Buisness questions.

General auto enthusiast topics...

Moderators: DEALER1, RichardA, Prin

Yager
Biggest Post Whore Ever!
Posts: 4148
Joined: Wed Apr 02, 2008 8:44 pm

Buisness questions.

Post by Yager » Tue Jan 13, 2009 9:54 pm

With the given economy situation, what kind of buisness do you think would have the greatest chance of not going bottom up.

Body shop.
Basic mechanical shop (which would beat the local prices of labor greatly)
Custom shop. (fabrication, welding, exhaust, paint and body work, basically anything that has to do with customizing a car in an aftermarket aspect.)

Something car related if anyone else has any other ideas.

DEALER1
Chairman of the Whored
Posts: 23692
Joined: Sat Jun 26, 2004 11:39 am

Post by DEALER1 » Tue Jan 13, 2009 9:56 pm

IMO, none of the above. There is NO WAY i would start a business right now.
__Tony_________________________

stuff

Image

User avatar
EvilZ
I absolutely have no life
Posts: 7060
Joined: Sat Aug 16, 2008 7:30 pm
Location: Madison, AL

Post by EvilZ » Tue Jan 13, 2009 10:21 pm

This is just me but intrest rates are really low. If you had a good business plan and good credit it seems like a good idea. I would think a body shop would be the way to go only if you could get insurance claim work, because I'm sure you know that is the easiest way to make consistant money because people are always gonna have wrecks.
Starting a business in a recession is all about timing you want to do it at a time when intrest rates are low but right before the economy come out of it. Unless you have a crystal ball i would be very careful. Espically considering Dealer1 who owns a business it saying its a bad idea, he would probibly know.

BTW Check out Inc. magazine their are some really good articles in it about starting a business.
401k Racing - Like us on Facebook!
https://www.facebook.com/401kracing

User avatar
ChrisT/A
I absolutely have no life
Posts: 7207
Joined: Mon Jan 29, 2007 8:36 pm
Location: Athens

Post by ChrisT/A » Tue Jan 13, 2009 10:24 pm

my business failed,months ago
09 CTS V Sedan : Cam,Full bolt ons ,upper and lower pulley,E85 ,aux fuel system

User avatar
Gibson
I absolutely have no life
Posts: 5291
Joined: Thu Mar 10, 2005 9:09 pm
Location: Arab

Post by Gibson » Tue Jan 13, 2009 10:25 pm

Do you know anything about running a business?
1994 Camaro Z28
2007 GMC Vortec Max - Lifted on 35's

DEALER1
Chairman of the Whored
Posts: 23692
Joined: Sat Jun 26, 2004 11:39 am

Post by DEALER1 » Tue Jan 13, 2009 10:27 pm

ChrisEK wrote:my business failed,months ago
You and 1000's of other people.

I have lost over $70k in the past 6 months.
__Tony_________________________

stuff

Image

Yager
Biggest Post Whore Ever!
Posts: 4148
Joined: Wed Apr 02, 2008 8:44 pm

Post by Yager » Tue Jan 13, 2009 10:27 pm

JAG05Z28 wrote:Do you know anything about running a business?
Well buisness is my current major. That and my father owns a buisness and I could also use him to supervise me and give me sudgestions.

User avatar
EvilZ
I absolutely have no life
Posts: 7060
Joined: Sat Aug 16, 2008 7:30 pm
Location: Madison, AL

Post by EvilZ » Tue Jan 13, 2009 10:30 pm

The biggest mistake some many business owners make is they don't reinvest enough back into company for hard times. I'm going to think of everything from a financial stand point though considering it's what I have a degree in.
401k Racing - Like us on Facebook!
https://www.facebook.com/401kracing

Yager
Biggest Post Whore Ever!
Posts: 4148
Joined: Wed Apr 02, 2008 8:44 pm

Post by Yager » Tue Jan 13, 2009 10:30 pm

DEALER1 wrote:IMO, none of the above. There is NO WAY i would start a business right now.
Yeah I completely understand. Thats why i havent jumped head first yet lol

DEALER1
Chairman of the Whored
Posts: 23692
Joined: Sat Jun 26, 2004 11:39 am

Post by DEALER1 » Tue Jan 13, 2009 10:32 pm

If you have a minimum of $200k layin around, go for it.
If it requires getting loans for everything, i would wait.
__Tony_________________________

stuff

Image

User avatar
Gibson
I absolutely have no life
Posts: 5291
Joined: Thu Mar 10, 2005 9:09 pm
Location: Arab

Post by Gibson » Tue Jan 13, 2009 10:32 pm

Instead of starting a business right now I would advise (this coming from alot of my professors) you to start reading all you can about investing in stock, bonds, etc. And wait awhile 6 months or so for things to start going back up and jump in on that. Alot of money can be made in investing after an recession.
1994 Camaro Z28
2007 GMC Vortec Max - Lifted on 35's

User avatar
EvilZ
I absolutely have no life
Posts: 7060
Joined: Sat Aug 16, 2008 7:30 pm
Location: Madison, AL

Post by EvilZ » Tue Jan 13, 2009 10:40 pm

Investing during a recession should be such a given but it seems like so few people understand this.
401k Racing - Like us on Facebook!
https://www.facebook.com/401kracing

Pr4mnceMan
I absolutely have no life
Posts: 10263
Joined: Mon Jul 07, 2003 9:00 am
Location: Moulton

Post by Pr4mnceMan » Tue Jan 13, 2009 10:43 pm

DEALER1 wrote:
ChrisEK wrote:my business failed,months ago
You and 1000's of other people.

I have lost over $70k in the past 6 months.

Uggghhhh....I don't even want to think about it. :cry: I haven't had a "clear" face the past 8 months...and I didn't even have acne problems in middle/highschool. :?

I also agree with Tony, no way in hell I'd start a-n-y business right now.
Can't fix stupid.

Why should I have to change my name? He’s the one that sucks!

User avatar
Gibson
I absolutely have no life
Posts: 5291
Joined: Thu Mar 10, 2005 9:09 pm
Location: Arab

Post by Gibson » Tue Jan 13, 2009 10:44 pm

I saw a thing on the news were people are saving alot more then they are spending now. Although this makes a recession worst, once people relize things are on their way up and start investing I think stocks are gonna jump quick because they're undervalued right now..
1994 Camaro Z28
2007 GMC Vortec Max - Lifted on 35's

Caleb7
Sr. Postwhore
Posts: 1204
Joined: Wed Feb 02, 2005 11:59 am
Location: Trinity, AL

Post by Caleb7 » Tue Jan 13, 2009 10:46 pm

I am actually expanding my business. Only because the revenue I generated alst year allowed me to purchase new equipment. If you have to get loans I say wait.

Post Reply