Going on your own..

[Keithmac]

Just interested to see how many people on here have gone on their own and made a good go of things?.

It's probably a couple of years time for me where if I want to it will be now or never really.

Was it worth the hassle or was it a mistake?.

I'd say I'd be probably £5k into diagnostics equipment for EFI plus my own tools and I could work on Motorcycles from 1970 to 20203 onwards really.

What do you do, could be best thing you've ever done or the worst!.

 

[mtt.tr]

Self employed since I was 18, 30 now I tried employment for a bit was far too frustrating.

My only thing would be know your costs, very easy to lose sight and start loosing money.
Be good with customers but don't be taken for a fool.

 

[500e]

Since I was 22 80+ now, a good wife helped.
As @mtt.tr says know your overheads be fair and straitforward

 

[Hood]

....

I'd say I'd be probably £5k into diagnostics equipment for EFI plus my own tools and I could work on Motorcycles from 1970 to 20203 onwards really.

What do you do, could be best thing you've ever done or the worst!.

You planning on living a while then?

 

[winchman]

As mentioned know your operating costs and be prepared to walk and find a job if the business isn't performing. Time are very tight at the moment so you have to really keep your eye on the ball

 

[zzr1200]

" I could work on Motorcycles from 1970 to 20203 onwards really."

Please tell us when did they realise, that EV's didn't work out long term.

 

[frank horton]

started fixing mopeds at 11, now 74........self employed except for a five year apprentice.......
worked out for me BUT u have to be adaptable.....and happy for long long hours......
unless ur v lucky ur work group of vehicles wont do it......thats if u work from home with no overheads....
Not worked in the UK for 30 years and it was a ****e hole then.....BUT cheap......!!!!!!!
well by comparison.....

 

[premmington]

Self employed most of my life.. And it the motortrade.

It less a financial choice more a lifestyle choice. You gotta be prepared to do some hours to make it work. Not all of them will be well paid hours either!

Another thing is - the general rule is - the bigger the vehicle the more money you can earn repairing it. It is that simple - the final bills are bigger for £100k lorry than a £3-10k motorbike.

Motorcycles are small - so thus your earning potential will be smaller.

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Not many people succeed with a motorbike shop - bike shops come and go...

Have a look round you local area and count how many are left and it won't be many mate...

When I was 16 ish there was seven motorbike shops in our town - now there is two and one of them is up for sale. Nearest dealerships are 40miles away.

That is for a town. Even most villages will stand a local thriving car repair garage...

I do a few bike repairs in my workshop - what I can tell you is - the bikes always hang about after the repair - truth is - apart from a few 125cc and scooters - everything else is hobby based transport - nobody is desparate to pay to get them back and use them. Even the paint sprayer opposite me - hates doing bike parts as they just sit in his workshop for months awaiting collection.

I always fancied a bike shop - but I don't reckon I could make it pay...

 

[angellonewolf]

i dont think round here there is even one place for bike repairs they all closed one i know now does go kart repaires but hes at the top of his game on that and used to have engines shiped from over the world to him so he can do his magic

one bloke had an engine from him took it to a meet and was running allover every one else leaving them in his wake and above all all leagle as any upgrades are forbidden and cheaks are done to make sure there are no non allowed addons

he dones not tell any one how he does it but that is how he earns his money i think by now hes fully retired

 

[8ob]

I thought going self employed was something that evolves rather than something you jumped into balls deep. As in build up a trustworthy client base until its a size that could support a livelihood before giving up the day job.

Bob

 

[premmington]

I thought going self employed was something that evolves rather than something you jumped into balls deep. As in build up a trustworthy client base until its a size that could support a livelihood before giving up the day job.

Bob

No... I saved some money up and just "jumped in BD".

If you build Rome they will come - they will - that was 38yrs ago. I not starved to death...

Looking back - how I survived the first five years I don't know - but I did...

