No going back

[snowcat]

Agree 100%, but if you're in good position now, you may not be a few years down the line. The banks will come after your assets, secured or not, if they need to.

True but all business Carry's some eliminate of risk, theres a difference to being blassay and taking a calculated investment....

like everything in business knowing your expenditure and income are key, In 1942 my father started with 15 acres which was bought at action with no means to pay for it, In 93 I continued in a similar vein and was involved in Mortgaging to the hilt to gain a considerable asset we borrowed at over 14% at the time.....

If we had not continued and still continue to look to expand all sectors of the co. then the business would be dead..

It depends on what you want your business to be, and your own personality...

Banks are out there to make money simple as, know what your dealing with I dont expect any favours just capital when needed

 

[Iain Westland]

Jim, your allowed to take your own stuff to the dump for disposal, but you must pay as its trade and you will need the receipts to show how you get rid of it or risk a hefty fine. When you get used to knowing how much waste you create you can look in to a registered collector (Biffa, council etc) and their costs.

Metal, either get yourself a small trailer and weigh it in, or leave it for the scrap lads, depends on how much and how quickly you produce it.

Insurance, you will need the insurance to weld the cars but not to drive them unless you want to collect them yourself, you will also want to insure your tools and earnings but that can get iffy at first. explore a few guys but they are all hard work.

Tools, buy what you need when you need it, and if you aint gonna need it again hire it.

Earnings. Decide the minimum you need to take out of the business and only take that leave and excess in the bank. Remember if you take a holiday you still pay overheads so a week away can cost another weeks takings to break even, better to have a month or two spare in the bank.

Sleep, your gonna loose a lot of it, but sometimes its worth it

Onwards and upwards mate!!!

 

[jim painter]

Jim, your allowed to take your own stuff to the dump for disposal, but you must pay as its trade and you will need the receipts to show how you get rid of it or risk a hefty fine. When you get used to knowing how much waste you create you can look in to a registered collector (Biffa, council etc) and their costs.

Metal, either get yourself a small trailer and weigh it in, or leave it for the scrap lads, depends on how much and how quickly you produce it.

Insurance, you will need the insurance to weld the cars but not to drive them unless you want to collect them yourself, you will also want to insure your tools and earnings but that can get iffy at first. explore a few guys but they are all hard work.

Tools, buy what you need when you need it, and if you aint gonna need it again hire it.

Earnings. Decide the minimum you need to take out of the business and only take that leave and excess in the bank. Remember if you take a holiday you still pay overheads so a week away can cost another weeks takings to break even, better to have a month or two spare in the bank.

Sleep, your gonna loose a lot of it, but sometimes its worth it

Onwards and upwards mate!!!

Rubbish: There is a shared bin on sitewhich is included in the rental cost, or I have an incinerator bin ( which is used outside) for when its really cold. My only waste apart from metal is really cardboard.

Metal: I have been taking my scrap and weighing it in. I do not have the money off that though, I give it my kids so they can get themselves something (normally sweets) and it kind of helps with the guilt a bit when i;m working long hours. If that is wrong then maybe I will have to let the scrapmen take it.

Insurance: What I have been quoted for is 2 vehicles in the unit to £10,000 each, liabilty insurances, tools etc. The guy I spoke with was very thourough and I have no reason to doubt him as he has insured my previous bosses business for longer than I had been there, and I was there for 8 years. Not had a road risk policy yet as I'm not going to be collecting the vehicles myself or driving them on public roads. They go into the unit and maybe come out and get turned round. Plus the road risk upped the insurance quote from £750 up to over 3k

Tools: I agree

Earnings: Once again I agree.

Thanks for the advice I always appreciate it.

 

[Iain Westland]

If its a decent scrap yard you will get a docket with weight on it? So the metal is covered.
Cardboard etc is covered by the shared bin included in the rent so your well sorted there. (And the kids think your a super star so its win win)

Insurance is a joke aint it but thats a good deal and the broker seems to be reputable so alls good.

Enjoy yourself mate, its a bit of a roller-coaster at times but it can be a bloody good ride.

 

[rtbcomp]

I self-insure small tools and power tools. Just put a bit aside each month into Premium Bonds ot your local credit union, if anything gets nicked I draw the cash and buy a new one. Works for extended warranties too!

 

[roofman]

Jim life is a one bullit shot and with the greatest of respect after reading this thread i would'nt get out of bed in the morning in fear of life its self...listen to advice by all means but dont ever take too much on board from internet forums as theres a very wide gap from advice and scare mongery so just go for it and goodluck in whatever you decide..


Disclaimer...nothing ive said above should be taken as gospel and any advice given should be checked 10 times before being acted on

 

[rtbcomp]

To be fair, most of the comments in this thread are people's experiences.

I think the best thing is not to be complacent, naive or paranoid!

 

[roofman]

To be fair, most of the comments in this thread are people's experiences.
I think the best thing is not to be complacent, naive or paranoid!

aye ive noticed that which is the best,but even you will join me for a giggle over the doom and gloom content

 

[jim painter]

All info is taken on board and digested. I understand most people tell me i'm crazy for doing it now.BUT if I can do it now and I can still be here when things get better for everyone I will know I have done good. As I have said before i appreciate all the advice.

Autocare: To answer your question re:insurance.....Yes its a total joke.
I cant get insurance easily to cover vehicles, the public etc but 17 year olds can go out and buy fast cars and get insured, admitaddly exspensive but none the less its easier than business insurance.

