the book yet but talked to Renny on Monday and he's sending me a copy. I'm positive even that it will help anyone to start a successful detail business or take their current business to a higher level.

Also, Renny has been one of our VIP Detailers for Autogeek for the last two years.


Detail Fest 2012 Guests of Honor!




:xyxthumbs:
Click to expand...

Renny's book sits right next to yours in my library in their own special place. You know how passionate Renny is, not only about detailing, but in life. He has been an inspiration in my professional and personal life, as have you Mike. It is a great read and has motivated me in many ways. The content will benefit any pro or hobbyist.
 
Porsche Pilot said:
Renny's book sits right next to yours in my library in their own special place. You know how passionate Renny is, not only about detailing, but in life. He has been an inspiration in my professional and personal life, as have you Mike. It is a great read and has motivated me in many ways. The content will benefit any pro or hobbyist.
Click to expand...


Very cool.

I'm still waiting for my copy, can't wait to read it!



:xyxthumbs:
 
@ ryance39 - I'm actually in the search of a car starter and audio installation to share the shop with, I've already secured a PDR tech, and window tinter. So those are avenues that I'm pursuing in that extent.
Also the garage I'm looking at is rather large so I've also started the process of getting motorcyclist in my area to store there bikes for the winter. I've already got 5 out of 20 possible to come on board so that's another possible venue, what's good about that is that they would not impede in the day to day.

Website is in the works, and I've already got 3 different flyers ready to go with one already printed.

@ rustytruck - Mobile detailing is good n all, but I personally do not like to do it. I do do do it now but my goal is my own dedicated place. Like I said I was going to take the winter to do just that bit this shop fell into my lap with a bow on it lol and I don't want to lose the chance to make this my present and future shop/store and I whole heartedly believe that if I don't jump on this the odds are slim to non that I find another shop in a location like this.
But I do like the idea of borrowing against my retirement, something to look into for sure.

@ Vegas Transplant - That is incredibly useful info, thank you.
 
How do you come up with 48% if you take out of your retirement account.
 
Taxes and the penalty the IRS sticks you with. 33% Tax - 15% Penalty
 
ProDetail said:
@ ryance39 - I'm actually in the search of a car starter and audio installation to share the shop with, I've already secured a PDR tech, and window tinter. So those are avenues that I'm pursuing in that extent.
Also the garage I'm looking at is rather large so I've also started the process of getting motorcyclist in my area to store there bikes for the winter. I've already got 5 out of 20 possible to come on board so that's another possible venue, what's good about that is that they would not impede in the day to day.

Website is in the works, and I've already got 3 different flyers ready to go with one already printed.

.
Click to expand...

Good start! thats very promising! im not sure of your area but in my area there are classic car shows thursday through sunday every single week june-about the second week of september. if you have a large classic or custom car crowd in your area you have a few options.
1. get in good with a decent sized club (just google car clubs and your area, youll be amazed.) and offer to host an event at your new shop. those are the people who really car about their cars often times so much that they learn to detail themselves! they also are the type that if you scratch their backs theyll scratch yours.
2. if you cant get enough motorcycles and believe you have enough space to house a car. you may offer to do that!

best of luck! Im pulling for you!
 
ProDetail said:
Taxes and the penalty the IRS sticks you with. 33% Tax - 15% Penalty
Click to expand...
See if your 401k has a loan program. It would be a loan paid back by you to yourself with interest. It is not a withdrawal so no taxes or penelty. I don't know if it is an option for you but i would check. I am a federal employee so my retirement plan may be a little different.
 
The penalty is only 10% and they only takeout 20% for federal. State is probably around 5%. There is no way you are paying 33% in federal taxes 20% is probably too high also.
 
@ryance39 - car shows in my immediate area use to be plentiful but they have dried up. There are still a few big/good shows left and a few clubs that run them but not on your level. I will contact the ones I do know and go from there.

You are right about them scratching your back, when I first started in Amesbury at my friends shop I helPed out a local car club and just word of mouth kept me busy till my last couple of weeks at that location. Thanks for the advice.

@rustytruck - my retirement is an IRA set up through my local credit union, I'm actually going there this afternoon to see whatkind of options I have in loans towards it.

@Jab1719 - I actually had to take money out of it for an emergency a few years ago and that was the percentage I figured out when I received the money. Massachusetts income is higher than 5%.
 
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