Help Me Quit My Job

[surflvr911sc]

I need your help, in about three years my wife will be able to support me quitting my job and change jobs or starting my own business. I want to start planning now so that I can do what I need to do by the time we get to that point.

First thing I need to do is decide what I want to do. I’m 31, and have spent the last 14 years working for the Gov (military/civilian) as an aircraft mechanic. I have accomplished very little college but have an aptitude and experience w/ many mechanical fields.

The first and easiest option would be to turn toward civilian aircraft, I would not want to go to commercial aircraft. Although, I think I want to get out of aerospace and do something different and this could always be there to fall back on.

I wouldn’t mind going to automotive if it was where my interest is, read P-cars. I could get the certifications I need and go work for a shop, but I am afraid that w/o experience I would end up as a shop boy until another mechanic dies.

The option I feel I would like to pursue the most is my own business. My interests are P-cars, aircraft (full scale & R/C), surfing & Hobie Cat sailing (not much business if I stay this far inland), & aquariums (reef mostly).

It seems that getting into the car business is pretty tough and there are a lot of different aspects of it; parts sales new/used, repair, manufacturing, paint/body, and many successful businesses seem to do all of it to a certain extent. I look at Chuck at Elephant Racing and think that I would really like to find a niche like that. Timmins is another specialty business that the west coast doesn’t really have yet, and I know I could do better than him if the market allows.

I’ve thought about a R/C or Aquarium shop or service, but both are very difficult to succeed in at the small business level, judging by the shops I’ve seen.

The best thing I have going is that I wouldn’t need to support a family right off the bat, I admire the guys that have the guts to start a business under those circumstances. I would be able to absorb a loss in order to get something off the ground but I want to do it right and not be destined for failure either. What do guys think? Any advice for a guy that has no idea what he wants to do or how to get there?

[concentric]

Originally posted by surflvr911sc
I need your help, in about three years my wife will be able to support me quitting my job and change jobs or starting my own business. I want to start planning now so that I can do what I need to do by the time we get to that point.

First thing I need to do is decide what I want to do.

Why don't you figure out which area of interest would be the most fun to work in? Then you can do some analysis of successful business models in that field and figure out where you want to go from there. My reason for suggesting you do it this way is that life (IMO) is really too short to not have the maximum fun possible, and finances sound like they're not too much of a major issue.

Choose something that you'll be able to do for a while, and possibly an area where you can get friends involved. I'm kinda retooling my career right now by doing three jobs at once (financial necessity dictates this), but the plus is that two of the jobs are working for friends that I respect. Even though I've been working 80+ hours per week, I've been having the time of my life and been kicking some serious ass along the way.

Hope this helps out a little.

Jason

[dd74]

Ryan: niche is everything these days. What we do at Clampett is a niche - and we're the best at it because of our experience in animation, retail, our deep connection to the big studios, and our undying love for classic animation.

On the opposite side of the coin is my wife's friend in Brooklyn who has no connections, but is extremely hard-working and from her undyling love, has started a successful gourmet dog bisquit company begun in her own kitchen. In less than a year, she's netting world-wide sales. But her deal is also niche - plus going to dog parks to talk to people, emailing even more people, having a website, packaging, promoting - all that.

Use her as an example of what you need to do to get your name out there: exposure is nine-tenths of the battle. The last tenth is your talent. As they ask in H-wood, "What can you do?" you say what you do, then give over your "leave behinds," (cards, brochures, website) to prove your case.

Now, what can you do? If you can out-do Steve Timmons and no one in Southern California exclusively performs engine transplants such as yours, you may have found your niche.

[vash]

why not take a few classes to get a feel for the new world?

[RickM]

Remember that for many a love can quickly sour when used to derive income. This is not a wives tale.

Finding what you want to do is one thing but there are many other aspects to consider when running even the smallest business. Lots of stuff you most likely don't like doing.

