Business Future?

Logan-69-Camaro · 07-21-2009, 09:51 AM

I have a dream one day of opening up my own automotive business, dealing with performnace parts for domestic and even import vehicles. My question to you guys is, how would i start this? How would i get the suppliers to get parts to my shelves. I really dont know how this works i mean i know i have to have a business plan note etc, im only 19 yrs old, trying to learn so i can know what im doing to be successful. I have heard its a big risk, big reward chance on opening a business. I have a family members that have opened a business, i want my own hours, i want to be my own boss. My fear is that just because i have my own business doesnt mean im going to do well in life. So thats were you guys come in to give me your opinion, your outlook on opening, and diff. strategies.

Stingr69 · 01-30-2022, 11:02 AM

Hard to do, but you may succeed. Pretty competitive online market for the parts so you will probably need to offer something to sell not as easily available in your area. You can start in social media and test the waters.

Keep in mind you need to incorporate and file with the secretary of state, get a tax certificate, business license, several other licenses I forget. Set up a Quickbooks and learn how to use it.

When I was in business, we legally had to pay cash at delivery for inventory (Liquor Retailer). Checks were OK but no credit card or any type of "30 day terms" or financing allowed. I had around $150K plus or minus in inventory at any given point. Many other businesses are allowed 30 day terms.

Rent can be a big expense BUT it might be OK for you to lease a less expensive location for your business. if your business is more of a specialty type where your customers "need" to come to you then locations are cheaper. I know of a local late model dynamometer tuning shop. They are hidden away where you would never see them as you drive by. This shop has about a dozen lifts and they are always at FULL capacity. They are making it work.

bsn · 01-30-2022, 01:07 PM

I would suggest you work for somebody in the business for a few years to get a feel for what your up against. I did it for 14 years and it was tough-that was before the internet. Be aware your parts cost will be just about the same as what a customer can buy it for online-there just isn't a lot of mark up. You will be paying for inventory up front, keeping it on the shelf on your dime and possibly eating it if you warranty a part that the manufacturer deems it not defective. If you live in an area where people are willing to pay a little more for convenience and you can get enough foot traffic it can work. Employees can be your greatest asset or greatest liability-its also much harder to get rid of poor employees now days. Figure whatever the hourly salary is actual employee cost will be at least 2X what you are paying. Be aware its not a 9 to 5 job and there are few if any days off. Once you get established things do get easier and the Distributers will work with you on price and support.

Lockimin · 02-08-2022, 03:38 PM

Quote:

Originally Posted by Logan-69-Camaro

I have a dream one day of opening up my own automotive business through this platform https://virtocommerce.com/microsoft-ecommerce-platform, dealing with performnace parts for domestic and even import vehicles. My question to you guys is, how would i start this? How would i get the suppliers to get parts to my shelves. I really dont know how this works i mean i know i have to have a business plan note etc, im only 19 yrs old, trying to learn so i can know what im doing to be successful. I have heard its a big risk, big reward chance on opening a business. I have a family members that have opened a business, i want my own hours, i want to be my own boss. My fear is that just because i have my own business doesnt mean im going to do well in life. So thats were you guys come in to give me your opinion, your outlook on opening, and diff. strategies.

Hi there

I would recommend to work some time for a successful businessman in your sphere. They could share their experience with you. I believe that could bring you the biggest benefit.

Stingr69 · 02-27-2022, 05:06 PM

Funny - The guy that started the thread has not been here in over a decade. Sorry I dragged up this zombie thread guys. My bad.

ariZona28 · 02-28-2022, 01:30 AM

Quote:

Originally Posted by Stingr69

Funny - The guy that started the thread has not been here in over a decade. Sorry I dragged up this zombie thread guys. My bad.

How the heck did you even FIND it? LOL! Who knows, maybe the guy has been waiting all these years to make his career decision based on advice from a bunch of car guys. Not a bad place for positive inspiration but rather unconventional.

Camaro_QC · 02-28-2022, 06:14 AM

That OP is probably the most successful parts guy we've seen recently... Who knows.

