Arguibly OT

[Bob Huntress]

As most of you know, I recently retired from the US Coast Guard as an MK1. I've been working for years on everything that is considered a machine, and while I have no issues with doing what we have to do, I've always wanted my own shop. Not just for working on my own gear, but my own shop. I have my tools, and I'm thinking about opening a farm equipment and marine repair shop out of my barn. I don't need to get rich. I actually make enough to survive on just my pension. I just want to work on farm equipment, and the boats are just to help the shop make a profit. I figure that I can make some by restoring implements and selling them on Craigslist, as long as I can keep both the initial procurement low, and the cost of restoring low. I'm pretty sure the boats will turn a profit, but what do you folks think about the farm equipment? On the upside, I don't have to invest large amounts of money. I own the barn and tools. I would need a few things, but nothing major, except some work to the barn. I've considered becoming a Honda Marine dealer, and doing farm equipment on the side, but that requires large investments. What do you folks think?

 

[Anonymous-0]

The BIG problem with doing farm equipment repair is that you need to go to the farm/field to do it or have a big truck to haul it to your shop and then you have to charge for the trucking. I took a business course several years ago and one of the examples of a poor business idea was a dealer that set up a real fancy shop thinking it would always be full of tractors and combines and other farm equipment. When the equipment is broke down and needs repairs, you can't just drive it to the dealer. That dealer went into receivership in less than 2 years.

 

[Bob Huntress]

Thank you for replying Repair Shop. I've thought about that. I have a 3/4ton truck and a large trailer, but I figure that many jobs will simply need to be done in the field. I'm not posting to solicite jobs, as I figure most people here do their own repairs and maintenance, but, this is what I'm asking. I need to be prepared to do most of the work in the field, especially during planting and harvest. By the way, I figure that if things go well, I will be working almost around the clock during planting, harvest, and haying times, while I could be weeks without work during the winter and parts of the summer. Of course many marine side jobs wait till seasons end for scheduling. I suppose a lot of jobs on farm equipment that can be put off till after the season, will be. Is that how things go with you? I assume that the name, Repair Shop, means that is what you do?

 

[greygoat]

I had my own business for awhile. My regular job
was 4 to midnight, so I could do this during the
day. As a Locomotive Mechanic, I got my
certifacation, so I am a "Certified"Diesel engine
mechanic". The thing that killed it for me was
"Liability Insurance". An insurance inspector
came to inspect my shop, saw that I had a Lathe
and drill press, and classified me as a Machine
shop..a whole different classifacation. I
appealed, but couldn't sway them,(underwriters,
hundreds of miles away)I couldn't afford the
liability Insurance Rates!

 

[Bleeding Orange SW Iowa]

Stand-alone mechanic shops have thinned out in our area. We would sure like to see a few more here. Pop and I are farmers, smaller by today"s standards but still a going concern after five generations on the land. We are not mechanics, but we can do maintenance and basic repairs. Besides, with crops and cattle, we do not have time to spend days in the shop. We depend on a local mechanic father/son team for more complex repairs. They are honest, reasonably priced, and you won"t be surprised by a $500 tractor wash on your bill like at some dealers. They have a waiting list to get in. Another local mechanic with an excellent reputation and plenty of business went to work full-time for a local construction company. He is sorely missed. It sounds like you have the advantage of living off your retirement, but research the unseen costs of insurance, permits, additional taxes, etc. I think there are many more folks like us that could really use the services of a good mechanic.

 

[Bryan inIowa]

Wow ,pretty strange . We have nothing at all like that here in Iowa. No need for licensing or certification . Unless you are working on aircraft , or maybe trains ? You can take ASE cert tests if you like , but not mandated. As far as insurance , I have lathe drill press welders etc ,,all the stuff a well equipted shop needs . Insurance is for general garage keepers coverage . Asked what I work on ? Cars trucks some dump trucks , redi mix & semi's Had no problems with it . Railroad work looks pretty interesting .

 

[Bryan inIowa]

Congrats on your retirement Bob . Heres my 2 cents on couple things . First I'd talk to insurance guy , find out costs and coverages . Then I hit up accountant and see what he says . Once you start working on stuff as a job ,,it kinda loses it's appeal after awhile , so make some some $$ if your gonna do it. all your expenses will go up . A nitch market sure helps . A couple business classes sure wouldn't hurt either.Wish someone had told me that when I first opened my shop . Good luck with it hope it turns out well .