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Nigel Mansell
01-08-2010, 08:52 PM
I'm thinking of starting my own business - opening a garage and doing winter tire and remote car starter installation in the winter and car stereos/alarms in the summer. What kind of start up costs am I looking at? I should mention that I know absolutely nothing about running a business. Thanks.

bubbley
01-08-2010, 08:55 PM
hmmm i think u will need to provide more services and sell products. With the services you listed it will be hard to even pay your lease on the 'garage'. Also, crap load of competition out there as well...

Edit: a good strategy would be to find a job at a similar type of garage and work there for a bit and pick up the different skills required to run a business etc.

GL

coventyhills
01-08-2010, 10:27 PM
What happens when a person is waiting for an alarm install and needs to do a #2? Washroom facilities nearby?

banned3x
01-08-2010, 10:45 PM
KEEP ALL YOUR RECEIPTS!!!!

gqmw
01-09-2010, 12:20 AM
There's a couple of entrepreneurship books that might be really beneficial to you. If I find the list I had again, I'll be sure to post or PM you. Just remember to look at the legal aspects of starting a business as well as the costs.

Legal issues are huge in starting a business. If you don't know anything about running a business perhaps it would be a good idea to find someone who does, to partner with in order to complement your weaknesses.

Have you started a business plan yet?

TomcoPDR
01-09-2010, 04:23 AM
May I ask what type of skills do you have to qualify to start this business? For example, have you went through an electronical diploma type of course at least? Have you been employeed by a stereo/alarm/R.S. shop before and confident to have the necessary skills to run your own show?

How would you be funded? Will you offer and stock up inventory for customers to test out (this cost a lot of money, as this industry changes every few months, IMO, so you need customers for inventory turnovers), or will you be install only (i.e. where customers bring you their stuff to install)?

When you say "garage" are you talking about at a residental garage? Or a shop garage?

You need to at least start going to your local city (from whereever it is from Manitoba: Winnipeg? Roblin? Portage La Prairie? Brandon? did I miss any cities?)... Each city will require a business license, then in automotive, you may require a trade license (in Alberta, it's called AMVIC: Alberta Motor Vehicle Industry Council)

Also, when you're dealing with public customers, it's wise to incorporate your business. (instead of running it under your name, etc...) In Alberta that's about $200 at least

Good luck

UndrgroundRider
01-09-2010, 08:09 AM
Originally posted by Nigel Mansell
I'm thinking of starting my own business - opening a garage and doing winter tire and remote car starter installation in the winter and car stereos/alarms in the summer. What kind of start up costs am I looking at? I should mention that I know absolutely nothing about running a business. Thanks.

:rofl:

Starting a business with no business experience = fail

Asking Beyond to make your business plan for you = epic fail

cancer man
01-09-2010, 09:24 AM
I'd say depending on location minimum 70 thou to include
equipment and inventory and an additional 10 thou for back up if things go wrong.

I think i under quoted as well.
More info required..I can walk you thru it because it's a bitch.

BlackArcher101
01-09-2010, 12:44 PM
Sounds like you don't have a customer base already. Opening a service shop without a customer base is a disaster waiting to happen. Have you even installed any alarms/stereos yet?

Nigel Mansell
01-09-2010, 08:21 PM
I have no experience starting or running a business. I know nothing about remote starters or wheel alignments and even less about cars in general. I was looking more for tips about how to apply for a business name, what kind of zoning you need to open a business, applying for a business loan, that kind of thing.

Zhariak
01-09-2010, 09:27 PM
Originally posted by Nigel Mansell
I'm thinking of starting my own business - opening a garage and doing winter tire and remote car starter installation in the winter and car stereos/alarms in the summer. What kind of start up costs am I looking at? I should mention that I know absolutely nothing about running a business. Thanks.

If you already know the industry and the trade (ie. Have the skills), then you're halfway there... The second part is giving up your personal life...

As for costs, you'll typically have your business focus related stuff... Example is tools, machinery, etc...

When it comes to business, it varies. Alot of people won't do anything without a lawyer, but myself and half of other business owners do it all themselves.

Simply go out, get incorporated (you can do this at any corporate registry, most auto registries do this). Pickup any black book (you'll use this for your corporate one-person business meetings you have with yourself). Pick up a copy of quickbooks (for your accounting).

Because of your type of business I'd say you'd probably want to get insurance. In most cases, by incorporating you have zero personal liability (ie. They sue your company, not you. If they win a billion bucks, you simply dissolve corporation and your scott free). But if your business grows, has value, and to keep your customers happy, you will probably want to get a million bucks or two worth of insurance (incase you put tires on someones cars, it blows up and they run into a building downtown while doing 140km/hour, and then sue you cuz the tire blew)...

