Can you make money building hot rods

As Troy puts it, «No one wants car people on their property. It took awhile to get here, and I gave a lot away early on. I also worked a rural mail carriers job for 11 years of my self employment. May 25, 11, 13 0 Osaka, Japan www. If you already have the block and heads or it’s worn out People are still spending money on cool cars.

We Delve Into The Dreams And Realities Of Running A Hot Rod Shop.

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It’s better than I ever even knew They say that the world was built for two Only worth living if somebody is loving you Baby, now you do Singing in the old bars, swinging with the old stars Living for the fame Kissing in the blue dark, playing pool and wild darts Video games He holds me in his big arms Drunk, and I am seeing stars This is all I think of Watching all our friends fall in and out of Old Paul’s This is my idea of fun Playing video games It’s you, it’s you, it’s all for you Everything I do I tell you all the time Heaven is a place on earth with you Tell me all the things you want to do I heard that you like the bad girls Honey, is that true? It’s better than I ever even knew They say that the world was built for two Only worth living if somebody is loving you Baby, now you do Now you do, now you do, now you do It’s you, it’s you, it’s all for you Everything I do I tell you all the time Heaven is a place on earth with you Tell me all the things you want to do I heard that you like the bad girls Honey, is that true? It’s better than I ever even knew They say that the world was built for two Only worth living if somebody is loving you Baby, now you do Now you do, now you do Now you do Now you do, now you do, now you do

successful hot rod shop?

At least once in your life you’ve had the universal car-guy daydream of running your own shop. The evil occupation that’s been stealing time away from hot rodding could be out of the way for good; all day, every day, could be spent designing and building cool cars. Sounds idyllic, doesn’t it? While there are plenty of good things about combining your passion and your job and being your own boss, the allure of running a hot rod shop doesn’t often jibe with stark realities.

But right now is mame unique time in America, with many people reconsidering their careers-either forced by layoff or just looking for something different. It mmoney be the perfect time to reevaluate where you are versus where you’d like to buulding and shift careers, pursue a dream, and change your life.

It’s better knowing you tried than always wishing you. To help you decide if owning a hot rod shop is right for you, we picked the brains of four successful shop owners at different stages of the game and with radically different backgrounds and approaches to the hot rodding industry. Are You Qualified?

You might be surprised to discover that loving cars can have little to do with running a hot rod shop. Not to de-emphasize the importance of passion, but it’s critical to remember that a shop is a business that requires familiarity with business management and with the intricacies of how a successful shop functions. An MBA isn’t a prerequisite, but taking some classes and seeking professional advice was recommended by every shop owner we spoke rodz.

Next, you’ll need to match your skills with the goal of the business. If you have specialized skills, such as wiring or upholstery, it will be more prudent to start a shop with that singular focus. The guys we spoke to are full-service car builders, but car building does not mean bolting on parts or performing minor restorations. Just because you can recognize a well-done car doesn’t mean you can build one.

While maje an expert team may be the eventual goal, unless you have a large amount of start-up cash, you’ll be doing much of the work yourself in the beginning. Some shops have been successful as contractors, mxke much of the physical labor, but you’ll have a more solid foundation if you are personally competent in ords from painting to fabricating. If home garage builds are your only background, you’re probably not experienced enough to run a full-service shop.

According to Bodie, «I recommend at least two or three full builds under your belt or a solid five years or more of work at a reputable shop before going out on your. Jordan, who only recently yoj his own business at age 20, spent the last five years working at shops and learning from local metal craftsmen. The Commitment Being your own boss sounds great, but it means the buck stops with you-for.

And you need to be willing to hof everything else in your life on hold because there’s no such thing as a 9-to-5 schedule or even a five-day, hour workweek. Bodie and his crew, for example, still regularly clock 60 to 70 hours a week. Make sure your family is ready for the commitment. Troy adds, «Honestly, no one would want to live the life I had to live to make this happen,» recounting nights of sleeping in the shop and living off a dollar-menu meal a day.

Also, your personal projects will be back-burnered indefinitely, since each turn of a wrench will need to translate into dollars. Every shop we hang out at has a neglected car that was once a priority.

Troy’s male has waited four years for her Comet to be finished, and there’s no end in sight. That’s also why the producers of Overhaulin’ surprised Chip by building his beloved F-1 pickup for him-it had been sitting ignored rocs his shop for years. Getting Work The goal is to eventually be able to work on the types of cars you prefer with carte blanche execution, but be prepared to take what you can get in the beginning.

Your opinion and guidance will be sought, but you must be ready to build what the customer wants and smile about it, even if you disagree with the choice. As Bodie puts it, «Try to gently guide people away from bad decisions. There’s a bit of a disagreement as to whether it’s wise to open a shop without first having found a paying customer or two, since as Chip puts it, «You can hang a shingle and be without a customer for a long time.

Also, doing odd jobs or offering your services to other larger, busier shops can work in your favor. Jordan still fights the stigma of being so young, but he was able to prove himself by doing freelance work and becoming a dependable go-to guy. Here’s a little-known fact: Many successful shops rely on one or two wealthy customers who build project after project. Those sugar daddies will often leave all the particulars to the discretion of a trusted builder, but first you have to rrods your shop can deliver.

So how do you get to that level of just-build-me-a-car trust? The answer we got from every shop owner was essentially the same: Always overdeliver and never compromise quality, since everything that goes out the door becomes an advertisement for your shop. Word of poor workmanship or bad business practices gets around quickly. On the other hand, exceptional work gets noticed. Once you’re well established, new clients will seek you out, but in the beginning, meeting people and showcasing your style and workmanship are great ways to get your name out.

