Day's off work

Started by cbr-racer, April 25, 2006, 06:44:05 PM

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cbr-racer

 ;D I just got done bidding for my day's off, @
my job every 6 months we have a bid for day's off
going by how much time ya have with the company.
And I have 5 &1/2 years so I picked early and got
fri, sat , &  sunday off at least for the next 6 months :)
Now  I need to some how get off on thursdays so I
can make friday test & tune . :P
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GSXR RACER MIKE

It gets REALLY old having someone else try and run your life for you by dictating when you work, this is exactly the reason I'm currently looking into starting my own company - FREEDOM!


(well, maybe for the money too! ;))
Smites are a cowards way of feeling brave!   :jerkoff:
Mike Williams - 2 GSXR 750's
Former MW Region Expert #58
Racing exclusively with CCS since '96
MODERATOR

SliderPhoto

Quote from: GSXR RACER MIKE on April 29, 2006, 01:19:13 PM
It gets REALLY old having someone else try and run your life for you by dictating when you work, this is exactly the reason I'm currently looking into starting my own company - FREEDOM!


(well, maybe for the money too! ;))

Yeah, nothing like being self-unempoyed. :p 

I'm back at the grind and I have to say I just love the freek'n two hour commute every day. :(  But it's nice to have health insurance you can actually use for a change.

Good luck.

Super Dave

Quote from: GSXR RACER MIKE on April 29, 2006, 01:19:13 PMI'm currently looking into starting my own company - FREEDOM!


(well, maybe for the money too! ;))

Good luck, Mike!  Sounds exciting.  Corporate account and all those other advantages...LOL!

Same industry, Mike?
Super Dave

GSXR RACER MIKE

Quote from: Super Dave on May 31, 2006, 12:09:06 PM
Good luck, Mike!  Sounds exciting.  Corporate account and all those other advantages...LOL!

Same industry, Mike?

My brother is a Master Transmission builder where he works, besides that he practically runs the place! The amount of constant work in the transmission repair business is incredible, and the majority of the cost of a rebuild is labor - so the profit margin is HUGE! My brother has alot of people he has done work for that say if he opens his own place they will bring all their transmission business to him from their car lots and auto repair shops. He already has almost all the stuff he needs to go out on his own, all we need is a building and a few lifts to get the ball rolling. Another awesome thing about this is the minimal investment, we can buy top of the line new lifts and the other scattered things we would need for about $20,000 total - talk about minimal investment! Due to this low investment we won't even need a loan to get going, everything will be paid for up front (unless we build a new building). Our Mother has been at her job over 30 years and is approaching retirement, she has done accounts recievable and billing for that major company for the last I don't know how many years? She is more than willing to help us with that aspect of the business and any other office/secretarial type work and record keeping.

Once that portion of the business is going I will start assembling a machine/fabrication shop in the same building, but as a seperate entity. I have ideas for products already, and he knows of things I can produce as well. My portion will have the big monitary investment, but my brother wants me to develop this portion of the business as well, so no conflicts there. I plan on buying a large computer driven CNC milling machine (as of now) for handling outsourcing and overflow work from the many surrounding companies in the area (I believe I may even be able to get that type of work from my current employer after I leave since another former employee is in that situation currently doing some other types of work in his shop). The mill I am looking at is in the $80,000 to $160,000 range, I am going this route because it's big and has a limited number of competitors who can compete against me locally and do the type of work that a mill like this can do. The awesome thing is that my brothers portion of the business will easily pay all the bills almost immediately, plus the oil removed from the transmissions that are being worked on will fuel heaters built just to run off that stuff - can you say no heating bill? (common practice in the trade).

We both will continue working our current jobs till there is enough Transmission work to support my brother full time, then he will leave his job and I will keep mine for a bit longer for extra security of income for both of us - just incase. Around this time is when I will start my portion of the business, though it's in manufacturing it's not in competition at all with my current employer, so I will tell them about the business once I have the CNC mill. If they think it conflicts with my job with them then I will leave at that time and help my brother with the Trans work while seeking work for our CNC mill and manufacturing some products as well. My Step father previously owned a machine shop and only closed it due to getting screwed out of a large amount of money by a company that filed bankruptcy (they owed him alot of money). He has lots of contacts in the trade and has given us alot of advice as well. The safety net is the Tranmission portion of the business, my brother has a widely know reputation for his work, so we will probably be busy if anything. If things get crazy busy he also has freinds in the trade that will work for him on the side as needed, so we are covered there as well. In the event of a rare problem with something he worked on it would mainly be labor to repair it, so needing large cash reserves is not needed either.

