Opening own business

The success rate of startups is rather low. In most cases, fewer than a third of businesses will still be around ten years after being launched. If you have no business experience, the risk is much higher.

But don't despair. There are ways around this.

Besides taking some basic courses in business management, you could also look into the idea of becoming a franchisee. If there is one thing that can significantly reduce the risk of starting a business and keeping it running, it's franchises. McDonald's. Have you heard of them? This is an example of a widely successful franchiser. Very few McDonald's franchises fail. (Or have failed, as the case may be.)

The thing with franchises, especially those that have been around for a while, is that they have a tried and (mostly) true system of operations. They know what works and what doesn't based on successes and failures of the past. They refine their system until it becomes a model for success.

Do franchises besides McDonald's fail? Certainly. Failure is still an option to franchisees who can't or won't make the franchiser's system work for them. There will still be outside factors as well, but if you're looking for a way to mitigate risk or to ensure you're covering all your bases, consider franchising.

So I guess as a transmission man, you could look at transmission repair franchises. Perhaps have a look at this to start: Transmission Repair Franchises.

Be very judicious when evaluating franchise opportunities. Also, don't think it's the only option. You could buy an existing indie business. You could still build something of your own. I just wanted to float some ideas out there for you.

(However, if you have little business knowledge, I'd still consider some kind of business education to get you up and running. Consider, at least, checking out the book The Personal MBA by Josh Kaufman.)

 

Good advice by @Baraka_Guru .

I think step one would be to take a business management class at a local community college. You might also browse the book store or Amazon for books on starting your own business.

The difficult part of getting most businesses off the ground isn't doing the actual work/service the business provides (in this case fixing transmissions), but in all the OTHER stuff. Accounting, tax compliance, marketing, business strategy, budgeting etc.

 

You can likely get them for free at your public library.

 

Every business owner should have a library card.

 

There is no better price than FREE.

 

"See, the sad thing about a guy like you is, in fifty years you're gonna start doin' some thinkin' on your own, and you're going to come up with the fact that there are two certainties in life: one, don't do that, and two, you dropped 150 grand on a fuckin' education you could have got for a dollar fifty in late charges at the public library!"​

--Will Hunting to Clark in Good Will Hunting​

 

Hubby and I have recently looked into starting a few different business ideas... Brew shop, rock climbing gym, franchised day care, used bookstore, greenhouse, avionics supply... A real smattering of our interests. In every instance, we realized it will take us nearly 30 years of scrimping and saving to come up with enough of a buffer to make it a possibility. We're still looking around, still saving, but it seems we'll be saving in the hopes that our daughter will be able to start her own business someday.

 

Do you have collateral?

Seriously though: Read a book or two on starting a small business. They will answer many questions like these. You can get funding for a startup through various means, including loans. But they all have pros/cons.

 

Banks like houses. But, of course, if you use that as collateral, you'd basically be putting the roof over your family's head on the line for a risky venture.

Given what I just wrote, I'd read the books.