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How do you feel about running 2 local businesses?

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Flybye

Bronze Contributor
Feb 19, 2018
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Cuba v2.1 (Miami)
Im currently running a family member's business just started less than a year ago. It is an overstock store selling new clothing, ACs, appliances, etc. It pays for itself and 1 employee, but not much is left for myself. Its really a 2-3 man operation because of the size of the store. The store has had its ups and downs while we rode the learning curve to see what the locals wanted out of a store like this. With advertisements and so fourth its definitely been growing, but not as fast as Id like it to. A thrift store that has been around for over 20 years that is a few blocks away brings in $40-$60k a day only selling used stuff, and our stuff is at the same price or cheaper. So we know the potential is there.

But my real love is cars. Ive worked a small used car lot (30-40 cars) for a few years, and it was a blast. I have the cash saved up to start a small warehouse based dealer starting out with 2-4 cars by appointment.

Ive been having trouble finding a warehouse near the store within a 10-15 minute radius, but I have lots of options about 20-30 minutes away.

Could I leave the store with my employee if I had to show a car? Most certainly. She is extremely trustworthy, and I already call her the manager. I was thinking if I schedule myself correctly I could schedule car showings in the mornings and make it to my store some time late morning or vice versa. Ive run the numbers. If I buy a warehouse small enough to fit 2-4 cars, selling just ONE car could be enough to pay for the dealer bills, and I'll be able to grow on that. I used to sell 3-5 cars a week and I ask myself well why cant I at least sell one?

The wifey keeps telling me you wont do well unless you give your 110%. But the one thing Ive learned from successful people is that they all have multiple sources of income even though they fought damn hard in the beginning.

So the questions for those who have multiple local businesses: Do you feel this is running myself too thin? Or is this simply a matter of persistence? If I have the drive and persistence to juggle both and still be successful, then why not?
 

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jpanarra

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Well, you're brand new.

So don't take the silence as a message. Put yourself out there and contribute your thoughts. I see that you posted a intro thread but there are tons of people introducing themselves and looking for help.

As for the two businesses, I would tell you to follow the money. Passion is overrated and its a repeated message on this forum. I have seen too many people follow their passion into business for it only to turn into work and its not a passion at that point anymore. Think of it this way, if you follow CENTS, and you actually achieve getting the 'S' part of it you'll have a lot more time to enjoy the extra time and dedicate it to your passions.

So, follow the money... Sell more, Delegate more.
 
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Flybye

Flybye

Bronze Contributor
Feb 19, 2018
121
144
142
Cuba v2.1 (Miami)
Well, you're brand new.

So don't take the silence as a message. Put yourself out there and contribute your thoughts. I see that you posted a intro thread but there are tons of people introducing themselves and looking for help.

As for the two businesses, I would tell you to follow the money. Passion is overrated and its a repeated message on this forum. I have seen too many people follow their passion into business for it only to turn into work and its not a passion at that point anymore. Think of it this way, if you follow CENTS, and you actually achieve getting the 'S' part of it you'll have a lot more time to enjoy the extra time and dedicate it to your passions.

So, follow the money... Sell more, Delegate more.
Makes sense. Or Cents ;-) I know money can most certainly be followed with a dealer. I consulted a friend who has had a dealership for over 7 years, and I even worked practically by myself at a car dealer for over 2 years! I did everything from initial drive to final paperwork since it was usually just me on the car lot. The owner was usually on the road moving cars around and doing other things.

So I would have to say its part passion part I know I enjoyed it because I did it part there IS money to be made once you start hitting the dealer only auctions with your dealer license. Ive heard the passion thing, too. Where people turn their loved hobbies into work. Thus, turning their loved hobby into a grind, not enjoying it anymore and failing.
 

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