Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: joshwyatt on 16 November 2010, 13:30:14
-
Firstly, I would like to thank OOF and it's members for the support over the last year. It would be impossible to mention everyone, but you've made such a positive difference.
Hopefully, I won't bore too many people - My parents got divorced, and the house we live in would have to be sold and a sizeable chunk of that capital would have to be given to my father leaving us just enough to buy another house.
So, I said to my mother take out an additional mortgage and give the money to me, I'll buy and sell cars and try and make enough money to pay my father off; £63,000 in total.
The biggest outlay was the £6000 for the motor trade insurance. My renewal has come through, and it's now £4900...which is very good.
There had always been the automatic assumption that we'd only do it for a year, but after discussions we may do it for a further two years.
I've now made enough connections to be able to get vehicles cheap, and repairs, paint work and pretty much everything. I think the first year would be the hardest, and hopefully subsequent years would be easier.
I would have no problem in continuing, but I'm unsure whether it'd be wise. Being 20, I will freely admit I don't have enough life experience to really know. Any opinions are greatly received. Perhaps, others who have run a business can advise?
The one thing I find the hardest is the mix of people who come to view vehicles. It's the abrupt, rude arrogant one's. I always try and be nice, but sometimes I really want to tell them to get lost, but feel I can't. That's the thing I least enjoy, coupled with the fact I work from home...there's never a swicth off point.
90% of people are excellent, it's just the 10% that seem to spoil it. They seem to think that because I sell vehicles, I'm fair game and you can be rude and arrogant to me.
I'm just not sure what to do?
-
no.1 josh is do you enjoy it?
no.2 if its bringing in a nice income why not carry on.
i wish i was in your position as i know what i would be doing. :y
jon.
-
Carry on and avoid/ignore the annoying tyre kickers! Maybe try and shift lots of smaller cars which are cheap to run? There are always buyers for those, also keep an eye on bikes. Those BMW Police RT's went for silly cheap money, easily some nice 4 figure profits there.
Don't like to admit it, but Omega's now are almost worthless, youngest one being 7 years really, so unless you get super low millage ones. Go for other makes, VW's & BMW's all sell well!
-
As you are making a decent amount of money I would say continue doing it as long as you feel up to it.
Perhaps look at premises.
If you want to do something else use to fund that - perhaps a course, or further education.
Don't lose sight of the fact people like you, and that you have a lot of contacts.
-
what ever you do in life, you always have that 10% to deal with.
I see youve built up a good reputation, if your making money, keep it up :y
-
If you enjoy what your doing, and you feel you can make a good living from it, then why not just carry on Josh ?
If people are rude and arrogant to you Josh, then give them some of the same back,imo. Just tell them to break off.You shouldnt need to sacrifice your dignity to sell a car.
You have become known as a very honest bloke in your time on here, and it would be nice to see someone like yourself make an honest living from the motor trade - which as we all know has a reputation for being full of sharks and spivs. :y
-
Bottom line: do you enjoy it?
.. and have you, or will you, achieve your goal?
Life's too short to spend time doing a job you hate - unless - it's getting you towards a goal that you can focus on, thus you can stomach it for a year or two.
Most jobs involve dealing with the odd R.Sole, though, in fairness. You have to find a way of allowing the water to run off the duck's back. They won't give you a second thought as they drive off into the sunset so find a way of giving them no more than the emotional resources they deserve.
So - assume you find a way to discount the idiots. Do you then enjoy it when the punter is a joy to deal with and it all goes smoothly?
Kevin
-
There you go.. I got interrupted while typing that and everyone has basically said the same thing in different words. ;)
Kevin
-
Josh, fair play to ya for having the guts to start this when your chips were down and by the sound of it you are making it succesfull go of it aswell. So from an old fart that wishes he had the guts to go it alone and do something that he enjoys doing I say CARRY ON DOING IT as you may regret it in later life
-
This is what you need to do Josh:
Tell your mum to send me all of her money. I guarantee I will quadruple it within a month. I will PM you the address of my Nigerian branch office. Be quick, this is a limited opportunity. :y
-
josh, if you enjoy what you do keep going,you are young enough to continue for a few years and still change your mind if you want too.I have been self employed running my own business repairing cars for some 22 years now and although times have sometimes been difficult I wouldn't change anything if I had my time over again.
good luck with whatever path you choose
Henry
-
Times in the motor trade are getting hard, to be honest, I'm going to give it up soon, when I was your age Josh I was trading vehicles and got really into it, done it for a good few years and built up really well. Then certain things happened and it got pushed aside and I did other stuff. Moving back into it basically when I got the 3 series beemer a year and a half roughly ago, I got right back into it and have ended up here. To be honest though I just can't be doing with it anymore. So pretty much when I'm cleared of stock that'll be it altogether more than likely.
