Hello everyone, its been a while since I last posted, but I am back! I could use some advice on what you would do in my situation. Long story short, I graduated with an engineering degree a year and a half ago, thinking it would be easy to find a job. NOPE. I was DAMN LUCKY I taught myself how to fix marine engines, because I don't know what hole I would have been in without that job. Sure, it doesn't pay as much as an engineering job, but it is SUPER flexible. Anyways, after no luck finding an engineering job (I am still occasionally looking) I decided to go all in on my boat reselling business, while still working part time at a marina (they get me good deals on parts, a place to put the boats, and the little bit of extra cash REALLY helps). I initially also wanted to go into another business (selling new cheap consumer products), but luckily I didn't do that one, chatgpt saved me from building a stupid product no one wants. I found some write up online about doing market research with AI and that was totally what I was looking for (I wont go down that rabbit hole this post) I do have a few ideas worked out that need more testing and seem more promising, but with my current business taking up all my time, I think I don't want to do them now. If my current business totally flops, then I might take one of those up. This year will truly tell.
I am getting sidetracked again... So back to the boat reselling business. Even though I have the ingredients to do around $150k in sales this year (Start of the second year!), this business has a few holes that I think I can patch. Here is how I want it to work:
Buy for 15k, fix it up for 15k, sell for 80k.
buy for 40k, fix for 40k, sell for 160k. In a few years I can work myself up to 1M.
In an ideal world this works. Last year it didn't.
This only works if I can fix the boat in time for the spring selling season. Last year I didn't make it in time, so the sale got pushed back to this year. I should be well prepared for this year. In general, there are only two obstacles in my way preventing really fast growth:
1. It takes me a substantial amount of time to fix a boat. Generally around a year. Last year I tried to defy that (went all in and tried to do it in 2-3 months) and got bit in the a$$
.
2. the above issue makes this whole thing sound like another job, where I earn a certain amount of dollars per hour, BUT as the boats get more expensive, I make more money while spending the same amount of time. Its really a number sold x price kind of thing.
So, I guess the only thing preventing more growth is that I just need to find more money to get to the more expensive stuff. To get more volume per year, I still need more money. Also, I found out that I spend the same amount of time fixing something that is worth 100k as something that is work 20k. Except I make more money, therefore the higher price is the way to go. I can't really hire anyone to help me get more stuff out the door because I can't really offer anyone a stable job, and I don't really have a location. I am basically Joe Blow selling 100k boats from his backyard. LOL. What this does though, is help keep all my costs other than inventory near 0$. Sure, I ordered a truck of gravel for $500 to make a boat parking spot in the yard, but I don't really have any 2k/month rent or anything like that. On the downside, that means I don't have a physical "Legit" location. I don't think it matters that much though right now.
This winter actually left me quite cash strapped, as I went all in on trying to get that boat done, but before I could sell it, an engine blew up and almost destroyed me financially. Barely hanging on, but I think I will make it till the next sale. I have some ideas for extra services I can do next winter to maintain cash flow, which will help. Not much work for a marine tech in the winter.
Now that I am done typing this I think I answered a bunch of my own questions and I don't remember where I was going...
Oh, wait, I think it was: Is it possible to find some funding in my situation to help me skip a few levels? What and where should I look for? With the bad financial situation in Canada, I want to get to selling the really expensive stuff as soon as possible. I was at the boat show the other day and they were mostly selling high end, expensive stuff for the rich guys. When the economy goes down, average guys stop buying average boats. Rich guys keep buying expensive ones.
Anyways, your comments and suggestions are always amazing!
Have a nice day!
I am getting sidetracked again... So back to the boat reselling business. Even though I have the ingredients to do around $150k in sales this year (Start of the second year!), this business has a few holes that I think I can patch. Here is how I want it to work:
Buy for 15k, fix it up for 15k, sell for 80k.
buy for 40k, fix for 40k, sell for 160k. In a few years I can work myself up to 1M.
In an ideal world this works. Last year it didn't.
This only works if I can fix the boat in time for the spring selling season. Last year I didn't make it in time, so the sale got pushed back to this year. I should be well prepared for this year. In general, there are only two obstacles in my way preventing really fast growth:1. It takes me a substantial amount of time to fix a boat. Generally around a year. Last year I tried to defy that (went all in and tried to do it in 2-3 months) and got bit in the a$$
.2. the above issue makes this whole thing sound like another job, where I earn a certain amount of dollars per hour, BUT as the boats get more expensive, I make more money while spending the same amount of time. Its really a number sold x price kind of thing.
So, I guess the only thing preventing more growth is that I just need to find more money to get to the more expensive stuff. To get more volume per year, I still need more money. Also, I found out that I spend the same amount of time fixing something that is worth 100k as something that is work 20k. Except I make more money, therefore the higher price is the way to go. I can't really hire anyone to help me get more stuff out the door because I can't really offer anyone a stable job, and I don't really have a location. I am basically Joe Blow selling 100k boats from his backyard. LOL. What this does though, is help keep all my costs other than inventory near 0$. Sure, I ordered a truck of gravel for $500 to make a boat parking spot in the yard, but I don't really have any 2k/month rent or anything like that. On the downside, that means I don't have a physical "Legit" location. I don't think it matters that much though right now.
This winter actually left me quite cash strapped, as I went all in on trying to get that boat done, but before I could sell it, an engine blew up and almost destroyed me financially. Barely hanging on, but I think I will make it till the next sale. I have some ideas for extra services I can do next winter to maintain cash flow, which will help. Not much work for a marine tech in the winter.
Now that I am done typing this I think I answered a bunch of my own questions and I don't remember where I was going...
Oh, wait, I think it was: Is it possible to find some funding in my situation to help me skip a few levels? What and where should I look for? With the bad financial situation in Canada, I want to get to selling the really expensive stuff as soon as possible. I was at the boat show the other day and they were mostly selling high end, expensive stuff for the rich guys. When the economy goes down, average guys stop buying average boats. Rich guys keep buying expensive ones.
Anyways, your comments and suggestions are always amazing!
Have a nice day!
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