General discussions about our craft and industry.
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By Ddedman
#10294
Ok. This might be a long post but here it goes. I’m interested in starting up a low level (simple repairs, seat recovers and possibly marine) as a retirement gig. I had not planned on doing this for another few years allowing me some time to hone my skills so to speak but the stressors of the job are starting to effect my life and health and I may need to jump in about 18 months. I have been playing and learning for the past few years doing a little here and there in between family and the full time job. The business would not have a heavy overhead cost as the shop is set up and I already have a majority of the tools. There is no rent on the shop as it is a family owned building. In order for me to pull off the retire early idea if would need to either trim about $2000 a month out of my expenses or supplement that loss of income somewhere else. Hence the start up idea. I figure I would need $2500 a month in profits. For those of you that have started your own trimming business is this a feasible number. Currently I only charge for cost of product (I order a little extra to build inventory for my projects and practice). I have a fair number of request for jobs from simple repairs to full recovers and most of the time i have to turn them down because of other work load. I think the business would be there especially in the marine department. What are your opinions and pointers. Any information would be greatly appreciated.
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By Adam12
#10298
As a recent start up myself (with considerable overhead), i can say that in my area (Louisville,KY/southern Indiana) there is as much marine work as a person is willing to take on. At least there has been...not sure with the current state of affairs how that will be affected. So far, i have not yet had the opportunity to go look for marine jobs, they find me. Especially if you have the shop and equipment already...especially if you are that close to "retirement" anyway...no brainer, go for it. I think your $ goal is quite reasonable. You got this.
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By John
#10299
It should be very easy for you to add an additional income of $2500 a month by starting an upholstery business. This industry is in a huge lack of skilled workers and its getting worse because trimmers are dying or retiring and younger people are not filling these spots. It makes for a great time to start an upholstery business in my opinion.

Hopefully this Covid 19 shutdown will be over in 18 months when your thinking about leaving your job.
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By Cody
#10301
It’s doable, but it’s also based on your speed and skill. It may not be that way at first but you’ll get there. I worked for 4 hours doing the Seats only on restaurant booths. Made $400 profit. I kept the seats an extra day just so it didn’t look that easy too. That’s half a day. Taking the old staples out was the slowest part. I would start with simple tasks like that and branch out.
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By LJBove
#10345
Thank you for the input from all I too am in the same state the shop has been growing leaps and bounds now I'm ready to make the transition. Waiting to see how things play out with current affairs as well. How do people handle the health insurance part for yourselves.?
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By John
#10373
Personally I purchase health insurance through Covered California. Most states should have something similar. Then on top of that I make sure to make the max contribution to each year to my HSA ( Health Saving Account) These accounts allow you to set aside tax free money for health expenses. I highly recommend having one.

Hope this helps!
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By Cody
#10379
I started to getting insurance through the state. It’s not the best if you have health issues or often use insurance. Knock on wood I hardly use it. But my wife decided to go out on her own also, so lost insurance for the kid. The wife is retired military, so has options for herself. I finally had to get insurance for me and the daughter. So just did some searching around and found what was beat for us. But also not an arm and a leg.
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By Ddedman
#12712
Well my time line has spead up a bit. I am not ready but gonna work through things. I had open heart surgery to replace a heart valve on Monday and will be healing over the summer. Mostly camping. This illness was the final straw for me my career and my health. I have created the LLC and website and will begin marketing soon. Wish me luck! Here we go.
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By Matt Hamblin
#12716
@Ddedman

I understand the unknown of a start up. I started my business last summer in Illinois, after only doing a few things on my own previously. Had to do something to open a door to leave my job. Started getting calls the next day after the first time openly advertising at a car cruise, just told a few people about it and it snowballed. Had to work late nights after full time hours at work and balancing that with an infant and wife to spend time with as well.

8 months in i have started getting some traction. I had a few months that were losers financially for sure but kept working through it in hopes to get better down the road. At the beginning of March i was let go at my job and my decision was made for me, and not on my timeline at all. We decided it was a sign that we needed to make this happen. In under 3 weeks since i have turned out over $3500 in work. I am by no means fast at everything but that comes with experience. I already have $5k in jobs lined up in my garage right now.

My suggestion is this, if its what you want to do, do it. Don't wait till the perfect time. It'll work out if you make it so.

Good luck, hope this helps and hope your recovery goes well and smoothly.
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By John
#12741
I couldn't agree with Matt more!

@Ddedman Sorry to hear about your illness. Glad you getting better. Let me know then you get every thing up and running. Send us your website when its finished.
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By Rug Dr.
#12856
The problem will be the low ballers and the junk you will have to work on to make money. I've been doing it part time for 11-12 years, when someone calls and say's " ------------ will do it for less, will you price match?" I tell them "Good Luck," and move on.
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By miket
#12871
I did the same thing. Retired and started a canvas business for a little extra $$$$. Well I am booked 3 months out and people are still calling. So much for a part time gig.

Hope you heel fast and succeed!
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