 

[Brad93]

Wouldn't recommend bike shop to be honest. My pal runs one, makes 2T exhausts, buys/sells bikes, has a full time mechanic and a dyno.

You'd be better off with a job in tesco to be honest.

Buying/Selling bikes used to be their main income source, and could be fairly lucrative. the covid happened and stock started drying up, couldn't buy stock from japan or europe easily, increased transport costs etc.

 

[winchman]

Personally I would keep the day job and see if you can make the bikes work in your spare time.
The comment above re people not using bikes like they used to more of a weekend luxury item is true, I don't know many who commute on a bike now.

 

[8ob]

I have been thinking

I don't think we know enough about Keith's circumstances or aspirations to dish out sound advice. He may well be at a time in his life where he has had enough of the humdrum 9-5, he may also be financially secure and not need a full time job.

Bob

 

[premmington]

I have been thinking

I don't think we know enough about Keith's circumstances or aspirations to dish out sound advice. He may well be at a time in his life where he has had enough of the humdrum 9-5, he may also be financially secure and not need a full time job.

Bob

Valid point...

 

[redlig]

it always seemed to me as i visited 100's of bike dealers that there were two types of dealer .one was run by a bike enthusiast who was often an ex competition rider and was backed up by family ,wife /son/daughter etc. Other type was a large dealer ,possibly in a group . The manufacturers didn't want the little guy as it wasn't cost effective no matter that he probably offered better aftersales service but would offer many incentives to big guys who sometimes would supply the smaller dealers at a reduced discount. A good stock of fast moving parts is not a small investment and usually available next day from Fleabay at a reduced price.
Then you come to the customers ! how good are you at putting up with a high % of wannabe know-all's or scroungers hiding behind the heading of "enthusiasts". No all, but enough to make life less fun. It seems like a good way to turn a hobby into a living .It can be done but not an easy ride.

 

[grim_d]

I went on my own in 2020. Its been rough. I nearly shut the doors a few months ago.

Location Vs trade seem to play a huge part in it.

With what I'm doing It doesn't seem to matter how good you actually are, if you don't look good on social media or spend literally thousands per month on advertising its hard to get work through the door.

Need to know your market before making a decision I'd say.

Try not to let it take over your life. If it's just you then you have to do every part of the business...even the "non-productive" bits and it can be hard to justify that time to yourself.

 

[reb78]

a good wife helped.

A bad one will send you under....

 

[premmington]

People over the years - have talked to me about business and risk.

I am just a simple person.

1. I am car mechanic so I had tools and was always gonna be buying more tools.

2. I bought the freehold of my workshop - but buying property is not risky - it is one of the best things you can do in life.

3. Cashflow is fast in the motortrade - mostly the punter pay when they take the car - long before you gotta pay for the parts - there is no 90day wait for money - its is all pay or don't get your car back - or we sell your car off to cover the bill. It not like putting a new roof on someones house and driving off in your van and waiting for the cash.

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If I had a PAYE job - it is risky too - if you get things wrong - you get the sack - if your boss gets things wrong - you get made redundant.

If anything the best bit of self employment is - you have full control and other peoples mistakes don't affect you - only your own!

Everybody moans about the administration part of running a business - insurance/tax/invoicing/purchasing - but in reality if you can sort the bills out for a household - it's no more involved doing the same for a small business. Create yourself a simple filling system - a simple accouting system and keep on top of the entries.

All I wanted from self employment was to earn more than someone else would pay me - I done that - that was the simple measure I set myself - I have acheived this - so I declare my efforts a success...

If I was going to do it all again - I would not have gone into the motor repair trade - I would have gone into the building game or a VAT exempt type business - serving the disabled - or even funerals...

But you don't get a second go at life kids...

 

[bricol]

This conversation has been repeated a few times on here.

My dad was self-employed and did okay - until the stroke he suffered when I was 15 anyway. But he's why I work for someone else. From 4.30pm, mon-thurs, and 1pm Fridays, unless I choose otherwise, my time is my time.