Last November I lost my job as an Engineer after 17 years with the same company. Seems like 2 college kids could do my job for less than they were paying me.

I took it on the chin, enjoyed my severance, and held my head high.

I have been fortunate to have lived conservatively and have been able to do some consulting on the side and combined with my wife's income, we've been fine.

I'm 44 years old and the thought of going back to an office doing the 9 to 5 thing makes me want to fashion a noose for myself.

I've been playing with the idea of investing some savings in a business venture related to the passion I have for cars.

I know I won't make what I could as an engineer, and frankly, I don't care.

I just was wondering if I was to open a car-related business, what do you feel is missing out there?

Repairs?

Restoration?

Vintage Sales?

Appraisals?

Storage?

My skill set is pretty flexible so I'm open - I just want to work with the hobby I love and put dinner on the table.

Thoughts, suggestions, and discouragement is welcome

Thanks for your time

 

I can relate to what you are saying. I've been out about as long as you describe.

My interest lately have been towing and recovery. Maybe transport. Think hauling with CDL of course. Don't really want to do repo...

I've thought about blasting and coating too. I don't see my self doing interiors or body work. Dash work maybe.

You're not the first to think about these options. Wish you the best in keeping it cars or Olds.

Keep thinking, there might be something in it for you.

 

At 57 I've had the same thoughts, good luck in your quest.

 

The top three on your list should bring in a income if done right. The packrat is doing it. You will need storage. Good luck on your choice. I would love to do this but no cash to venture on my own.

 

Read a book called the E-myth. Its about the entrepreneurial myth of running a company. The gist of it is that you are best running a company where you don't necessarily know how to do the work but you know how to run the business. This way you don't get caught up in the day to day work. Also think about weather you want to do the work, which is fine or do you want to have others do the work and you make money off of them. More financial upside to having others make money for you.

Keep fixed cost to a minimum. Good luck, working on your own has a ton of benefits and a lot of risk and inconsistencies.

 

I've been thinking about the same stuff, but at this stage the chances of making as much as I do in the professional world are slim to none, and I don't have the cash reserve.

One thing you may wish to consider is using some cash to invest in other moneymakers for a while, and then using some of the profits to fund your potential business, so that you've got a backup in case the business doesn't bring much in -- if you are careful, you can make a decent amount through investments, especially in stocks (if you're good) and rental properties.

I wish I had good advice, but the one thing I've found myself lousy at doing is making money.

Good luck!

- Eric

 

Over the years I have invested in rebuilding & selling salvage vehicles, as well as buying (HOARDING) all the discontinued, or soon to be discontinued, parts for various Oldsmobile models that I have dealt with in the past.... Was able to retire at 49 (just short of my 50th birthday) and built a 5000 square foot facility to continue my quest... Never looked back with "would have or could have".... If money should ever become an issue, I'll just pull out some parts or vehicles and start selling.... Good luck in what ever you choose to do!!!!!

 

Now that I've been successful in the restoration business for a while, I don't have a whole lot of advice except be sure to start with a carefully thought out business plan. Your welcome to call and pick my brain (for what that's worth) any time. My work phone # is in my signature. ~BOB

 

Best of luck, whatever your new adventure might be!

 

I've been struggling with similar thoughts. It is VERY difficult to make money in the car business as a small startup. Bottom line is that unless you are willing to compromise your integrity, it takes far too much money and labor to do it right. If you want to go after the high end market, you need time to build a reputation (think White Post Restorations, or Thorntons). Even these companies make small margins on each job and only through the large volume of work produces do the owners make a reasonable return. It also requires a significant investment in facilities and equipment to do the work efficiently. If you start farming work out, you increase costs because you are paying the subcontractor's overhead and profit as well as your own. If you become fully vertically integrated, you are back to the heavy investment in equipment and facilities.

This might make sense as a second job that allows you to write off the costs of your hobby, but it's very difficult to make a reasonable income as your only job.

 

I got hauled into a meeting with my manager on Thursday evening. I had been sent for 6 months of forced weekly travel to build the Lexus line at the Kentucky plant, and I have been back for about 6 weeks. My attitude had been fairly irreverent, and I had backburnered a project I knew would be fine. My manager noticed me dealing with a horrific recall situation on my Tacoma that I had to involve high ranking Toyota Motor Sales people on to get resolution, and I did that from my desk. That, combined with the perceived lack of progress on the one project, set my manager off.

We had a knock down, drag out meeting, where he said honest things to me, and I said honest things right back. People hate working for him, and I tried to tell him why. I think my career is ok, because Toyota is so big and scared of lawsuits that they will not fire anyone unless it's ironclad violation of rules, like harassment or violence or theft. But, I realized that I have to come in earlier, take anything funny or not work related off my desk, never take a personal call at the desk, and hardly ever talk to anyone socially, or even professionally, in the office. All of this is simply perception, but perception matters. Meanwhile, the company is relocating all of its headquarters to Plano, TX, in a maneuver that I am SURE is designed to jettison older, higher paid, people who live in the high cost of living areas like Cincinnati and California and New York and who simply do not want to move to Texas.

