New business ideas please

[Dan!]

Any of you that have chatted with me in the last few months will know that I'm fed up with being an employee after years of being self employed or owning my own businesses.

It was only ever meant to be a temporary measure to get me back on my feet, which it's now done.

So what next?

The problem is that I like to work in a boiler suit, but I'm under the impression that I'd make more money in a business suit...

So I'm open to ideas and suggestions to make a target income of £100k, from something involving cars.

Not interested in selling cars for people, more working on them. Although potentially restoring and selling might be an option.

My skills are that I'm very practical and can turn my hand to most things and can learn quickly... which means, no official training.

What do you reckon?

 

[rockits]

Definitely refurbishing or restoring cars is a good option. I'll be there in a couple of years I reckon.

Just started a new access control business last year (www.ilok.co.uk) that is going really well. Amazing what you can do with tech/networks/software these days. Never need a key again!

Plenty of driving jobs in the car world to run alongside a new venture as & when you need to but not well paid.

No reason why you couldn't turn 100k out if a few decent car restoration but you would need some decent capital to fund the cars.

 

[davy83]

Hi Dan, i am in the same boat, sold two businesses and used to having control of my own destiny, working for a company now, but not sure how long for. I like practical stuff, like you but i also reckon i wont make a lot of money doing them. i have toyed with restoring cars, and i may do that in the background. I think i will probably set up as a consultant and try to minimise the working time to allow me to put on a boiler suit and do some thing i enjoy, like restoring cars or boats.

 

[rockits]

Maybe a day a week consultancy @ 600-900 a day leaves 4 days a week playing with cars taking pressure off earning lots of cash from it.

 

[mjheathcote]

Not so sure on the restoring cars, unless using cheap labour, then you are up against quality issues and personnel issues!
Only going on what it took to restore my Triumph Stag over 25 years ago.
Back then I stripped her to a bare body shell myself that took me 2 weeks off work.
Then it went to the body shop for about 4 months, when it had new wings, sills, doors, valances etc and it came back painted. That 27 years ago cost me £5K (which was probably half my take home yearly salary at the time, so my working salary was basically paying him, but I was only 23 at the time).
Then it took me 5 years to rebuild everything else myself and put it all back together, which was mostly evening and weekends, more so during BST than GMT.
You can't underestimate the time to do things properly.
So many times I see restored cars that the owners are dissatisfied with after spending £10k's on restoration. Quite simply, commercially, the attention to detail can't be carried out because it costs too much and the owner will not pay for it. Unless a car that is worth many £100K's.
That is why, there are many 'restored' cars that have a shiny coat of paint, and basically **** underneath!
My mate fell for this a few years ago with a Lancia Fulvia. It broke down every time he took it out, and cost him many £K to fix. Underneath nothing had been restored. This ended in him selling it on after less than a year...

 

[rockits]

That is a very nice Stag Mike and a cracking job. As you say it only works if you are the labour.

I don't mind the cheap labour bit as enjoy working on the cars & you indirectly get paid for it...win win. I don't think I would do it for main source of income. It is my semi retirement plan once mortgage is paid & I just will need money to live.

 

[conaero]

Mike whilst I respect your efforts it would be the wrong choice to take on commercially.

It's all about costs and turnaround.

You also need to have a network of people to farm the jobs out you can't do.

At the moment 80's and early 90's cars are on the surge but it's about picking the right car in the right condition.

I only know about Italian cars really. Lotus might be your thing?

Factor in a a workshop and the overheads rack up.

Personally, and based on Italian cars for me, being a skilled welder can be a cheap way of fixing cars that most would pass on.

This is an area I am investing in at the moment.

Also pick cars that the parts are easily and cheaply available.

Well, that's my twopeneth worth.

 

[Contigo]

£100k restoring cars! Good luck with that!

 

[conaero]

Maybe having a shared workshop between say 3 or 4 members would be an economical way of starting but I would not want to rely on it for an income at first. I feel you would need a years salary under your belt to make a go of that.

 

[conaero]

Also if you do it commercially you will pay tax on your profit whereas if you do it privately you can restore 6 cars a year and not pay tax on the profit but you can't write the costs off either.

Personally I would see if you can flip 6 cars in a year and make £5k a car. You will be amazed what detailing can do to an unloved car.

 

[safrane]

Or Houses?

 

[mjheathcote]

Also if you do it commercially you will pay tax on your profit whereas if you do it privately you can restore 6 cars a year and not pay tax on the profit but you can't write the costs off either.

Personally I would see if you can flip 6 cars in a year and make £5k a car. You will be amazed what detailing can do to an unloved car.

£30K tax free.
That would be okay.
One every 2 months.
Sounds too easy!

 

[conaero]

£30K tax free.
That would be okay.
One every 2 months.
Sounds too easy!

Agreed but it's something to shoot for. I am not talking restoration here, just flipping cars. Buy a £35k car and sell it for £40k, that sort of thing with modern classics.

Even if you make little or nothing, you will learn and get your money back.

 

[conaero]

Here is what I have just purchased, thank you to Newton for his national courier service to the rescue again.

It's 610mm roller former, bender and guiloutine all in 1 unit. Does up to 1mm probably squeeze 1.2mm through it too.

Now the practice begins!

I have a 150 mig welder and all the hand tools and dollies, planning to add jogger, shrinker/stretcher, bead roller and possibly an English wheel too.

 

[Dan!]

Nice, what's the project?

 

[Dan!]

Thanks for the input so far.

What other business ideas are there?
Moving away from the full restorations.

I considered alloy wheel refurbs, but I could imagine that would end up being quite tedious quite quickly.

What high margin stuff is there to refresh and flip?

 

[dem maser]

Or Houses?

Thats what i was going to say....

i see many people buying them doing them up and flipping them on for a quick profit but it has cooled off a touch so maybe not right now...

If you can then keep hold of it and rent it out.....i could get 7% yield for anyone who wants a property in London

 

[GeoffCapes]

Thanks for the input so far.

What other business ideas are there?
Moving away from the full restorations.

I considered alloy wheel refurbs, but I could imagine that would end up being quite tedious quite quickly.

What high margin stuff is there to refresh and flip?

A friend of mine went into the alloy refurb business for a bit, he jacked it in as he said there just wasn't the margin in it as so many places do refurb a these days.

He now imports classic Italian cars from Italy to sell over here and seems to do very well out of it.

https://www.facebook.com/Italian-Sports-and-Classics-702903389839625/?ref=br_rs&pnref=lhc

 

[dem maser]

A very close friend of mine owns a very successful alloy wheel business.....they have loads of dealers giving them work and he has 15 staff and 10 vans so it can work if applied properly...

http://www.whoopswheelfixit.com/

 

[daverichardson]

A very unpopular neighbour worked as a Tiffy offshore and did not like it so he and a mate of his (also unpopular) sat down and looked at a business in Care Homes or Children's Nursery
un surprisingly they went the Children's Nursery route and have made a great success out of it. They are both millionaires. They are both still deeply unpopular!