Probably a little worse for wear here. I think I am barely hanging to a floating log.
Being a small business based out a dedicated two car garage myself I can say this it will be a rough start if you don't have a fairly good extra funds source. This shop is full of tools plus parts and there is no room to even to do repairs in it. Still got some re-arrangements to do to consolidate the space then I might be able to get a ride on mower in there to work on it.
I actually started out by helping my brother start it up as he was out of work and had most of the basic tools but no idea how a business was run and funded plus he had no experience working small engines; just heavy equipment. When his funds started running short the second year he started breaking our verbal agreements. When I had a very serious discussion about what he was doing he threw the business in my hands to finish his uncompleted paid for work. If business wasn't legally in my name I probably had let fail but I was both legally and honor bound to complete his unfinished work, then the customers just keep coming.
He probably still thinks I took over the business and kick him out even after he went around telling everyone he had quit the business.
If it wasn't for my scrap metal business at the time I would have not been able to stay in it. That area of business has currently non profitable as metal prices are at rock bottom pricing currently.
After the first 4 four years of just breaking even I had a major setback. Our mother came down with Demetria and my brother refused to help with her in anyway. I nearly went under business wise because of this. Then after her death and finally getting the estate settled I moved to a new location.
I have been at this new location for a little over a year now. I actually did a little better than I expected for the first full year here. I managed to clear 36% profit before taxes but that not saying much as it was only up a little over 3,000 from the previous year but not that bad as there was quiet a bit of new tools added and repairs to the new shop. If things stay on the current path I should be back to self supporting again.
One piece of advice though is to not do individual credit accounts. Also don't go crazy and buy a lot parts as the industry is constantly changing.
