Hey there, Just got some general questions. Im a Diesel tech, For international. I always seem to get a good amount of work off the clock * at home* Which is fine, good pocket cash. Real good most the time. But Im thinkin about doing this as a second job, I am already but its more on a word of mouth basis ya know? if i was to open a shop. What kind of insurances would i need to obtain? Or a better quesstion is where? I myself am newer into the field at a ripe ole age of 21 haha. But i figure if gonna do this i might as well do it right

 

Well, "doing it right" means "paying taxes", so...

 

What makes you think that I'm not serious about the whole "taxes" issue???

You would have to be hella serious to be to the point that you have to go through all the "small buisness" hassle, and then foot the insurance and whatever the associated fees are and such. I would assume that this is something that you desire to work full time on, then.

In which case I congratulate you on your upstanding "let's do it right" mentality... Obviously some are more responsible than others... If you want to go through all of the book-keeping and paperwork in exchange for your future, then I respect that greatly and expect you to one day have your own 'large' small buisness. I would expect that with that attitude you are a natural leader.

I know that I wouldn't go through the paperwork for $500.00 of sidework a year, nor do I know anybody that would. And you're right, I don't bother to even pretend to keep track of anything I get under the table. Actually, I don't get anything under the table...

 

I apologize for misreading what you had said, actually i seemed to of blown up so i had already deleted my post opps. Anyway. What i had said was it was around 500 or so off, But i usually did a few services, clutch work, wheel seals and what not, anyone who drives truck and maintains the truck knows what that cost people. But it was something like 9 clutch jobs 32 services 15 wheel seals and so on.

The reason i think it may be worth the hassle is if i did what i did on a part time whenever someone called me up type basis imagine what you could do when you had people comming to you instead of the 80+ hour dealerships ya know? And this is why im looking into it, Thanks for your info and sorry for the miss understanding

 

Musta been a few posts removed ... cuz I'm lost. Oh well ...

Kingofdodge ... good on ya for wanting to do it. Only advise I can offer is to keep doing LOTS of research before you jump into it. But don't let it scare you out of making things work on your own. There are hoops to jump thru but there are also people who have done it and are willing to help you along.

TRAINING !!! never stop training and learning your trade. Many small-time operators get wrapped around the axle with the day to day grind of the business and don't learn the new stuff. It should be considered an investment in your business.

Good luck, I support your efforts,
PISTOL

 

To open a truck shop and do it right is very costly.....mimumin would be some kind of garage keepers liability insurance to protect you in case one of your repairs fails or damages someones truck...you'll also need coverage to test drive and store another persons truck while your doing repairs

Some local codes also require a performance bond......besides a business license and a sales tax permit

If you have Home Owners insurance talk to your agent about this.....some home owners insurances will drop you if you operate a business from your home

 

I've been in buisness for about 25 yrs. in a few states and as for ins. it depends on the state but all of them seem to have a service station ***. some seem to do better for the members than others [ Calf.good , Minn. bad ] check your yellow pages or better buisness bearu.i

 

I helped a friend get going a few years ago, with his shop. And one big problem is getting tied up in one area of the business and not keeping an eye over the whole deal. Paperwork will kill you, a good book keeper that won't rob you blind is worth the money, once you get going. Training, keep up on the it. Knowledge = money. Prepare to pay your taxes quartley, put money back into your business.

First and foremost in my opinion, HONESTY. I have helped a few people get their business going and their honesty has made them wealthy. "Here's the part, here's how much it's going to cost and I stand behind it" And when its something minor, its something minor. They will come back...

Good Luck!

 

It is pretty simple actually especially if you are working out of your own driveway.

Start by getting your business liscense which usually involves spending the day chasing from one County entity to another and about $300.00(depends on county). Ficticious names are an extra $50.00.

Take your ficticious name statement to your bank and they can set you up with an account with your business name and such.

Accounting is actually made quite simple by the use of Quicken or Quick books, whichever you choose make sure that your bank readily supports online banking using them. With these programs you can print out any Report that you want including end of quarter or year end tax information. Take these to your tax man and you are good to go.

Business phone is mandatory as well as a computer

Business cards, marketing, and advertizing are a must especially if just starting out. Flyers on door ***** to yellow page ads just start small and think big!

Insurance is where you will really take it in the shorts, but it is a necessary evil and buy the most coverage that you can in case something goes wrong with that last brake job the you did!

Opening a shop is a whole other can of worms! I'd start small and build as you go unless you have 40-50k to invest!

Hope this helps!

Rick

 

My dad started very much the same way. He was moonlighting while he worked for several places in the industry (1968-1979). He built a reputation during that time and started his work mobile. There are +/-. People tend to think "no overhead= cheap. He has always carried shop insurance to protect his family. He has never done any advertising. It has all been word of mouth. He is not just a mechaninc but also a very good fabricator. This has brought is a large portion of business that just clutches and services would not have. We do have friends that have made their businesses based on those items though. As mentioned several times above, KNOWLEDGE. The more you have, the more you can do to make money when things get rough.

The business side can be overwhelming at times. Just stay focused. I started working with my dad on all my vacation time from school when I was 7. Cleaning tools getting tools. It has made me a very versitile mechanic. I also got to see the business side. All this knowledge has transfered directly into my current job and has helped me get here in a short time.

Randy

 

One of the best ways is to get in touch with your state government. I don't know exactly which department to talk to, but there should be a general info line that you could call. From there you should be able to find the right place. They would rather you did it the right way and not have to go back and try to straighten it out some time later. Yes, that is the voice of experience talking. Also get ahold of your tax department to find out their forms and ways of doing things, again for the same reason as above. Then there is the name thing. Around here you need to publish the name in an approved newspaper for the name to be valid and see if anyone wants to contest your choice. There are too many things that can trip you up so contact the state government in your state for the proper way to get started.
Tom

 

Protect yourself with a corperation of some sort. There are many tax advantages to this and it protects your personal assets.