Josh I'd say to you though stick at it, I wish I had when I was your age, and you have got to be tough in this game, don't back down to people, don't let them be rude and if they are, tell them. You mate could defiantly go places in the motor trade :y
-
I'd say - if you're making a decent living (not necessarily an easy thing to come by, these days!) then keep doing it, unless you have another career to fall back on that you're already trained up for..
No idea what you're making money wise, but there's a good chance that you'd end up making less in whatever job you go for, should you switch careers, as you'll be starting off at 'the bottom' again (without a degree to get you a leg up - been there, done that :))
Most jobs involve dealing with the odd R.Sole, though, in fairness. You have to find a way of allowing the water to run off the duck's back. They won't give you a second thought as they drive off into the sunset so find a way of giving them no more than the emotional resources they deserve.
Absolutely agree with what Kevin says there, too.
Having worked for myself for a time - the key is to be able to maintain a work/life balance and switch off from work - otherwise those R. Soles will drown out the good points until you end up hating life.
Trouble is, they exist everywhere - if you go and work for 'a boss' there's also the chance that said boss ends up being one of said R.Soles! (Saying nothing, in case he's watching ;D)
Maintaining that work/life balance is hard when you're self employed - but as someone else suggested, one way would be to look for premises (also an opportunity to take on staff and/or expand!) so you can physically leave work. That's the thing I missed most, personally..
(And now I do a job that supplies me with a BlackBerry, so I never leave work! ;D)
-
good and bad everywhere! Better the devil you know (business), and you'd never sell/get rid/wind up a profitable business! You've done the hard work now!
-
As said enjoyment of what you do is the main thing,
however,
if it brings in a decent income and the only fly in the ointment
is the 10% (which you are bound to get in any trade)
your only 20? my god you are laughing Josh, you have succesfully created a business that from all accounts is doing ok?
the first year is usually make or break in any business to be honest, yes the car trade is getting harder as the recession bites, but here only the good ones stay afloat.so my opinion is stick with it to be honest, you will hate working for someone else if you have done this for a year, because at the moment you are the boss you cn please yourself how much work you do or dont, you can take time off when you want you can afford to be picky and choosy over the cars you buy, you can if you want buy an indulgement motor for yourself with a view to smoking it around for a few weeks, with a view to making a profit when the right buyer turns up,
the 10% should be a challenge to turning them from being arseholes to customers even if you have to eat humble pie doing it, when you can turn just one of these the high is great!!
bottom line is stick with it mate, you can make enough money to support your loved ones and have a pretty good life, the contacts you have made are worth thier weight in gold couple of years down the line, give it up now and you lose it all?
if you can ignore the down days then stick with it mate!
G
-
The only caveat I would add to everything said is this:
If you have any thoughts of further education, learning a trade, getting a degree, travelling the world, etc. the longer you leave it the harder it will be. Not only due to decreasing government support, but you get used to a lifestyle of having, and consuming, money which simply won't be easy to forego.
Kevin
-
Firstly, I would like to thank OOF and it's members for the support over the last year. It would be impossible to mention everyone, but you've made such a positive difference.
Hopefully, I won't bore too many people - My parents got divorced, and the house we live in would have to be sold and a sizeable chunk of that capital would have to be given to my father leaving us just enough to buy another house.
So, I said to my mother take out an additional mortgage and give the money to me, I'll buy and sell cars and try and make enough money to pay my father off; £63,000 in total.
The biggest outlay was the £6000 for the motor trade insurance. My renewal has come through, and it's now £4900...which is very good.
There had always been the automatic assumption that we'd only do it for a year, but after discussions we may do it for a further two years.
I've now made enough connections to be able to get vehicles cheap, and repairs, paint work and pretty much everything. I think the first year would be the hardest, and hopefully subsequent years would be easier.
I would have no problem in continuing, but I'm unsure whether it'd be wise. Being 20, I will freely admit I don't have enough life experience to really know. Any opinions are greatly received. Perhaps, others who have run a business can advise?
