Considering my own business...

[rmemedic]

So I'm in the midst of a trade change. I need to get back to working with my hands and seeing the results of my work. Just not enough satisfaction with what I do. Overseas and doing the job I signed up for is awesome... But it's not going to happen again for quite some time.

The new trade will be a sort of "general Mr. Fix it" for aircraft. Will learn various forms of welding, composite part fabrication (fiberglass, plastics, carbon etc.) hand building metal parts and working with textiles.

I'm thinking of in the future, running out of a small shop in my off work time. Starting off with fixtures for trailers/garages like racks, shelving etc. And I have a plan for a very light weight, all aluminum and very sturdy pop up slide in camper designed for 1/2 ton trucks. They already make slide in pop ups, however they are HEAVY for how big they are and EXPENSIVE. The interior fixtures in them also aren't incredibly tough, and they seem to be stuck in the way things have been built since the 70s. I looked at the price list from one of the biggest companies for their components they put in their units (heaters, sinks etc.) and they are essentially ripping people off.
I know that I'll have the credentials to build something better.
I'll be producing these on-order basically so I can build it how the buyer wants it, with the features they want. And come in at a better price point.

I've also come up with a design for trailer furniture that folds flat against a wall. It can be a couch, a bunk bed or a twin bed with a few simple adjustments.

And I will also consider taking peoples trailers for modification for things like pop out beds or full on living quarters.

Of course I'll be open for small odds and ends jobs that people need from time to time.

I don't expect this to make me rich, and I don't expect to sell mass quantities as this will basically be something I do 6 months of the year (winter time). It would be awesome however, if I got a few units out and word spreads and I can end up working full time for myself.
The components inside like the heaters, water pumps etc will be easy to find RV parts and it won't be a cobbled up product. I think things out pretty well before I go to work.
I have had a bunch of people I don't know at the track impressed with the set up I've built in my current trailer, and that was just some wood and galvanized steel. And shown a few people how I did it.

I have a great network already for ways to advertise, where to sell them etc. A friend owns a large off road magazine, another owns a large powersports dealership, and I'm in with the owners of my racing club as I'm always helping them out.
Plus I'm at the track every weekend, so just having my first unit that will be for me at the track and in use will be a good chance to show it off.
Selling my smaller products off will be pretty simple for me.

My biggest concern, is that the name on the side won't be one of these big manufacturers and that they will be taken for some back yard build, not the quality product that I want to turn out. They will meet safety regulations as I would want this to be a legit business.
Will people pay what they are worth? Even if they will be saving upwards of $5000 from these "established" brands?

I'm not sure what kind of insurance I would need to carry, as slide ins are not the same as a trailer and anyone can go out and build one for themselves, but since they are built for profit that changes it up. Of course I could try and fly under the radar, but then that doesn't make it look like a very legit venture that someone wants to deal with.

 

[WoBblyCaT]

Every company brand needs to start somewhere.

We bought our trailer from a non-name brand family run business out of Millgrove called "Taylor Coach." They build high quality, lightweight custom built trailers. A guy started out doing truck trailers in 1967 and they're still in business today with the son running the business and the grandkids building trailers. They posted a little bit of their history here http://www.taylorcoach.com/history.php

If you have 1 or 2 customers, go for it! And come up with a cool name.

 

[LiNK666]

Can't comment on your field or your dilemmas as it's something different from what I do, but what I can say is being your boss is the best thing you can do as long as you can make sacrifices and put in the hard work.

 

[klr_guy]

Can't comment on your field or your dilemmas as it's something different from what I do, but what I can say is being your boss is the best thing you can do as long as you can make sacrifices and put in the hard work.

Agreed. I'm on year 7 of self-employment, and couldn't be happier.

 

[mimico_polak]

That as great that you're able to find something you enjoy doing and can make money at it! Makes it all the easier todo your own thing! Good luck with it and all the best! Keep us posted!

 

[Paul1000RR]

I wish you the best of luck, however i have a feeling that when it comes to manufacturing some guy in china will do it for 1/10th your price

 

[rmemedic]

That as great that you're able to find something you enjoy doing and can make money at it! Makes it all the easier todo your own thing! Good luck with it and all the best! Keep us posted!

This is my early stage, brain storming, figuring out the path I'm going to take on how to get there and if it's worth pushing for it. Hoping this is my break out thing. But, I'm sure with how often I'm on here that there will be updates.

I wish you the best of luck, however i have a feeling that when it comes to manufacturing some guy in china will do it for 1/10th your price

I already feel a bit bad knowing I'm going to undercut these companies that are making them now, but the products aren't worth what they cost. I'm trying to base my plan on the quality and one off service they will get, and that's what they will pay for.

And hey, as long as I can build the one for me, and come out even in the end by selling just a couple I'm happy enough... Gotta take a swing at some point.

 

[murf]

Are there any patents involved? Those big companies charge more if there are.
They also carry things like liability insurance and get approvals from engineers for the designs etc.
Not to mention durability testing etc.

 

[crankcall]

its not really that they aren't worth what they cost, there are a lot of cost in manufacturing,design,overheads and the biggest = financing the inventory that is built and waiting for customers.

Under capitalized is the #1 cause of death of small business start ups. Don't underestimate your costs, and you cant make one off, semi custom and be under the pricing of major manufacturers for long unless its a hobby, not a business.

Dont do anything till you write a business plan, and have it looked at by someone that understands this stuff. You dont wish to get rich, but getting poorer isnt better either.

And look into the liability insurance and manufacturing insurance and cost of incorporating. If your going to make a furniture product, there is the possibility a folding bed , well folding. Dont make anything for anyone till you have a business registered and insurance carrier in place. Stuff never happens , till it happens.

Best of luck, I have a network of friends that have consulted on business startups, its interesting work.