I relate that story, not to detract from the OP's post, but to show that working for someone rarely results in them caring for you, and never when it's a big company. I will have to watch my mouth like a hawk, because I am worried about someone using selective enforcement of HR policy to catch me and be used as the ostensible reason for getting rid of me, when, in reality, it's because my manager has a problem with me. I think, if I just crank results for a while, it will be all right.

Moving on, I think it is very hard to make money doing something you like. You will either have to do something you like, and accept less money, or go after something designed to make money, and lump it. Sounds like you want to do the first.

Missing from this hobby is honest authenticators and good transporters. Trucking is hard on your body, and takes you away from home. Appraising and validating cars also requires travel. Reselling parts involves a lot of stripping cars, and a lot of buying parts cars, and finding them first. Whatever you do, make sure the wife is on board, because she is your priority.

I know some engineers who retire from corporate employment, then do the same thing as contractors, for more money and less benefits.

 

Uh, that would be me. "Slimy consultant" is the term you are looking for.

My wife get the health/dental/vision coverage, so all I need to worry about is life and disability insurance. Obviously the hourly rate needs to be sufficiently high to cover holidays, vacations, and downturns in work.

 

How much money do you need to make? I've often thought someone semi-retired might be able to look for the niche that's not being filled. Something that wouldn't create enough market for the big guys to do, but still bring in additional income. Examples that come to mind are Ron Roth restoring the 66-67 instrument panels. As I remember Ron was trying to purchase a restored one for his car and was not satisfied with what he was finding on the market. So he figured out how to do it himself and started restoring panels to sell. Or the 1965 442 side scoops and tail light bars. There was (maybe still is) someone making those on a small scale. I don't think anybody has come up with a replacement for the large chrome panel between the tail lights on the 1965. What kind of shop/tools do you have available? Are there any City/State codes that you would have a problem with for doing chrome plating on a small scale?

How about steering wheels? I understand Eastwood sells a kit to repair cracks in the old plastic wheels. Or what about Dash pads? If you could come up with a way to install new foam/vinyl over the old 1960's and 70's cores without spending a lot of money on equipment I think people would beat a path to your door. Could you take small parts like pulley and brackets to sandblast/paint and sell as restored and make enough to be worthwhile?

A couple guys on this site have done well dragging home dead cars and parting them out. About 10 years ago I was doing that pretty heavy myself and thought that might be something I could do again in retirement for a little extra income. In your part of the country is that an option? Do you have room for what may look like a mini-wrecking yard?

Since your familiar with the 1955 vintage how about items for them? What's in demand but not available that could be reproduced? Could you reproduce small parts with a 3D printer? I don't know enough about it, but that seems to be a potential source of plastic parts that's not been a possibility in the past.

John

 

I've worked for the same company for 6 years and I operate with a feeling of ZERO job security. The fact is the industrial age is on its way out and we live in the information age now. In addition, debt and taxes are the new dollar in a world where almost every job is being transformed into an A.I task and being an entrepreneur is really the only way to put bread on the table. *Obviously if you work for the government or have really advanced degrees this isn't the case just yet; a crashing wave hits the high points last but going to school for an advanced degree now is kind of foolish since anyone who can fog a mirror can get one at this point.

That said, there are tons of excellent ways to get started.
Start a small business out of your home (buying/selling/trading Oldsmobile parts as an example). At thaat point you can write off- internet bill/ sq footage of the house as an office , magazine subscriptions, books, travel to the bone yards/customer visits (it's about 55.5 cents a mile in 15'). The idea is to show as much loss as possible to recapture the taxes withheld from ordinary income.

-When tax season rolls around (if the planning has been done properly) you'll realize a significant return all for doing the same things you always do (drive, read, web research, car shows) etc. You can take that return and reinvest. Maybe a towtruck? You won't scare AAA but you can put up free ads everywhere on the web and do in town towing at rock bottom pricing because with the magic of depreciation any cash you bring in will turn to fairy dust on a 1040. In addition all the costs of in doing so are tax deductible.

An oversimplification of the process, admittedly, but I always let the government finance my ventures before I invest any savings because the bottom line is this:
Adam- earns money -> pays taxes -> spends
AGC Sales LLC- earns money-> spends-> THEN pays taxes

 

I was laid off from high tech in 2002, and decided to start my own business.


Here are some of my lessons learned:


1. You need to have something to sell: knowledge or skills that people will buy


2. Selling and doing at the same time requires an extraordinary amount of time.


3. You will work significantly more hours


4. The costs of health care and insurance need to be factored in


5. Have a good accountant


6. Be prepared for a lot of emotional highs and lows


Good luck!