The one thing I find the hardest is the mix of people who come to view vehicles. It's the abrupt, rude arrogant one's. I always try and be nice, but sometimes I really want to tell them to get lost, but feel I can't. That's the thing I least enjoy, coupled with the fact I work from home...there's never a swicth off point.
90% of people are excellent, it's just the 10% that seem to spoil it. They seem to think that because I sell vehicles, I'm fair game and you can be rude and arrogant to me.
I'm just not sure what to do?
Josh , having an older age I can summarize some simple facts only..
as all men have to, you must have some plans for future .. if you dont, future will bring you where the events give direction to.. so you build them and behave according to..
however I must note one point that these plans must be realistic and achievable.. and keep in mind that sometimes even you try your best there remains the chance of failing.. :-/
I see you try to both help your father buying a house and build a job at the same time which seems not that easy.. the payments for houses is heavy and needs to be continued for long years .. another point is that you will have extra payments related to job and other things as you also have a life and probably in the future your responsibilities may increase..
and for the job, I know young people who are really successful at very young ages..so your age is no concern.. but you must like your job and devote your self to it..
good luck :y
-
Thank you all, there have been some very good points and things I hadn't considered.
I don't intend to work with vehicles as a career, but for the moment it's fine.
I will go to university and continue studying law.
We haven't made as much money as I would have wanted in year 1, but I hope year 2 and possibly 3 will be better.
I suppose it was, is it better to cut your losses and stop now as more and more people will loose their jobs meaning less people buying cars, or just work through it and keep at it? As Jeremy Clarkson says - How hard can it be?
I appreciate the clear advice, my friends will do anything to help me. To them they have no experience of this and really don't know what to say though...so some experienced minds will help out.
-
I suppose it was, is it better to cut your losses and stop now as more and more people will loose their jobs meaning less people buying cars, or just work through it and keep at it?
If it's a case of cutting losses... Hmm. A trickier question. Needs a clear and honest evaluation of the past year, what were your good moves, what were your bad moves? If the bad moves had turned out good, what would have been the outcome then? Would it have been good enough? If not, what would it take to make it good enough and would that plan fly?
If it still seems viable, set yourself some targets over perhaps the next quarter that still leave you an exit strategy without getting burnt and if you fail to meet them, be ruthless. :-/
Kevin
-
You make an interesting case Josh.
You have proved what you can do in a year out of neccesity. You started from the bottom at look where you end up. You have a good head on your shoulders and as a 20 year old it's quite a wise one, you dont seem to be the impulsive type, so here's my view.
There will allways be a car trade - we used to do well with the small run arrounds and antyhing up to taxi size for the locals.
You have a fair bit of buying power to go higher end - that inturn should give you more profit per vehicle.
Car trading gives you flexibilty - but could you do it part time and do your law degree at the same time.
Having something the size of a double/quadruple garage would be very benificial to you especially during winter for the odd oil change, brake service or detailing job.
The 10% - if you can prove to yourself these are the least likely to buy a car then tell them they can have a test drive once they can put the money on the table (As a lot of them only want a joy ride) (Also have CCTV installed to get picture evidence or the arrogant ones as these are the type that come back at night to do damage.
At the end of the day Josh it's only you that can make your mind up for you. From what I have seen and read of your trading experiances you have a flair for it, yes there was the numpty that ran a car with no oil in it (as said at the time - add a warranty to the sale) Profit potential is good, and it allows you to travel which you seem to like, and bloody hell how many 20 year olds do we know that go out of the door and are spoilt for choice of what to drive, a transit van - Merk - Range Rover or even a decent car like an Omega.
What ever you decide Josh I wish you all the best for the future :y :y :y (and you know the details of the car I still want - lol)
-
I'd go along with what the others have said.
the fact I work from home...there's never a switch off point. Couldn't you not take calls after a certain time with a clear message and opportunity for callers to leave a message. Maybe have two numbers one for work and one for personal? Also if it is in person drop by callers leave the outside light off/close gates after a certain time. If you have the right pricing structure and product they will come back during sensible hours.
-
I'd go along with what the others have said.
the fact I work from home...there's never a switch off point. Couldn't you not take calls after a certain time with a clear message and opportunity for callers to leave a message. Maybe have two numbers one for work and one for personal? Also if it is in person drop by callers leave the outside light off/close gates after a certain time. If you have the right pricing structure and product they will come back during sensible hours.
I find a bottle of vodka does the trick.