 

[DVS]

rmemedic, if you build it they will come.....

Well sort of. Take myself for example, based on your previous posts you have the same truck I do and you also talk about fold flat trailer stuff that I'll be interested in as well.

So keep me in the loop, PM me if want and let me know your plans I might just be your first customer. Something small to start off with maybe a fold up flat bed that folds up against the side of the trailer.

 

[budgetracing]

The most help i can offer is go to your public library and take the business start up class. They often have people from large companies come in and help you with your business plan, offer tips to get cash flow and general growth tips. The biggest benefit they will give you is to help you find grants the government pays out to start up manufacturers in Ontario and Canada as a whole.

Also make sure when you think that "I could build it cheaper than that" that you make a list of every little part and cost. 1 bolt may be 20 cents but if you're using 1000 of them a day it is a big expense at the end of the day. Welding supplies add up very quickly as well.

 

[Motorcycle Mike]

About 10 years ago I was laid off and went on EI. From there I joined an EI sponsored program (that might still exist) that taught entrepreneurial skills provided you were accepted into the course (needed a rudimentary business plan, etc).

I ran a small business for a short time taking the 'artistic' aerial photography from a powered paraglider. I sold a few packages to golf courses, farmers, one wrecking yard, etc.. That business failed because 1. not enough suitable flying days a year (low wind) 2. not enough customers and 3. google maps came out were everyone has access to rough aerial photography for free -- even more so narrowing my customer base.

From there I ran a small computer help company -- like geek squad -- in an area where future shops and best buys were few and far between. Made pocket change with that and closed up because it wasn't paying the bills. People just weren't willing to pay what it cost for me to drive to their house and spend the time fixing their computer issues.

So in the two short ventures I ran, the biggest problem was finding an idea what would earn enough profit every day to sustain me. That may sound obvious, but even if you want to make $50k/year and are willing to work 6 days a week you still need to pull in $160/day in profit to obtain that. For my two (admittedly weak) attempts, I wasn't even making that. I made at most $300 to $400 a week in profit -- so obviously not enough to live on.

I don't know much about the industry(ies) you are looking at, but just keep in mind how much you are going to need to live on and if the idea is profitable enough to achieve that.

I would love to start up another small business -- perhaps even part time to go along with my day job -- but for now I haven't thought of any ideas that would bring in enough money other than doing some construction on the side (which there is tons of competition for already, and I would need a lot of 'business' equipment like a truck, tools, etc.).

 

[nobbie48]

Be careful about free advice. Your friends may not want to hurt your feelings or discourage you with the truth. Watch Dragon's Den for examples of ill fated ventures.

While it sounds like money isn't your first objective, if you go broke doing your passion you might end up hating it like you never dreamed.

Unless you have access to hugh space and a pile of heavy fabricating equipment it might work better if you started off with small items that can be fabricated in a garage with small tools. Could you design a better wheel chock or bike tie down system?

 

[rmemedic]

I've come up with something simpler to start off with. Same basic idea, but something that won't require quite as much fabrication. And it's more modular, cheaper, and thus more likely to sell.
The cost of tools doesn't matter really, since they are tools I would own for my own private use anyways.
Basically, I'm building the first one for myself, as it is something I have a use for and can't find anywhere on the market. There should be enough interest in it for me to sell it.
I'm hoping that I can build the first one this winter in the off time. Next year I won't be sleeping next to cans of race gas on a cot

 

[crankcall]

The folding furniture for trailers is a good idea. If you could incorporate fittings so it would work with the rail system that is in the Sprinter style vans you could be on to something.
Have a look at Vanteriors website, they are a client of mine. They produce some interesting shelving systems.

One of my friends invented the BackRack truck rack system sort of by accident, he's made a very nice living out of it.

 

[CruisnGrrl]

You might start the business off as a hobby building up to a career as sales take off. Doesn't hurt to have multiple eggs in multiple baskets

 

[K1200RS]

I've come up with something simpler to start off with. Same basic idea, but something that won't require quite as much fabrication. And it's more modular, cheaper, and thus more likely to sell.
The cost of tools doesn't matter really, since they are tools I would own for my own private use anyways.
Basically, I'm building the first one for myself, as it is something I have a use for and can't find anywhere on the market. There should be enough interest in it for me to sell it.
I'm hoping that I can build the first one this winter in the off time. Next year I won't be sleeping next to cans of race gas on a cot

Would this business work as a mix of service/repair, custom fabrication, and manufacturing? If you started perhaps in servicing and repairing existing trailer installations and building up your custom fabrication business, it might give you a better understanding of what would sell in the way of a product line. Where are people having problems? Why do they want changes? What led to the failures that they are paying you to repair? What features appear to be missing and so on. This sort of information is also useful for a business plan if you need to get financing.

Another aspect or possibility of this approach is that you could use the time to research your manufacturing requirements. By this, I mean that while you may want to manufacture in Canada or the US, you may want to consider offshoring the manufacturing. Having said that though, the costs may not be that much cheaper considering the distances involved and the coordination issues.

I would also talk to business that are where you want to be in five years to see what they have done, what worked for them, and what didn't. And when I say five years, it would help if you could put together some sort of road map to help predict what your costs might be, what sales you need, and what you might require for cash flow.

Best of luck.

 

[AGAVE]

You might start the business off as a hobby building up to a career as sales take off. Doesn't hurt to have multiple eggs in multiple baskets

Thats what ZX600 did, he opened a taco stand in his backyard in Brooklin.
:director: Group ride for Tacos !!!

 

[kellen]

shouldn't there be a star somewhere in the logo

 

[ZX600]

Thats what ZX600 did, he opened a taco stand in his backyard in Brooklin.
:director: Group ride for Tacos !!!