 

Where I live there is some type of small business development center where professionals volunteer time to help advise people start businesses.

Powder coating seems like an opportunity, but ceramic coating places are harder to find and a lot of that is no bake. Other ideas are buying parts from junkyards and selling on ebay, make car related jewelry, trinkets, furniture, welded sculptures, etc, etc.

Franchises usually have a higher success rate.

My son is a mechanic, my daughter is into makeup and such female things. I told them they should open a oil change/nail salon place for women. $$$

Good luck.

 

I truly appreciate all the input you folks have shared.

I've thought in depth about almost all of the aspects you've all mentioned.

I have health care through my wife's employer so that is covered in the short term -

I like the oil change / nail salon idea but of course that is a significant capital investment.

I'll keep thinking and keep reading your replies and will keep you posted.

Thank you again!

 

If you like working on vehicles.. You could try paintless dent removal, interior fabric repair, stone chip windshield repair. These are low capital investments with training and experimentation could be a very good return! If you like working in the automotive world.
Sean

 

A wise man once told me to be very careful when considering making your avocation your vocation. Being self employed can bring you great joy & success but it can also bring despair and wreak financial havoc. Best of luck as you move forward with your decision!

 

Lost my job after 22 years with the company last Oct 31st.
We Left N.Y. for arizona "my idea" always wanted to go for warmer weather. The wife cannot find a job yet i am on last weeks of unemployment. Not sure it was a great idea. we are in an apartment now which is an adjustment also from having a home. Was also thinking of doing somthing with cars but kinda hard by my self.
Anybody have a car shop in the area. i would love to get involved in a resto shop but im not 17 no more aches and pains are daily.

 

I was in a similar boat once. The company I worked 20 years for bought another company and moved our department to Baltimore. We had younger kids and with that, family and the city being Baltimore we declined. The job I had in was very unique in the printing industry and jobs were few and none where I live. I had been doing some personal and freelance web development on my own and was very fortunate to land a job doing that the week my unemployment ended.

Good luck.

 

Wow the last week nice!, thanks for sharing tough times emotionally

 

Hi Gordon,
I had something along the same lines happen to me, I was in the process of starting my own business when the company I was working for caught wind. The owner had a problem with employees starting their own business, he wanted to own you rather than work with you. I was laid off and I started Jaswest full time. One hell of a shock to the income and still not making anything near what I used to. My kids see an improvement in my attitude and are happy I am around more doing what I enjoy. Your dad has done well with his choice and when we talk and meet he is always in a good mood.
I know you would have talked with him about (a boot) (canadian eh) this situation you are facing, maybe pick up where he has slowed down and continue his venture of buying and selling ( good way to locate the parts you need for all these cars) and he can retire knowing that this portion is being looked after and turned into cash.
Just a thought.
Steve
Jaswest

 

There are guys living my dream of me being a major parts supply company. I have reworked cars for years sold some parts. My dad ran and was a partner /land owner of salvage yard when i was a kid. Years later i tried to reclaim that business but i failed as they tore down everything and built houses on the site! Now i have no job and take care of my my dad who is in bad health in his 80's. So i have days that i am free to do whatever but no cash!Life for me right now isn't that great! I hope the op finds a way clear to make a living no matter what he ends up doing.

 

It's a lot of work but I think can be very satisfying and not too many people do it believe it or not. Professional polishing seems to be hard to find even in a big city like Vancouver.
I finally found a fella to do my brass bed and gladly paid him $300 for a beautiful job. That was for 3 hours work with a machine. It would have taken me 2 days by hand. He also does motor homes, expensive cars, boats and he has no overhead other than professional polishing equipment and supplies. He was black from head to toe when he was done though. There were only 2 companies to chose from and the other one wanted $1200 and I had to bring the bed to him in pieces.

 

I sorta had the same story as many of the above. I was laid off (fired) after 23 years with this company 43 years in the industry, luckily they gave me 23 years of severance pay which held me over till I could really retire. I have always had three jobs, two backups and one that pays the mortgage. I think a person has to cover your own *** when you have to depend on someone else making the decisions. Sometimes this doesn't come to mind till one is to old to to adjust to a sudden change in income. I have been gunsmithing since the 60's for extra bucks and in my youth I scraped together and took risks on real estate deals during the years where I could afford to fail and have a few years to recover if things didn't work out. It's my belief the older you are the harder it is going to be to recover if you choose poorly so what ever you do have someone else you trust that doesn't have any skin in the game look over your business plan as they may see things that your enthusiasm causes you to over look. In the end do what seems best for you and your family...... The best of luck in your endeavors... Tedd

 

It was getting stressful. The kids being in grade and middle school didn't help. I was thinking about looking for something in my field in Chicago, but we would have hated living there.

You might look into other auto related things like an auto paint store, etc.