Keep in mind with limited liability, in most cases people use it just for protection, and not to screw people over. But me personally I've had clients who have had money problems, disolved their corporation and started up a new one, then refused to pay all their old bills...

Getting insurance will give your customers a clue your reputable, and will also give them a piece of mind.

And don't forget your GST number! You don't need to collect or pay GST unless you do a certain number of sales. I've argued with friends who don't want to get the GST number write away.... Thing is, it's free (online with the gov), and it makes it WAYYY easier...

Make sure you pay your GST, corporate taxes, and personal taxes on time. Don't lie or the tax man will capture you and put you in a box with no breathing holes.

There's my drunken rant for the night...

Zhariak
01-09-2010, 09:32 PM
AND!

Sorry, I read your first post wrong. Thought you said you were doing it in your garage...

As for getting a commercial garage to work in, you'll need collateral or a kick ass business plan, with some sigs to back you up...

Personally, getting dough to start a biz, if you don't already own 50+ that make millions in revenue is going to be hard.

BlackArcher101
01-09-2010, 11:13 PM
Originally posted by Nigel Mansell
I have no experience starting or running a business. I know nothing about remote starters or wheel alignments and even less about cars in general. I was looking more for tips about how to apply for a business name, what kind of zoning you need to open a business, applying for a business loan, that kind of thing.

This guy HAS to be a troll. :eek: If not, then wow. Good luck getting a business loan when you tell them you don't actually know anything about the work you want to do.

Nigel Mansell
01-09-2010, 11:25 PM
Originally posted by BlackArcher101


This guy HAS to be a troll. :eek: If not, then wow. Good luck getting a business loan when you tell them you don't actually know anything about the work you want to do.

take it easy, opening a business is something i would like to do down the road, in five to ten years, after careful proper research and preparation.

I'm not hard up financially and I can easily afford the numbers quoted in this thread. Any more suggestions are welcome. Could someone recommend a good book on the subject? Cheers.

BlackArcher101
01-10-2010, 12:12 AM
Originally posted by Nigel Mansell


take it easy, opening a business is something i would like to do down the road, in five to ten years, after careful proper research and preparation.

I'm not hard up financially and I can easily afford the numbers quoted in this thread. Any more suggestions are welcome. Could someone recommend a good book on the subject? Cheers.

Go to your local chapters book store. In the business section there will be a lot of books on the subject, including one in the "How to for dummies" book which will give a basic start.

liquidboi69
01-10-2010, 06:16 AM
$500 is what a sole proprietorship takes to startup if I remember correctly.

Limited liability corporations/partnerships are a bit more expensive, and corporations cost a few grand to set up in Calgary (if I remember correctly?)

So you have to pick which one you want first of all...based on your business plan, and start from there. I'm hoping you know the differences, and which one you are looking to set up. Or else don't even bother.

Other start up costs; equipment, insurance/bonding, operating costs, licenses, and etc overheads depends on the scope/size of what you're planning.

No one can really tell you how much it will cost, you should have an idea of the scope, what you want, and how much it will all cost. If you don't, then it says you have absolutely no business plan/idea what you're doing, and I would advise you to figure those out as step #1. You can make it as complicated/ambitious as you want, or as simple as you want.

Maybe go talk to a lawyer, or a construction/project manager. They can probably give you an idea of running costs, licenses/permits needed, etc as long as you have a clear idea of what you are planning. Be ready to wait a decade for anything from city hall (permits/licenses.) Maybe go talk to them as well before you do anything.

PS: no offense...but your question is like "how much does it take to buy a house." The house price, insurance, property tax, utilities, etc all depend on your criteria. What SQFT? What location? Duplex/fourplex/layout? Siding? Garage? This is why I said only you can answer the question of "how much." Because you did not give any criteria/details, and only you know what you want to do in your projects.

Are you planning a huge high end type garage with multiple reputable employees? A small at home garage? There's going to be a huge cost difference between the two. Where do you want to fit market wise...not enough info. Do you have a clear idea of what you want?

InRich
01-10-2010, 12:56 PM
Originally posted by UndrgroundRider


:rofl:

Starting a business with no business experience = fail

Asking Beyond to make your business plan for you = epic fail


he said it best.

Rat Fink
01-10-2010, 09:46 PM
.

B20EF
01-11-2010, 10:05 AM
Originally posted by Nigel Mansell
I have no experience starting or running a business. I know nothing about remote starters or wheel alignments and even less about cars in general. I was looking more for tips about how to apply for a business name, what kind of zoning you need to open a business, applying for a business loan, that kind of thing.

I hope this is a drug front or else you're in for a harsh reality. Also you're in Manitoba, most of us wont know anything about your zoning, local laws etc.