07-21-2009, 09:51 AM	#1
Logan-69-Camaro Drives: 1969 Camaro Resto-Mod, 468 BBC Join Date: Jun 2009 Location: Midland, TX Posts: 49	Business Future? I have a dream one day of opening up my own automotive business, dealing with performnace parts for domestic and even import vehicles. My question to you guys is, how would i start this? How would i get the suppliers to get parts to my shelves. I really dont know how this works i mean i know i have to have a business plan note etc, im only 19 yrs old, trying to learn so i can know what im doing to be successful. I have heard its a big risk, big reward chance on opening a business. I have a family members that have opened a business, i want my own hours, i want to be my own boss. My fear is that just because i have my own business doesnt mean im going to do well in life. So thats were you guys come in to give me your opinion, your outlook on opening, and diff. strategies. __________________ 1969 Chevrolet Camaro Base Model -Originally Frost Green w/a 307 and Th-350 -Norwood Ohio Production Car -Came with no rear spoiler, no cowl hood, standard interior options -My Plans: 468 BBC, TH-350 3400 stall, Moser 12 Bolt Posi, Paint (undecided), American Racing 18" TT2's Project: BadHbt

02-28-2022, 06:14 AM	#7
Camaro_QC Drives: 08 Tiburon GS, 2018 Camaro 2.0T Join Date: Sep 2017 Location: Québec Posts: 1,660	That OP is probably the most successful parts guy we've seen recently... Who knows. __________________ 2018 Camaro LS \| 6 spd \| 2.0L turbo \| Nightfall Grey \| RS package \| Technology Package. --------------------- Order WDGHKX 1100 - 5/08/2018 \| 3800 - 6/18/2018 2000 - 5/09/2018 \| 4200 - 6/21/2018 3000 - 5/28/2018 \| 5000 - 6/27/2018 6000 - 6/29/2018

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
got a business opportunity in these tough times!	diddiyo	Off-topic Discussions	10	02-05-2009 09:34 PM
Pre-packaged chap11, sounds like a good plan	Design1stCode2nd	General Automotive + Other Cars Discussion	2	11-26-2008 10:03 PM
New York Times: Siphoning G.M.’s Future	GTAHVIT	General Automotive + Other Cars Discussion	2	07-10-2008 06:37 PM
GM To Unveil Future Business Plans On Tuesday	Mr. Wyndham	General Automotive + Other Cars Discussion	5	06-03-2008 09:02 AM
Steve Dinan: BMW sets the tone for future combustion engine development	Scotsman	General Automotive + Other Cars Discussion	1	03-25-2008 08:06 PM

01-30-2022, 11:02 AM	#2
Stingr69 '69 Owned Since '79 Drives: '69 Z/28 LeMans Blue w/White Join Date: Oct 2008 Location: LR AR Posts: 1,847 View My Garage	Hard to do, but you may succeed. Pretty competitive online market for the parts so you will probably need to offer something to sell not as easily available in your area. You can start in social media and test the waters. Keep in mind you need to incorporate and file with the secretary of state, get a tax certificate, business license, several other licenses I forget. Set up a Quickbooks and learn how to use it. When I was in business, we legally had to pay cash at delivery for inventory (Liquor Retailer). Checks were OK but no credit card or any type of "30 day terms" or financing allowed. I had around $150K plus or minus in inventory at any given point. Many other businesses are allowed 30 day terms. Rent can be a big expense BUT it might be OK for you to lease a less expensive location for your business. if your business is more of a specialty type where your customers "need" to come to you then locations are cheaper. I know of a local late model dynamometer tuning shop. They are hidden away where you would never see them as you drive by. This shop has about a dozen lifts and they are always at FULL capacity. They are making it work.

01-30-2022, 01:07 PM	#3
bsn Drives: 2013 ZL1 Join Date: Sep 2021 Location: Virginia Posts: 302	I would suggest you work for somebody in the business for a few years to get a feel for what your up against. I did it for 14 years and it was tough-that was before the internet. Be aware your parts cost will be just about the same as what a customer can buy it for online-there just isn't a lot of mark up. You will be paying for inventory up front, keeping it on the shelf on your dime and possibly eating it if you warranty a part that the manufacturer deems it not defective. If you live in an area where people are willing to pay a little more for convenience and you can get enough foot traffic it can work. Employees can be your greatest asset or greatest liability-its also much harder to get rid of poor employees now days. Figure whatever the hourly salary is actual employee cost will be at least 2X what you are paying. Be aware its not a 9 to 5 job and there are few if any days off. Once you get established things do get easier and the Distributers will work with you on price and support.

02-27-2022, 05:06 PM	#5
Stingr69 '69 Owned Since '79 Drives: '69 Z/28 LeMans Blue w/White Join Date: Oct 2008 Location: LR AR Posts: 1,847 View My Garage	Funny - The guy that started the thread has not been here in over a decade. Sorry I dragged up this zombie thread guys. My bad.

User Name		Remember Me?
Password