anyone own their own shop?

[ilikebigbutts]

I am almost 20 years old and I really wanna open up my own auto repair shop in the future.I have almost 3 yrs dealership experience, while in and out of school.I am attending Chrysler training at our local community college and I'm graduating next may.I will then be full time + flat rate tech my first day after graduation.I love the dealership environment and the people i work with mostly, but i wanna be my own boss.Even though I was eagerly waiting to graduate so I can move out, I think I'm gonna hang in for another 2-3 years to save up and open up my own shop.Staying at home means I get to keep my other job working at my parents restaurant that pays my bills, while saving all the money I make at the dealership.

My dream shop would be just a two bay shop, with an alignment rack possibly later in time as they are super expensive!I already do full electronic diagnostics, alignments, engine work, HVAC, and after this semester I'll be rebuilding automatic trannies.So this would be a complete service and repair shop.I was mentored by one of the best guys I have ever known working on cars. If this guy can't fix a problem, it can't be fixed. He is straight as an arrow when it comes to work ethic, and i have followed him on that, hoping this would give me an excellent reputation in my profession.

So anyone owns their own shop?

How did you start up?down payment-loan-Buy existing shop

Or

start from scratch and build your own?

obviously the later is more expensive, but I'm looking for input here, even from other types of business owners.

Just spilling my thoughts here...

BTW, I've been thinking about this for a month, and I read Mike and Theressa's "financial" threads and got even more motivated about this.

 

[roundfinger]

Make sure your well educated in HOW to run a business as well, even if you hire someone to run the front end, do the books etc, be educated on whats really going on. Being good at turning wrenches and solving issues alone is not going to make your shop profitable.

I can say this because my father bought a shop for my brother in law to start a business, he had many years of mechanics exp, some mechanical engineering from college, army electronics training, yada yada yada...once my sister and her hubby could no longer stand being together at the shop and home all the time and they decided he would run the front it went down hill from there. My sister was smart with money, inventory, how to deal with customers, and everything required to actually run a business and turn a good profit. He did not have a good business acumen and after awhile when a good job offer came up he took it and we rented the shop out but kept a separate lift and work area for our vehicles.

 

[ilikebigbutts]

Makes sense, i was actually thinking of taking business management classes after grad.I don't want to take any now because I'm already forced to not work in the dealership this semester due to my stupid schedule.

My friend is starting his own landscaping business and he is taking bis. management.He hates it but knows it will help him.