Should I open my fabrication shop now or save more first?

D

Dynamango91Everpop

New Member
Hey guys, I’m 28, I’ve saved up 110k of my own money, and obviously have a mortgage at $3400 p/m. I’m currently in the works of opening a custom fabrication shop and wanting to expand. Friends and family think it’s a SILLY idea to get a shop, but how can I expand if I don’t have a shop?! The shop elase will be around 40–50k a year + outgoings. Should I continue saving up more money or go in now why I can?
 
If no kids.. I’d look into selling the house and buying an Indusso shed to live in while you start the business for 2 3 years while you’re still young. It saves money on 2 payments. And it lets you jump off the cliff of starting with 1 less major debt over your head.
 
Rent a spare spot from another guy. A big shed, or spare industrial space. Try it for a few months.

Then see how it goes.

If it goes well, sign a one year lease. At that place, or your place of choice.

If it goes badly after a few months, you can just pack up and leave.
 
I’d say go for it, mate. If you have a good customer base and quality workmanship, you should be able to make a good income.

There’s a well regarded strategy: investing during uncertain times often called countercyclical or opportunistic investing can give you stronger long term returns. Uncertainty usually causes a lot of panic, so many people pull back, but successful businesses often use that time to invest when assets are cheaper and competition is lower.
 
Back
Top