startup questions, suggestions

Some more thoughts:
1. Insurance/Collision Repair will slowly suck away your soul and kill any passion you have for this type of work.
2. Decide whether or not you are going to be a Insurance/Shop or do Restorations. You can't really do both. Well you can but you can't really do both at the same level. If your ultimate goal is a Restoration/Hot Rod Shop then you need to focus on that and leave Collision Repair to other shops.
3. Shine is correct that you do not have to accept the Insurance Co.s rates but remember that for every square peg the Insurance Co.s have dozens of round pegs to go into the round holes. The square peg will never get used. Just how it is. You do Insurance work you get what they allow. Fair it is not but that is the state of things these days.
4. I cannot emphasize enough that if you have any doubts about your experience level work somewhere else for a few years until you are the "star" of that shop. Lack of experience would be the biggest hindrance to you becoming successful. It takes time to really learn and understand all the nuances of this type of work. Learn how to paint, learn how to pull heavy collision damage on the frame machine, learn how to weld (get your ICAR Cert) learn how to write an estimate. Learn how to do a repair quickly and only prime it once. (collision work) if you have to spend extra time blocking and repriming constantly it will eat you up trying to turn out a job. Learn it all before you venture on your own.
5. Have enough working capital so that you can weather any slow periods, especially early on. I can't emphasize this enough. If you don't then you really need to work someplace and do this on the side until you do. This along with my above point are the 2 biggest reasons someone fails when starting their own Shop. I speak from experience on these points as I ventured out on my own at 28 and didn't really have enough experience in all aspects plus I didn't have the working capital and it doomed me. The lack of working capital was my biggest issue after the first year or so. I lasted a few years and really put myself in the hole financially. It took me 10 years to climb out of that hole.

Just my thoughts, wish you the best of luck.
 
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