Opening my own shop.

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Example, here's my business card that I've used for the past several years. No shop name, no address. Just basic. Card looks rough because it's one that I just dug out of my toolbox, haha

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I think the name is fine. It's the font that makes it look childish/not high-end supercars.

$0.02


PS- Congratulations!
And, do you already have some other mechanics working with you?
 
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Once again, congrats on a huge accomplishment. From what I've seen your a very hard worker, and are well deserving of what you get. Keep it up!
 
get yourself a notebook now
you should keep track of every mile you use your vehicle for work related things
the 2012 mileage rate is 55.5cents a mile and it really adds up quick for a nice deduction on your tax return
also, you can look into claiming mileage from home to the garage if you have a home office to do paper work in the morning, plus you get to deduct a portion of housing expenses like internet, taxes, mortgage insurance, and utilities

you should also use the notebook to keep track of every expense you lay out
in the beginning before things are all organized you might miss out on a lot of expenses if you deal with cash, and all garages deal with cash, just try and keep everything in your notebook or a folder including receipts, get a receipt for everything you pay cash for, and then decide later if you can deduct it or not

look into business insurance and worker's compensation, and even a disability policy on yourself since if you get hurt you're still gonna have bills to pay
 
reckedracing said:
get yourself a notebook now
you should keep track of every mile you use your vehicle for work related things
the 2012 mileage rate is 55.5cents a mile and it really adds up quick for a nice deduction on your tax return
also, you can look into claiming mileage from home to the garage if you have a home office to do paper work in the morning, plus you get to deduct a portion of housing expenses like internet, taxes, mortgage insurance, and utilities

you should also use the notebook to keep track of every expense you lay out
in the beginning before things are all organized you might miss out on a lot of expenses if you deal with cash, and all garages deal with cash, just try and keep everything in your notebook or a folder including receipts, get a receipt for everything you pay cash for, and then decide later if you can deduct it or not

look into business insurance and worker's compensation, and even a disability policy on yourself since if you get hurt you're still gonna have bills to pay
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Very good advice, especially the insurance. If you get hurt bills and payroll don't stop. Also get a good accountant/ shop manager to make sure your expenses are inline.

Good luck with the shop,
 
Very cool. Good luck with it, and I'll be sure to bring you some business after I graduate :)
 
High end shops - ones with REAL high end customers are usually hole-in-the wall type places with forgettable names, horrible marketing and no frills facilities. What they do have are lots of experience. A lot of restoration shops in New England (MA specifically) are hidden pretty well in small towns off the beaten path, but do amazing work.

Good luck Will. :cool:
 
^^ Same goes for shops around here.

I have a set of custom springs for my CR-Z getting wound, as soon as I get the time to drop off the car for a couple days. I was slightly worried about it at first, but once I realized that the owner used to do ALMS, and was a foreman on the Honda ALMS team, suddenly I was at ease.

Wil, Be sure to keep track of EVERYTHING. Never underestimate a single thing that you will have to lay out yourself.

Recked could chime in on this better than I can, but GET INCORPORATED, or at the very least a LLC. Especially in the line of work you're pursuing.
 
I would prob go for a Sub-S corp with a small payroll so all additional income rolls to the personal return not subject to self employment tax, but you should be targeting a loss for the first 2-3 years.
I'm sure he's gotten the whole corp liability talk from his pops, or is well aware already.
 
I won't delve into all the stuff about LLC's and insurance and accounting and such, as I've already got all of those bases covered.

I'm set as it sits now to take a complete loss for the entire first year and still be able to stay afloat - what I've got saved up plus the loan will cover rent, utilities, and a good bit of expenses for at LEAST 12 months, and that's assuming I make ZERO income during that time.

I'm also in the process of setting up the LLC, I think that's going to be the best way to go.

I've thought this through and done a LOT more homework than most would expect me to have done, I figure if I'm gonna do it I need to do it 100% no-holds-barred 'the right way', so I'm making sure to take extra time and have all my ducks in a row.

I legitimately think that this will work out excellently. I hope so, at least, haha
 
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