Thinking about starting my own business....

[mx73vet]

I'm thinking of starting my own used quad and bike shop. Eventually I would like to have a full blown shop but for now I'll probably have to run it out of my garage. Anyway, I'm just looking for input from everyone. Has anyone tried to do this and can you give me some pointers on getting started.
I've been racing and riding for 27 years and I've always wanted to do this but never followed through. My job now (network tech./ATT) is going nowhere and I'm bored! The shop will be located in Wake Forest, NC (Near Raleigh, NC). I know there's not a shop within 2 hrs (Legacy ATV) that caters to racers and that's what I plan on doing.
Please give me some input be it negitive or positive. I'm just trying to start a "business plan". Thanks!

[GNCC#829]

You will never have to WORK a day in your life if you enjoy what you do. Go for it!!!

[freakystone]

Before you do so, do some research and build a thorough business plan. To many people start a business because they THINK it will work. How much money can you make in a day, a week, a month, a year. What will your overhead be? Other expenses? Salaries? What do you want to make? Is your anticipated business accurate or a wish?

Be lean. In my business, I owe nothing to no one. No loans, only COGS on a month by month basis. Operating a 40% profit margin after COGS. That with 30% other expenses, the 10% remaining is mine that I split with Uncle Sam. At just over $2 million a year, I make about $250 to $300 K.

Be Lean.

[mx73vet]

freakystone, check yoor pm's....

[pane2k]

mx if thats what your going to be happy with, and you will be enjoying your self, go for it, just be sure your ready, and make sure you will be making some sort of profit. Its not as easy as everyone thinks.

[mx73vet]

Anyone that has experiece with starting an aftermarket parts/quad business please email me at valentines1@msn.com
I'm trying to find out others experiences with starting up a business before I jump into it.

[mx73vet]

I went out today and purchased a book with North Carolina laws for starting a business. I've made up my mind, I'm doing this and not looking back! I'm gonna start out by vending at local races and nationals (XC and MX). I'll make a few small orders of things that everyone uses and needs at the races and go from there. Plus that will be an excuse for me to get to race every weekend!


Freakystone,
I'll be emailing you soon with a few questions. Hope you don't mind.

id do it part time then once things really get moving take it full on, ive seen alot of people go all out and after a few months they had to close up

[AtvMxRider]

Originally posted by freeride132
id do it part time then once things really get moving take it full on,


Thats a very good idea.

[Brad]

k and k atv started that way:eek2:, think about it:D

[EvilJester400EX]

That will make it a whole lot easier for the people in NC to get parts without having to pay shipping or drive 2+ hours to Legacy. I hope you can get the business started man.

[mx73vet]

My goal is to have everything ready to go by the Hight Point National (fathers day weekend). I'm planning on doing the "vending thing" out of my trailer first and see how that goes. I'll also have a website.

[jcv400ex]

It's not easy, or everyone would have their own business. It takes ALOT of hard work and sacrifice.....pretty much erase the next 3 years of evenings with the couch and an TV remote or the family out of your mind. You've gotta stay ahead of the game, and go full speed ahead with it at all times. You slip, and Joe Smo down the road has half your customers. I've been in business for 5 almost 6 months now, and I wouldn't have it any other way. I absolutely love it! But I do spend alot of time away from my fiancée....which isn't a good thing, but she is starting to understand. If I had children, I seriously doubt I would have gotten into the business. It takes up that much of your time starting out. After your established, you can ease up some, but it still takes alot of work. But if it's what you enjoy, you can be your own boss, and make some decent money at it......then it doesn't get ANY better than that!

[mx73vet]

Fortunately my wife is into it about as much as I am. We've been a "racing family" for over 10 years now. I don't know why I waited this long to do this! My work ethic is wide open all the time, so I believe I'll do good as far as that goes. My main goal is to support my habit of racing, help out other riders (cause I know what its like not to have support) and make a few extra dollars along the way. My job now (Network Tech.) is very flexable so it's not like I'll be throwing in the towel with my current job and relying on this business as my only income. I want to eventually do that if I find that I can but for now I'll take it one step at a time.

[mx73vet]

Before I talk to an accountant maybe someone here can shed a litttle light on being a Sole Proprietorship. What are the tax advantages and disadvantages? I know that puts your personal assets at risk as far a law suite goes but?? And can I change my "operating entity" later down the road if I see need to?

[jcv400ex]

Vet,

Check out SBA (http://www.sba.gov) THis is the Small Business Assoc.'s website. They have alot of good reading there.

[mx73vet]

Thanks! I check it out.
I just scheduled an appt. with an accountant for Tuesday. I've also applied online for my tax ID number.
I'm also going to the bank to see about a small loan. I'll be selling one of my bikes too. I really didn't want to have to do that but that's probably going to have to happen to get things goning.