As Steve Brotherton so clearly stated, you ain’t gonna get rich in this business – and he ought to know, he’s been doing it a while. So if your main reason for getting into this field is to make money, then perhaps you should search for a more lucrative investment vehicle.
According to Malcolm Forbes – a guy who knows a thing or two about making money -- "The biggest mistake people make in life is not trying to make a living at doing what they most enjoy."
Obviously, if the numbers don’t work then don’t do it.
Here’s a quick quiz. Which of the following businesses would you choose?
A) A septic tank pumping business. You drive the truck, pump the tanks, and you clear $200K per year profit.
B) 95s420’s aforementioned import auto facility – lets say he clears $100K per year.
For my money, it’s going to be option “B”. Am I a sucker because I’m giving up $100K per year? Maybe! But I’d be doing what I wanted to do, and could still provide a comfortable living for me and my family.
And keep in mind that if you need to do a high volume to make the margins acceptable, then you may want to reconsider. Because if you plan to spend 15 minutes with each customer “educating” them, and your shop has 40 customers per day, that’s 10 hours each day spent “hand-holding”. It’s good customer service, but is it realistic?
Just my 2 cents. (Arguably worth that!)
'92 Mercedes 190E/2.3 (247K miles/my daily driver)
'93 Volvo 940 Turbo Wagon (263K miles/a family truckster with spunk)
'99 Kawasaki Concours
'85 Jeep CJ-7 w/ Fisher plow (226K miles)'93 Volvo 940 Turbo Wagon
'53 Willys-Overland Pickup
'85 Honda 750F Interceptor
'93 Nissan Quest
'89 Toyota Camry Wagon
'89 Dodge Raider
'81 Honda CB 750F Super Sport
'88 Toyota Celica
'95 Toyota Tacoma
'74 Honda CB 550F