-
If you are concidering expansion and possibly getting premises make sure you do the maths and your homework.Especially the way the motor trade is generally heading. Small is sometimes beutiful, lower overheads, better control over the running of the business and the ability to react far quicker to changes that may occur.Bare in mind "turnover is vanity profit is sanity" What ever you decide I wish you well I have run my own business for nearlly thirty years and know how hard it can be, but equally I know it can be very rewarding not just financially but also with the feeling of satisfaction. :y
-
Law has to be the ultimate aim surely? But your not there yet and it will take time to achieve, so the way i see it, the more options the better, keep every opportunity open to you, give yourself every chance, and from what you said that means car sales by day and law study by night, so to speak...?
I must say I was surprised to hear you where considering pulling out having seemingly done well so far, your reputation is good, build on it if you can IMO. Steady though, it's hard ATM. And I certainly would not tie in to overheads (like premisses) until it's absolutely and completely necessary. Seen many a business flop splashing out on image and convenience before they have earned a bean.
In short, keep your options open, fate will guide you to the best course. And as said, the tw@s in life exist everywhere, there is no escape, so politely take what you can and f#%k em. IMO. :y
-
Christ mate I never realised you were only 20 :o fair play you have done what a lot of older people would sh*t themselves even thinking about doing as the car trade can be tough but if it pays , what the hell,flog it for a couple of years and get some cash behind you for a house, travel etc then decide what you want to do with your life :y
-
You already know what I think Josh ;)
But for those who don't ;D ;D ;D
There are knobheads everywhere Josh who want to mess you about no matter what cars you sell or where you advertise them. Anyone who has even advertised one on here knows that :(
I think you have done the hardest part, the first year.... you have gained knowledge, a network of people, but the best of all created yourself a good Reputation.... (although I would get a contract phone then throw away your egg timer ;D :P)
What you have done also for your Family shows what sort of person you are. Whatever you do I know you will Shine.
If I can do anything to help just ask.
Daz :-* :y
-
Josh, whatever you choose to do I wish you nothing but the Best. Whatever decision you ultimately make will be yours alone & from what I know of you, will be the right one! When you've made your 1st Million, don't forget to buy some laces & matches from the sad old git on the street corner, 'cos it'll be me! ;D :y
-
OK Josh, you've made a massive stop in your studies and aims to help you family. All credit to you. You've made a few quid, but you are unsure where to go now.
Here's my tuppence-worth, cos (a few years ago) I've been there. Different trade, but similar situation.............
Firstly, look at expenditure against return, and assess possible profitability in the next twelve months. Take away a third for tax, NI, and insurances, and then whats left is the true sum of your efforts.
IF that exceeds £40k, then it is roughly a viable concern, but if your goal is to make over £60k in a couple of years PROFIT to pay off something, no it's not. (in real terms)
Mate, you've done a rare thing at 20 years old, but to maintain an income of that magnuitude is hard, and the industry you have chosen is hard too. Think long and hard about a realistic target, but don't take the view that its unattainable, cos as with all things, hard work pays dividends, and you appear to be a grafter with a heart. My advice for what its worth is stick at it for another year, and set a hard full stop.
If it makes "X" profit, then ok, carry on another year, if it makes "Y" next year, QUIT and do something else.
Be hard nosed and definate, but keep your dignity intact and your pride--you've earned it with the sweat of your brow and your good heart.
Just my opinion, mate. But well meant and with compliments to you.
Mike. :y
-
I like to think I'm one of the 'exclusive' 10% mentioned :P
-
Christ mate I never realised you were only 20 :o fair play you have done what a lot of older people would sh*t themselves even thinking about doing as the car trade can be tough but if it pays , what the hell,flog it for a couple of years and get some cash behind you for a house, travel etc then decide what you want to do with your life :y
That's good advice Josh. But if Jon comes down from Liverpool for a 'viewing', make sure the wheels are the same ones you had before he leaves. ;D
-
Josh, IMO you should stick with it for at least another 2-3 years... I still haven't managed to get the perfect replacement for my car ::) ::) :D :D
But on a serious note... You have to be happy. Life is far too short to be miserable/unhappy. Yes, there are people we have to deal with who are unpleasant (I mean, we have to put up with STOM on here! ::)) but just push through.
At the end of the day, you are the only person who can make the decision though. If you want to chat, you know where I am :y :y
-
Josh, IMO you should stick with it for at least another 2-3 years... I still haven't managed to get the perfect replacement for my car ::) ::) :D :D
But on a serious note... You have to be happy. Life is far too short to be miserable/unhappy. Yes, there are people we have to deal with who are unpleasant (I mean, we have to put up with STOM on here! ::)) but just push through.
