Ducati Monster Forum

Ok so here is the situation. About 1 1/2 years ago I quit my career as a stockbroker to put more effort into trying to save my marriage. We moved states blah-blah-blah. As a financial advisor I bought my first Ducati, it was wrecked badly. I rescued it, I tore it down and rebuilt it.

Since then I've done two more, and I knew then that this is what I wanted to be doing. However being a responsible guy with a wife and kid I knew that starting a business was risky. So I went back to one of my fall backs over the years which is waiting tables. Don't snicker I was providing X2 as much money as the Missus who had a real job.


Fast forward to the present. I started at the Outback in January of '09. In my interview I told them I was interested in moving towards management. THe reason I was interested in this was largely because it was a safe direction to go and provide a steady income for my family. The former partner of our store and the current partner have both been exceptionally happy with my performance and I moved to an hourly management position quickly. Hourly is no good though, I make more as a server. I wanted full management so I was eliglble for bonuses and what not. Well one of the managers in our region will soon be leaving and this will create the vacancy I've been waiting for. My partner as well as the Regional partner have asked if I'm ready to make the move. Of course I am right? I mean this is what I've worked torwards for the last year.... but...

The Wife and I recently divorced, and by recently I mean weeks ago. I'm no longer burdened with as much monthly debt. I am actually in a position to take that risk. I've said this is the last time I want to work for someone else. I have to keep a roof over my head and provide for my daughter but that's it. I have Wed-Sat AM and early PM with no daughter and nothing to do. I want to open a motorcycle shop. I'd do maintence and probably some cool builds as well.

The pluses are with this that if I can make a go of this I would be in a position to try to get majority custody of my girl when she starts school in a couple years without the conflict of having a PM job. I'd also be working a job that I'm truely passionate about. It would be mine.


I guess the advice I'm looking for is WWSDD? Should I go the safe route? The manager job is there for the taking. I enjoy working there. But I don't need the safety now like I did when I started. But I'm still nervous to leave it.

Or do I continue on serving and hourly and try for my own dreams in my spare time?

try doing the bike stuff as a spare time thing at first and when you get more business then quit the mgmt gig.

WWSDD?

He'd agree with Knight (and he hates doing that). Unless your risk tolerance is extremely high (its not, you are asking for advice prior to leaping) or your bankroll is fat (I'm sure your divorce didn't help that).

So, yeah. I agreed with Knight. Don't ever make me do that again!  >:(

sac



/also if you ever engage in one last session of goodbye sex with the ex . . .
//anal  [evil]

I agree with the spare time tactic at first, and build a client base to the point where the demand requires a full time endeavor.  I completely agree with taking chances and risks in order to lead a happier and fulfilling life.  You only live once.

also, if you have the secure money, you can build a bankroll for the business for later on....

FWIW though, often times when someone's love and hobby becomes their job, it often becomes a hassle and alot more than they thought and they fall out of love...not always...but sometimes

I always play it safe, so I'd take option 2 unless you're on the hook for alimony or some such crap based on income and then you may as well have none and try to do something fun.

Quote from: zooom on March 19, 2010, 11:07:27 AM
also, if you have the secure money, you can build a bankroll for the business for later on....

FWIW though, often times when someone's love and hobby becomes their job, it often becomes a hassle and alot more than they thought and they fall out of love...not always...but sometimes

I'd say family first, but if custody isn't coming up for a few years, I'd take the job, health care, and benefits, and start the moto business on the side. If it grows where it needs more of your time, then you can move over. If it doesn't, well, so be it.

Quote from: SacDuc on March 19, 2010, 11:02:13 AM

WWSDD?

He'd agree with Knight (and he hates doing that). Unless your risk tolerance is extremely high (its not, you are asking for advice prior to leaping) or your bankroll is fat (I'm sure your divorce didn't help that).

So, yeah. I agreed with Knight. Don't ever make me do that again!  >:(

sac



/also if you ever engage in one last session of goodbye sex with the ex . . .
//anal  [evil]

haha, you agreed with me.

you're infected now!  :P

Quote from: KnightofNi on March 19, 2010, 11:48:34 AM
haha, you agreed with me.

you're infected now!  :P

Does that mean I have to grow horrible looking facial hair and pretend I'm all hardcore metal or something?

[cheeky]

sac

Is there market demand in your area for this?  How many other shops are there in a 10, 20, 100 mile radius?  What will be your differentiators and how are you going to market yourself so that you can turn a profit? 

+1 on MrI's (and others similar) advice.

Quote from: Stella on March 19, 2010, 11:59:55 AM
Is there market demand in your area for this?  How many other shops are there in a 10, 20, 100 mile radius?  What will be your differentiators and how are you going to market yourself so that you can turn a profit? 

+1 on MrI's (and others similar) advice.

Good points Stella. All part of a broader question: Have you written a formal business plan beyond, "Hey, I'd really like to do this." The process of writing the plan will more or less tell you whether it will be feasible.