Currently we are getting our debts paid completely off before taking the plunge. We are also waiting for the International Machine Tool Show at McCormic Place in Chicago at the start of September, that will be where we will most likely choose the CNC we will buy. We already know the equipment we will be buying for the Transmission portion of the business. Now it's just a matter of putting away some extra 'cushion' money before we go for it. :thumb:
Smites are a cowards way of feeling brave!   :jerkoff:
Mike Williams - 2 GSXR 750's
Former MW Region Expert #58
Racing exclusively with CCS since '96
MODERATOR

spyderchick

Just to move my business cost half of that. Don't underestimate costs, it's the quickest way to kill a business plan. Do a complete cost analysis along with a comprehensive business plan for 1, 3 and 5 year projections. Nothing better than working for yourself, but to keep the stress load down, you need to do all of the homework. Good luck!
Alexa Krueger
Spyder Leatherworks
414.327.0967
www.spyderleatherworks.com
www.redflagfund.org
Do or do not, there is no "try".

GSXR RACER MIKE

#6
1st off - sorry for the thread hi-jack cbr-racer

But on that note:  :biggrin:
Thanks for the advice guys and gals (and Alexa too! LMAO). I am overly cautious about things concerning money since I had my massive debt trip to credit Hell in the late 90's due to racing expenses. Something that is nice is the fact that transmission repair work somewhat thrives in tough times due to people not being willing to go buy a new vehicle at that time, many would rather spend less money and fix what they already have. My brother is into 1/4 mile racing cars, he has built many performance transmissions for people that race, this will be a continued source of work (his car is one of the fastest street driven non-tubbed cars in the region - he drives it to the drag strip with his 11" wide slicks and a floor jack in the trunk, then swaps wheels at the track and races it - his current goal is to get out of the low 9's and get into the 8's with his current car - cue MC Hammer: Can't touch this! :thumb:)

A really nice thing about the Transmission portion is the resellability of the lifts and other Trans related equipment fairly easily, this way we are not stuck with things we couldn't get rid of easily. Based on the amount of work oportunities my brother has had in the past I believe this portion of the business will almost be failure resistant (not failure proof), but we will be extremely cautious and plan on dumping the profits back into the business and only take a reasonable paycheck for the 1st 2-3 years, based on how it's going. Another thing is I personally will be the sole owner of the business since I am an eternal bachelor and won't have to worry about losing 1/2 of the business to a divorce. This way the business won't be in the potential dangerous position it could end up in if my brother was part owner, decides to get married, and then went thru a divorce in a worst case scenerio (since he will ultimately be an employee of mine, divorce won't put the business or it's assets at risk).

Though the CNC I am looking at is alot of money, I can charge around $75 to $150+ per hour based on what it is and the size and weight of the parts. The machine I am currently looking at weighs over 30,000 lbs, so I have to make sure I feel good about it's placement in the building and plan ahead for possible expansion as well. Since I will occupy a relatively small portion of the building at 1st it won't be much more money for the area I will need to work in - about the space of 2 car lift bays, this will allow me to have very low over head costs so I can underbid other competitors. Things may/most likely will change between now and actual inception, but this is what we are thinking as of now. :thumb:
Smites are a cowards way of feeling brave!   :jerkoff:
Mike Williams - 2 GSXR 750's
Former MW Region Expert #58
Racing exclusively with CCS since '96
MODERATOR

nfcracin

Mike
I know you are alreaddy in the business so you probably already know
but don forget about tooling  especialy the price of toolholders

we have put 3 new mills in in the last 1 1/2 year and  are looking at  a 4th

I have a few recomendations call me if you want.

Lonny Michels

(319) 404 1750

backMARKr

Lonnie,

I'm not sure that your early graduation from high school was a good plan! Your spelling skills need some work. :thumb:

See you in a couple of weeks,

Mark S.
NFC Racin',Woodcraft, Pitbull,M4, SUDCO,Bridgestone
WERA #13