Then you have to consider how comfortable you'll be in one of the following categories:

- Tried but didn't make it
- I think I'm breaking even
- Paying the bills...this isn't too bad....it's my life
- I'm doing so well that I'm going skiing for the week. (This most likely means you have people doing the work for you. Is this what you want?)

I don't want to seem discouraging but I'd like you start a venture with full knowledge of what it takes. I'm a sometimes successful entreprenuer. Wouldn't have learned without failures.

When you decide what you really think you want to do then work part time with someone who does something similar or where you can learn a skill required for your dream. Or better yet find someone who does exactly what you want and is ready to retire.

With a couple of years to PLAN you're doing the right thing. Plan, plan, plan....then plan some more.



Best of luck!

[dd74]

Rick is right: there are bad days. It's not an easy go by any means. But as you outline, you may be able to deal with one income, or smaller income in general, which is always an advantage in an entreprenurial situation.

[surflvr911sc]

Thanks for the advice guys. This has really been picking at me for I while and I really want to gain direction here. You’ve given me some good things to think about and confirmed the direction I would really like to take, my own business.

Unfixed, not sure what you meant. I am willing and able to take classes on anything that will benefit the direction I choose to take. I’m sure there are also classes that would help me define that direction.

I’m not going to kid myself and think that after one conversion I can just start up a business doing it but that could turn out to be a part of it.

I like what I do now. It’s a good job, decent money, a future, and a retirement, but I don’t want to do it for the next 25 years. I’ve thought about the love turn sour aspect and that is a fear for me, but on the flip side, and I may be flat out wrong, it seems that many successful businesses are also a labor of love. If you don’t love doing it, it can be hard to put all of your heart into it.

I want something I can enjoy doing, and have the flexibility of working for myself. Sure I want to make money, but honestly money is secondary consideration, if it only pays for itself for a while that will be ok as long as the potential is there.

[Joe Bob]

How far are you from Riverside? I know a 914 guy that also does 911s and owns a shop....

[surflvr911sc]

I drive through Riverside daily on my way to work. I probably know of the shop?

[Joe Bob]

Try Precision Motion, ask for Glenn Sager.....I spoke to him....says to call him. 909-784-0425

He says he knows you....still wants to talk to ya....go figure.

[RickM]

Again, not to be discouraging but to bring a couple of things to mind.....


Quote:

"it seems that many successful businesses are also a labor of love. If you don’t love doing it, it can be hard to put all of your heart into it."

Very true but you have to love business as well. When it's 3am and you just realized a vendor didn't send you that custom part after 10 phone calls and you're deadline is 8am. OR...the great guy who you rushed a conversion for to get him to race day and his check bounced....how come he doesn't answer his phone anymore?

- Inventory (That custom adapter takes 4 weeks to fab)
- Cash flow
- Disgruntled customers. (Engine blew: had to be the way you installed it. See ya in court)
- Legal fees (Non litigation related)
- Accounting (Oh what fun)
- Should I patent this new idea?
- Brochures, marketing, Website
- Advice seekers(AKA tire kickers or time consumers)
- Ok I'll stop

"...if it only pays for itself for a while that will be ok as long as the potential is there."

You've arrived at a very important milestone when a business pays for itself. Plan to lose money. If you don't great if you do you're prepared.

Actually, you can get a good taste by watching (and reading between the lines) those custom chopper builders' shows.

[Joe Bob]

If you are not stuck in the area....there is a guy that is bailing on his BMW/German air cooled shop....been there for 19 years. But ya gotta move to Santa Barbara....

[turbo6bar]

I agree with many points Rick mentions. Be cautious of merging play with work. Some people are lucky to play when they work, but most times work is totally separate from play. Think about it. When a Porsche mechanic goes home, does he work on his 911S? I bet not.

I do agree niche is a good place to focus, but you gotta do your homework. Go for it. You aren't getting any younger. Seize it.

In my opinion, a business dominates an owner's life. I don't intend for that to sound negative. A person who is in their zone will think about their business all the time, but not necessarily consciously. Real estate always hovers in the back of my mind. I'm always thinking, analyzing and reanalyzing, visualizing several pathways and thinking about my next 3 moves. You could almost call it a sickness, but it's the good kind.