So my advice is to write the plan and do what it advises. It if says you can make it then give it a go. If it laughs in face then keep it a hobby until your assumptions can change. Be honest/realistic in the plan and it won't let you down.

sac


/hooray, I no longer agree with Knight!

+1 on all the replies so far.

except for growing the facial hair thing

Without the monetary burden of an SO you'll be able to take the manager job and start a cookie jar for your pet project. Start doing the project part time and then once your cookie jar is big enough you can jump into it fully. I don't know how old you are or whether or not you'll be wanting to do the marriage thing again later. The extra coin could always be useful for that too.

Thank you everyone, the more I think about your responses the more I think you are probably right. I did forget to mention one thing however that will actually probably make the decision for me.


The nice thing about serving is that you can work 25-30 hrs a week and make as much as many people who work 50+ hours a week.

If I take the management job I will be expected to put in a minimum of 45-50hrs. Now I have no problem with working hours. I'm not lazy and I have a high stamina for work. However the ex and I worked out the custody and I have my little girl from Saturday night till Tuesday afternoon when I go in to work. I would allow maybe a small infraction into this time. Like if I had to pick her up Sunday morning instaed of Saturday evening, or maybe drop her off a couple hours earlier on Tuesday. I won't sacrifice much of the time I have with her for this though. It's not worth the extra coin for me to be away from my daughter. When I first started pursuing this I came home and she was here every night. I chose this job cause the Outback isn't open til dinner so I could take care of my girl during the day. As I said I'm making the bills as I work now.

Also I've had several other interested parties mention the possiblity of working together on this as a partnership. I won't mention names but one was extremely flattering, the other I met locally and he actually knows H-D, which would be an awesome compliment to my knowledge IMO. As soon as I talked to him I started thinking something along the lines of "Premier Twins" or some such.

As for a plan.... I have an idea of what I want. I'm not looking for overnight riches, I'd like to start small and build through word of mouth. I really believe that nothing drives business like a sterling reputation.  Therefore the most important near term goal for me would be to build a reputation thusly. I watched my Father build his business through the years, it is an entirely different world than what I'm looking at. But he doesn't have to fish for clients, his clients send him their friends and family. I've seen $250k accounts come to him on a regular basis. They come to him because people trust him. And he honors their trust and treats it as it deserves.

I was looking for it the other day but I actually wrote a mission statement for what I wanted my shop to be years ago. I used to have it hanging next to my puter when I was a financial advisor.

I can't say that I've worked in the MC business ever, but I've owned a whole bunch of bikes and dealt with a lot of dealers/shops, and in general been around the motorcycle way of life for nearly 40 years.    That said, in the last couple of years, I've seen a wide variety of motorcycle related businesses go under.   Everything from the largest motorcycle dealer in Central California, who handled  the big 4 and KTM, plus Personal Watercraft and lots of other stuff, Powersports of Paso Robles, to the little race shops, to medium sized shops, to specialized Harley shops, all go out of business.   The business climate really seems to suck right at the moment.   I'm doing a little side business myself right now, but it is going pretty slow, luckily there is no overhead. 

Good luck with your ventures.

My vote is to take the mgt gig.  Feel it out for a while.  Save some bankroll, and start it on the side.

In this economy, any upwardly mobile job advancement is rare and should be treated as such.

Oh, and best of luck!!! :D

Two questions to ask yourself:
  Do I need to keep my day job to provide health insurance for my family?
  Do I have a big enough nest egg to last until the business starts to turn a profit.

What ever you decide, best of luck!

 

Quote from: zooom on March 19, 2010, 11:07:27 AM
also, if you have the secure money, you can build a bankroll for the business for later on....

FWIW though, often times when someone's love and hobby becomes their job, it often becomes a hassle and alot more than they thought and they fall out of love...not always...but sometimes

+11ty billion

Straddle both pursuits as long as possible before stepping off on only one....and do work a business plan....I used to love restoring old British Road Bikes...great hobby, pastime and way of relaxing...very rewarding...folks were floored by the quality of my work

when I started taking on other folk's projects it quickly became a gristly chore, it had expectations and deadlines other than my own...

what were once "beautiful old British Castings" quickly devolved into being hateful pot-metal with stripped threads needing endless helicoils and customers arguing that it was my problem and that I had probably stripped them

Your perspective WILL change if you move it from hobby to source of income...especially when you hit all those bumps in progress that you don't mind when it is your stuff....but will really mind when it is someone else's.

Business plan and a cold-eyed, dead honest as hell self-appraisal as to whether you believe are truly cut out for the challenges

Quote from: Duck-Stew on March 19, 2010, 09:32:22 PM
My vote is to take the mgt gig.  Feel it out for a while.  Save some bankroll, and start it on the side.

In this economy, any upwardly mobile job advancement is rare and should be treated as such.

Oh, and best of luck!!! :D

+1

This isn't a good time to be a small business.  The economy and many other factors are working against you.  And depending on which state your in edited for political content the reward will not be worth your time and effort.