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[Kevin Wood]

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

[cem_devecioglu]

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

[joshwyatt]

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.

[Kevin Wood]

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

[Mr Skrunts]

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    (and you know the details of the car I still want - lol)

[Varche]

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.

[Mysteryman]

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.

[Tony H]

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.

[feeutfo]

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. 

[omegod]

Christ mate I never realised you were only 20 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

[Darth Loo-knee]

You already know what I think Josh

But for those who don't

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 )

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

[PhilRich]

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! 

[Sixstring]

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.

[TheBoy]

I like to think I'm one of the 'exclusive' 10% mentioned

[Mysteryman]

Christ mate I never realised you were only 20 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

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.