As you research your opportunities, you'll find there are many facets to being successful, and while there are many general tips and keys, the answer to some questions may only be found in you. Perhaps one day, after months of searching, it will all click, and you'll say to yourself (ala Grey Poupon guy),"but of course!!!"

Use the next 3 years to plan and grow. It will take time. The best things in life require patience.

>
Jurgen

[Moses]

An important question is whether your primary goal is to make money or indulge your passion.

I have a friend who loves horticulture. He had a small plant shop and landscape architect service. He nearly starved. Now he has 5 crews doing landscaping maintenance (mow, blow, and go). He no longer "loves" his work, but he is swimming in money and looks more relaxed and happy than he has been in years.

[nostatic]

when I was an undergrad, I entered as a music major. I started into science, and remember talking with my organic professor as I was thinking about double majoring (and going an extra year) or just doing chemistry. She said "you can do chemistry for a living and music for fun, but you can't do it the other way around."

While that isn't completely true (I know a few amatuer chemists...or at least used to know them), I think the point is that if you have something you love to do, when it becomes your livlihood it ceases to be something you love. I love playing and writing music, but if I had to made a living at it, the compromises I'd have to make would kill the fun.

Find something you're good and and can make money doing. But given how good your car work looks, maybe that is the way to go. How about freelance? You could hook up with local shops and do their 3.6 transplants.

And I used to do RC planes with my day years ago. I've been meaning to get back into it since my son is getting old enough to think they are "cool."

[LeeH]

You don't always have to love what you do. That's nice and poetic, but not truly necessary. I looked for a business I could love for a couple of years. Once I realized that what I really wanted was to own a good business that I could grow, it didn't take me long to find one.

When the business broker called me to tell me about what would become my business, I could tell that he was afraid I wouldn't like it. All it did was install window screens and plastic window grills (some call them mullions).

To make a long story short, I started with three employees and ended with twenty five. When we sold the company after only three years, the selling broker's commission was greater than what I paid for my business originally! I can't say that I loved window screens, but I certainly look upon them fondly!

[surflvr911sc]

Originally posted by LeeH
That's nice and poetic...

Yes, poetic indeed. Moses kind of nailed it; I’m looking to indulge my passions more than I’m looking to make money. Obviously, if I didn’t care about making money at all, I could just stay at home and play on my own car.

I don’t need to pay the mortgage, and I’m not looking at a retirement here, I plan on flushing that down the toilet to do this. I want it to be profitable but will want to retain the ability to shut down for a week and go on vacation. I will not need to work but I want to, so I might as well enjoy it.

After doing some thinking, I realized that I do not have buy all the equipment and machinery to make products, and that I can take an idea and have them made for me to sell. I do enjoy being on the manufacturing side though, I like making things. This made me think about being able to start small, soon, working out of the garage. Build a name, see what works and what doesn’t, see if it will grow into something that can I take fulltime when the time comes.

Maybe my Cool Collar is out there somewhere…

Hmm, I have a lot of thinking to do.

BTW, thanks to all. I knew I would find some honest BTDT w/ you guys.

[dd74]

Of course I forgot to mention in our business we have royalty payments each quarter. I just received this month's blood letting.

Medic!

[vash]

what about buying into a SNAP ON franchise?

[Halm]

Originally posted by unfixed
what about buying into a SNAP ON franchise?

Unless they have changed, money is only a small component of getting a Snap-On route. In the past, at least, there were extensive interviews, tests and evaluations. They really look for a particular set of skills.

Also you can have a job that you love and make good money out of it. I was in medical devices for over 20 years including owning my own company with up to 35 employees. PC's were a passionate hobby that I made into a business. Today, my wife and I are a 2 person shop -no employees to worry about!!!- specializing in Microsoft infrastructure products and we have never made more money, or had more fun than now.

But as several folks have mentioned, you must have a niche, something that seperates you from the crowd.