Small shop expenses

[spoolgarage]

Hey guys a few questions to all you small business owners who operate in the service world. I am currently in the process of buying a small 2k square foot shop in nj. I have accounted for most costs in my business plan but some information is impossible to find. What do you guys pay for recycling of fluids? Average insurance rate? Anything I should lookout for in buying my first place? Of course the soil is going to be tested this week for contamination but is there anything else I should look for? Thanks in advance for any feedback.

 

[JC23]

Get a good title company to make sure there are no liens.

And don't tell Jay where it is...

 

[jimindm]

The one item I would look at is insurance. Look it over to see how equipment is covered. Some times the contents is only a percentage of the building value. You could also look into a rider for larger equipment.

Sounds like you are just starting out. A tool truck(or 2-3) can be a big expense. Buy what you need, buy what you can afford. Ten fifty dollar a week payments really add up at the end of the month.

 

[Iroc-Z]

Well your bulk oil company should offer fluid recycling. Most companies will pay for used oil. Maybe fifty cents a gallon. My coolant gets recycled for free since I buy in bulk. Oil filters will depend. Some companies charge by the drum. Some by weight. When we use to pay by the drum we crushed the oil filters. Now we pay by the weight so I don't care. Make sure you keep good records of when you get your used oil sucked out and when you service your parts washer. When the your local hazardous waste people come to check you out it makes life allot easier.

 

[spoolgarage]

Sounds like you are just starting out. A tool truck(or 2-3) can be a big expense. Buy what you need, buy what you can afford. Ten fifty dollar a week payments really add up at the end of the month.

Ive actually been doing this for awhile but I was working out of my home. But being in north jersey the rent for a small 2 bay was around 4000 a month plus utilties. I figured I would save up and buy a place straight out. I have the clientele and the equipment just needed the locale.