There’s your one good excuse to get a project of yours finished and maybe even make it a tax write-off. Open houses and car shows are other venues to get your core customer base talking-that’s why Hollywood Hot Rods has an annual show and why Chip maintains visiting hours.

The Money Don’t expect much, or really any, positive cash flow in the first year or so. Forget the glamour, fame, and TV shows-you have to be willing to start at the bottom with debt and cheap living. This is a profession you enter because it feels like a calling. Start-up ma,e depend on what you’ll be doing and where you’ll be doing it. If you’re in a prime location in Burbank, California, like Hollywood Hot Rods, real estate is pricey, but if you can make yourself happy in the remote countryside like Rodss Graham in Mame, California, the bills will be lower.

As far as tools, the more the merrier, can you make money building hot rods take stock of exactly what you need to get the job done to your standards. Jordan agrees, but rather than spring for new stuff, he prefers to make what specialty tools he can by hand and then search auctions and going-out-of-business sales for the rest. You’ve probably paid more for a cordless drill than he paid for his Bridgeport.

Before you begin, all the cost realities need to be known, and balanced against a reasonable projection of what the business will earn over time.

Those are just a few of the elements of a real business plan, moneyy far-reaching document that will be required if you are looking for funding from an outside source, such as a bank or a wealthy businessman. In many cases, a new shop is a partnership of one or more enthusiasts. In those cases, it’s smart to agree on each party’s responsibilities, investments, and payments well in advance of actually going into business.

Money arguments end freindships and destroy companies. As far as income, nearly all hot rod shops operate on an hourly rate system that varies depending on location, overhead, and the amount people are willing to pay for your work. Jordan, however, comfortably charges almost half that since his expenses are comparatively small and his reputation is still growing.

Be prepared to give away some of your time since realities and expectations rarely coincide. Customers who haven’t done the work themselves don’t understand the time involved, plus your standards of workmanship and theirs may not align.

As a general rule, never give closed-ended job quotes. Instead, charge time and materials on everything moneu maintain communication with clients to make sure the billing is clear on both sides.

The best solution is to open an escrow account in which money for the project is deposited. Working with this system will help keep profit in the black and allow customers to work at their financial pace. The Legal Mumbo Jumbo What do you plan to do at your shop? Full builds? That has to be taken into consideration for zoning, noise, permits, and fire and environmental regulations-not to mention satisfying the building inspectors.

As Troy puts it, «No one wants car people on their property. Disposal of oil, metal parts, and tires may also be a concern, and in urban areas you may need to deal with parking and handicap rules, especially if you have a showroom. You’ll also need to visit the city office for buildung information, as well as for a business license. Learn what you’re up against before moving into a building or even before going into business on your own property. It’s better to know in advance than get caught down the road.

Sole proprietorship is fine for one-man bands, but when a shop grows, it’s time to consider a different kind of business structure, such as a limited liability corporation LLC. This is an area where professional advice from a lawyer and tax adviser is a. Insurance is a touchy subject, but if your shop is loaded with tens of thousands of dollars in parts and tools as well as many times that value in customers’ cars, a high level of protection is a.

Security systems might help ward off thieves, but they won’t do much for natural disasters or fire. Bodie, for example, carries a multimillion-dollar policy so customers’ cars are adequately covered. You also need to cover trip-and-fall issues for customers, and product liability is a must for protecting you if someone gets hurt in a car you built, or even in a car using a part that you manufactured. If you have employees, then insurance, worker’s comp, and unemployment are a few of the pricey facts of life.

Mojey, you can opt to use independent hor in your shop, which means you pay for their work, but they pay for their own insurance. Branding Depending on whom you ask, branding yourself may be one of the first steps to opening a business. Troy had every aspect of Hollywood Hot Rods’ merchandising planned out before seeking a business loan, since projected merchandise sales can help obtain a loan.

Design awesome T-shirts and merchandise and market them wisely, and sales can make up for slow business months. Apparel also leads to brand familiarity, which gives customers a certain level of trust. The more exposure your shop’s name can get, the bigger it will seem in people’s minds. Bodie says, «Get people familiar with who you are and what you. Troy credits his plus appearances in various publications since with much of his shop’s meteoric rise. You won’t find many regrets among the cn we spoke.

Some of these guys have made it, some are still working on it, and some are just starting out, but none of them would rather can you make money building hot rods doing anything. The real thing to keep in mind is that owning a hot rod shop is as much business as it is pleasure. Don’t let the realities kill the dream, but don’t dive in blind. Chip Foose: Years Of Experience Chip Foose became a household name thanks to the Overhaulin’ TV series, but the reason he got that gig was because of his extensive background in hot rod building and design.

He’s definitely not an overnight success story. Chip started out working with his dad, Sam, a noted customizer in his own right, and for 15 years he learned every aspect of paint and body. Always gifted with an eye for design, he was accepted to the highly respected Pasadena Art Center and graduated with honors. Next, Chip was hired into the Asha Corp.

Like those buttons on your car’s visor that open your garage door?

BUILDING A RAT ROD!!!(part 1)

Do You Want to Know How to Build Hotrods?

Design awesome T-shirts and merchandise and market them wisely, and sales can make up for slow business months. What clinched the deal? Before you begin, all the cost realities need to be known, and balanced against a reasonable projection of what the business will earn over time. His dedication and skill earned him a place as a fabricator on Robby Gordon’s off-road team. There’s your one buildint excuse to get a project of yours finished and maybe even make it a tax write-off. Terms of Service. All a customer wants is a job done right in a reasonable time for a fair price. It may be the perfect time to reevaluate where you are versus where you’d like to be and shift careers, pursue a dream, and change your life. What it really comes down to is Location, location and a better location.