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I want to start a small auto mechanic shop. I only have 10k to start. How do I recruit capital?

I would like to research capital resources for opening a small auto mechanic shop in Essex, MD. I only have 10k in capital funds, a location already planned (a rental stall), and all the tools. What are some resources or choices to find/ask for capital to open a new business. I am in the process of developing a business plan as well. Financing seems to be my next step. Thanks for any suggestions!

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BE AWARE MALICIOUS MALWARE HIDDEN IN WEBSITE BELOW

www.businesscreditcenter.us

Sep 1, 2013
Allan Stevens
Business Cash & Credit Store
"We Have Removed All Obstacles To Business Finance $ucce$$"
Bernalillo County, NM

Hello Aries,

First and foremost allow me to congratulate you for stepping out of the box and starting your own business. Funding for start ups is available but elusive. Which is why you are here looking for answers.

Funding is not a one time endeavor. It is an ongoing process. Which is why I believe the Business Finance Suite is a good fit for you.

We specialize in obtaining funding for business owners, both new and established, including loans, credit lines, business credit cards, and much more.

Visit us at: http://www.businesscreditcenter.us and view the Business Finance Suite "VIP Tour" video.

This is a proven, no nonsense approach to get you the money and business credit lines that you need for your business. A system that does not fail!

Talk soon,

Allan Stevens
Business Cash & Credit Line Center

Aug 30, 2013
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When calculating what your expenses will be remember to add in the cost of insurance. You will need a Business Owner's insurance policy and, if you plan on hiring employees, you will also need Workers Comp.

A very important coverage to make sure is included on your Business Owners’ Insurance policy is “Garage Keepers Legal Liability” coverage. Garage Keepers insures your customers cars while left at your in your care. My Insurance Agency specializes in insuring Auto Repair Shops and, honestly, most of the claims calls I receive fall under the Garage Keepers coverage.

To decide how much coverage you need a good rule of thumb is to figure out the average number of cars left at your shop on an average day. Then figure out what you feel is the average value of the cars and multiply.

I am happy to answer any insurance related questions for Auto Repair shop owners. My name is Nanci Sparrow and you can call me at (888) 469-3434 or visit my website at http://www.SparrowGeneral.com

Jul 7, 2013
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I have two large mechanic shops and its 10K is the best to start be on your boss. Its in a new built gas station in MD. please contact me if your interest gas station is was done building last week.

Berkshirebfc@comcast.net

Mar 17, 2010
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Auto Mechanic Service
Service Technician/Owner
Baltimore County, MD

Thank you Don. I will keep your suggestions in mind. Especially since you are in Baltimore. Thanks, Jenny

Sep 18, 2009
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The BAF Group LLC
MD

Jenny, the best thing to do is to get a Business Plan together, first. That means contacting David for a set of Franchise documents, or find a business that is for sale so that you have an idea of what you need. You can't get anyone interested until you know how much you need, what the business might earn and how fast you can repay the lender or investors. This is a key element, whether you have the money in your pocket or not.

Once you get a Business Plan in place, then you can start taking a look at alternatives. But I agree with David, 100%: Many businesses fail because they are undercapitalized. And many of those are undercapitalized because of a lack of planning - and the Business Plan is the basic building block of that planning.

I am in the Baltimore area, if you want to talk this through.

Sep 18, 2009
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Auto Mechanic Service
Service Technician/Owner
Baltimore County, MD

Thanks Harry. It looks like I need to save a little more before I borrow $. If anyone else has some start up suggestions for an auto mechanic shop that would be great. Jenny

Sep 18, 2009
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Auto Mechanic Service
Service Technician/Owner
Baltimore County, MD

Thank you David I have heard similar opinions but thought I would ask a broader community for ideas/strategies. Thanks for the web reference too! Jenny

Sep 15, 2009
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Franchise Advisory Group
PA

Jenny, I am an Area Developer for Tilden Car Care and in the process of opening my shop here in Philly. I don't think $10K is enough, since you will need at least that much in working capital, however if you have good credit, look into equipment lease to get funds that way. The biggest mistake you can make is get into a business under funded. You may want to look for partners to raise additional capital.

Sep 15, 2009

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