At the end of the day, you are the only person who can make the decision though. If you want to chat, you know where I am :y :y
In any Job you will have that, in mine it is about 50to 75% are aggressive or challenging aggressively, this week I have been told to make sure I have 'Security' at a meeting we need to have...wtf Another situation where I have a meeting on Thursday that could become difficult......and mean working for some years with them..... ::) ::) ::)
Some good news today, I can't say but the perpetrator :-X has died...... :y
-
my two pennies worth.
as a self employed grease monkey, i work on both hgv and plg motors. hgv is on site. do the work, leave, send an invoice and hopefully recieve in the post. calls in office hours.
the other side of the coin is the private customer (almost like car sales).
they would ring/want service at all times of the day(full of beer, knock at the door). i now have the workshop at a seperate location from my home, customers i know, i dont see. they leave the car , i repair , they get the money to me.
as for car sales, may be a cheap lock up on a farm. seen some very sucessful busineses work this way.
office hours. call out of hours, it up to you depending how you feel, other wise ring back in hours as a missed call.
-
So you can compare, Mr Wyatt, my day today, people I've had to converse with, either by face-to-face, phone, email or IM, would break down as follows:
Pleasant and helpful (or having capacity to understand, if its them asking for assistance): 10%
Pleasant, but just plain incompitent/stupid: 25%
Arrogant tossers who prefer their own voice to getting a resolution to an issue: 40%
Arrogant and stupid (but not included above): 20%
Immediate Colleagues: 5%
Today was slightly unusual, in that a couple of the conference calls about an issue had too many managers trying to suck each other off than get a meaningful resolution to an issue - normally these particular tosspots stay well clear, but once very senior management started to get involved, the wannabe 'nobodys' all wanted a quick gobble of trouser sausage, delaying a fix.
So if you're only suffering with 10% R-souls, you are very lucky.
-
So you can compare, Mr Wyatt, my day today, people I've had to converse with, either by face-to-face, phone, email or IM, would break down as follows:
Pleasant and helpful (or having capacity to understand, if its them asking for assistance): 10%
Pleasant, but just plain incompitent/stupid: 25%
Arrogant tossers who prefer their own voice to getting a resolution to an issue: 40%
Arrogant and stupid (but not included above): 20%
Immediate Colleagues: 5%
Today was slightly unusual, in that a couple of the conference calls about an issue had too many managers trying to suck each other off than get a meaningful resolution to an issue - normally these particular tosspots stay well clear, but once very senior management started to get involved, the wannabe 'nobodys' all wanted a quick gobble of trouser sausage, delaying a fix.
So if you're only suffering with 10% R-souls, you are very lucky.
Had a good day then ::)
-
So you can compare, Mr Wyatt, my day today, people I've had to converse with, either by face-to-face, phone, email or IM, would break down as follows:
Pleasant and helpful (or having capacity to understand, if its them asking for assistance): 10%
Pleasant, but just plain incompitent/stupid: 25%
Arrogant tossers who prefer their own voice to getting a resolution to an issue: 40%
Arrogant and stupid (but not included above): 20%
Immediate Colleagues: 5%
Today was slightly unusual, in that a couple of the conference calls about an issue had too many managers trying to suck each other off than get a meaningful resolution to an issue - normally these particular tosspots stay well clear, but once very senior management started to get involved, the wannabe 'nobodys' all wanted a quick gobble of trouser sausage, delaying a fix.
So if you're only suffering with 10% R-souls, you are very lucky.
Very similar % here :-X
-
Josh,
You too have given so much to the OOF.
I would do your sums, see what your 1st year accounts are and compare that to what you could earn in the open market. Obviously the first year is the hardest so if the figures are quite close it would be worth pursuing the trade route. A bit of diversification might help (e.g. specialist parts - irmschers etc.. for a few car types or a service to find a dedicated spec. of car) If you don't already have one a simple web page could be good and register with the free internet / free paper search engines, google maps etc.. using key words like used cars oxfordshire for example. I would also recommend keeping your overheads as low as possible - this is key.
Unfortunately in all businesses you have to deal with awkward characters - i would suggest to have in your mind a bottom figure for each vehicle and anything under that could be met with a "thats the price and its up to you"
Best of fortune for the future :y