 

[brightspark]

its not all doom and gloom if u are fairly handy u are not just stuck to welding for a living .do any job that brings a crust in . i mainly stick to my own trade but sometimes do joinery plumbing plastering welding and a host of other things whatever i can be bothered with as long as the punter pays all i will say is get some funds built up in the 1st year if u can and dont over spend . then if u have a slack period u can ride it out ive only been skint once in 10 years down to £1ooo in the buisness

 

[rtbcomp]

At the end of the day, working for yourself you've got a bloody good boss!

Now is always the best time to do something, make your mistakes early while you've got time to recover from them, and when things pick up you'll be up and running whereas most of your competitors will be just starting out.

 

[roofman]

All info is taken on board and digested. I understand most people tell me i'm crazy for doing it now.BUT if I can do it now and I can still be here when things get better for everyone I will know I have done good. As I have said before i appreciate all the advice.

Autocare: To answer your question re:insurance.....Yes its a total joke.
I cant get insurance easily to cover vehicles, the public etc but 17 year olds can go out and buy fast cars and get insured, admitaddly exspensive but none the less its easier than business insurance.

ahh the good ole public liabilty insurance...ok get this bud,ive been trading over 30 years in hot pour roofing,never claimed or had an accident,taken every risk asse course for site work under the sun and have a full waste carries license so i could call myself pretty much up there with knowing what i do, but i pay thousands each year in insurance which after each year when ime 12 months better than the last at what i do it never goes down in price..and to add insult to injury ive got a £2,500 excess

 

[jim painter]

I can do mechanicals, Brakes, etc. I have done a little spraying but I wouldn't count that as i'm not much good but with practice who knows. Practice is what got me to the point of going into business :-)

 

[Iain Westland]

thing is, until you try you will never know if its for you. The only hard bit is balling yourself out when your the one who cocked up

 

[rtbcomp]

Sounds about right

Worked for a small Robotic machine tool company, mainly making computer controlled presses, and a bloody good product it was.

In 1999, the company was approached by Welsh Development Agency (a quango set up, totally effin useless and an embarrasment to Wales) along with Midland and Natwest commercial banks and Venture capitalists (mercenary bxxxxxxds). A loan of £650k to develop the business was offered, guaranteed for 12 months (That is, nothing to be repaid for a minimum of 12 months). This is not a lot of money, about 5 decent houses in Llandudno. A fully qualified(?) commercial banker was brought in to efficiently run the business. This guy was a total ********, wanted to increase output by 100%, through greater efficiencies! All of us were averaging about 60hrs a week, without overtime rate. All of us were committed to make the company grow. All of us were jobless before this employment.

After 5 months a big project came to fruition, and all bills were paid. Meanwhile the design team were well on the way with the next project, drawings completed and parts could be made. I myself had over £200k of work lined up, modifying, repairing other make machine tools.

The future to look promising.

I well remember the boss's wife saying to all the engineers "take your tools home with you tonight, cos you won't get them tomorrow"!!!!

The venture capitalists had withdrawn all their money immediately after previous project payment, thus killing the company: no money to trade.
Some time later, the reason given was the interest payment was not forthcoming, with 7 months still to go of a 12 month agreement!

Dear wife is FD of a major employer. THe business has run since 1927, operates in UK, France, Italy, Germany, Scandinavia, S Africa, Canada, USA, Saudi and Dubai.
It has not used UK banks for any loans for decades, only day to day money transactions. Will probably not in the future neither.

This business has probably tripled in the last 35 years, without UK bank assistance. Has used private overseas banks, but I understand via controlled agreements on them. ( You wanna deal with me, you do it my way. Or else sod off! Knowing the big Boss, this I believe).

Imo, banks are for their shareholders, not us

Quote from The Guardian's website re the floatation of Facebook:

"The establishment bluestockings may roll their eyes at the hoodies and bare feet, but look at what happens when the suits take over. Look at HP, Yahoo, or Cisco; regard Apple during its dark age."

 

[Mr_Caine]

Is there enough work in automotive welding, I know it's more than cars but they don't rot like they once did. My brother-in-law is in the trade and he said they hardly do any welding anymore.

 

[jim painter]

I have on my books at the min VW T25 currently working on, VW crossover bay full body resto, VW Splitscreen nearside full resto (did the offside last year), mercedes e190 sills, rear arch and suspension tops at the front and some brake lines, Vw t25 window repairs. Also at the garage I am subbing out to they have 4 vehicles waiting for me to weld up. I have also got some cards into a local garage and they have said they will let me know any mot work etc they have in, also while I was there I spoke to a guy with a MK1 golf, he is after sills and arches plus a couple of other bits. So at the min I think the answer to your question is yes there is plenty of work. But we will wait and see what happens. I just need to buckle down (worked mega hours last week) and crack on. :-)

 

[rtbcomp]

If that's definite work then it's looking good. I find I get a lot of no-shows, even when people say they're on the their way!

 

[jim painter]

These are all definate bookings. I have had, as you say a lot of no shows. It does get a bit tiresome. A little honesty is all thats needed. If your not coming just say. Its not difficult, but I guess thats just the way of the world.

 

[jayg]

my view:
i agree with what a few people have already mentioned, most modern main stream cars don't need welding attention nowadays, they are forced off the roads due to emmisions taxing long before the old tin worm gets a hold.

i see all the vehicles you mention are classics, is this the area you are mainly aiming your services at?

if so you could have a good thing going if you're mixing in the right circles.

don't put all your eggs in one basket though, diversify.