So you’re a young, smart, hard working millennial business owner (or business owner to be).
Most of your peers are probably paying off their HECS debt, working a dead-end job, have no job or are still trying to work out what they want to do with their life. You're a rare specimen, well done.
A large portion of the baby boomer generation see's us as entitled, lazy complainers with no work ethic but if you’re still reading this, you're probably an exception to the rule who has broken away from that stigma.
What do YOU know?
One of the biggest hurdles of starting or taking over a workshop as a young technician is having people take you seriously. The general population seem to hold the opinion that the older mechanic with a few wrinkles on his face is more knowledgeable and better placed to look after their vehicle. This may be the case in some situations, we have a number of ‘older’ technicians within the mechanic.com.au community who are a wealth of knowledge and experience. Having said that, we know mechanics that have been in the trade 30+ years that couldn’t hold a candle to some of the young guns when it comes to modern vehicles.
Truth be told, most of this concern and worry is actually in your head. Focus on your customer service skills and your standard of work and it won’t be long before you were wondering what you were worried about.
A good way to ease yourself into this is by showing initiative and taking on a leading role in your existing workplace (if available) in the form of lead mechanic, workshop foreman or assistant manager. Try and get some solid experience dealing with customers, taking bookings and invoicing before you spread your wings on your own.
The Golden Era
The average age of a workshop owner is 58 and we’re at a juncture now where a large portion of these workshop owners are retiring, meaning there are a myriad of great opportunities to start your own automotive empire.
Buy established or Start your own?
There are obviously Pro’s and Con’s to buying an existing business as well as starting afresh.
Buying a business, you already have established systems (accounting, invoicing, software, suppliers etc.). There are also a lot of little things to deal with that you won’t think about it until the time comes to actually set it up yourself with a new business.
Let's also not forget one of the most valuable assets of acquiring an established automotive repair business; the customer base and reputation. It is often 5 times harder (read 5x the expense) to acquire a new customer then it is to re-engage an existing one.
What’s great about this avenue is that all of the established business processes have stood the test of time. Where you can often capitalise is in the area’s some of the longer-standing workshops neglect; creative, digital, social media marketing, branding, value-added customer service.
Starting fresh generally carries a lower expense as there isn't the acquisition cost of the business. It’s a fresh start where you can setup everything the way you want it. Having said that, your cash flow and customer base will often be a slow burn in the early days. Another thing to consider is you will likely have far more borrowing capacity buying an established (and successful business) then you will starting a business as there is less risk for the lender. You should also investigate whether financing a business purchase or startup will affect your borrowing capacity should you wish to purchase a house or other asset in the near future.
*This is not financial advice, always talk to your accountant and lender and make sure you understand all of the implications of buying or starting a business. We also recommend talking to other workshop owners who may be able to offer advice.
First Impressions
Never underestimate the value of good manners and a smile. This should never go understated as it is something that is unfortunately being practiced less and less, especially in the younger generations. Shake hands, make eye contact and demonstrate positive body language. You want to build strong relationships with your clients, make them feel like friends and somebody they can rely on. Practicing this simple rule will elevate you above many of your competitors.
People form an opinion about somebody they meet in the first 10 seconds of an interaction, make it count!
Customer Service is King
We want to put our customers mind at ease and let them know that we are subject matter experts, we know what we are doing. By the same token however, it’s important not to come across as arrogant.
A good way to ensure this is make sure we ask more questions of our customer (relating to their problem or vehicle) then are asked of us.
Also ensure that you respect your customers time and always be punctual.
Your word is worth more than Gold
People who are lazy rarely get ahead, no matter how young or old they are. If we follow the stereotype, millennials have a habit of saying they will do something and then never actually do it.
If you do what you say you will and stand by your word, you will quickly get ahead of the game as people will learn that they can count on you.
Being accountable is a big part of being successful, both in business and in life. When people learn that they can count on you, they will trust you with more responsibility. More responsibility leads to more opportunity. Do you see where this is going?
Look the Part
Another component to instilling confidence and professionalism in a customers mind is your presentation. It might be comfy to wear a tee, jeans and nikes to work but what kind of picture does this paint for your customers.
Make sure your work uniform is clean, your brand/workshop is well represented and personalised shirts with your and your employee’s names is always a nice touch when dealing with customers. Uniformity builds confidence and recognition.
Put in the work
The majority of our generation is all about instant gratification, get rich quick and veneers to impress once another. When things don't come instantly, many throw in the towel and wonder what went wrong.
Whilst leveraging networks and technology may be something that is lost on some of the older generations, they know the merits of hard work and what it takes to be successful. Don’t underestimate the value of determination and grit.
People often say work smart, not hard but the reality is if you want to get ahead you need to do both.
Life is like going the wrong way on one of those moving walkways at an airport; Walk and you stay still, Stop and you go backwards. To get ahead, you’ve got to hustle!
Develop a good work ethic by cutting out the activities that don't bring any value to your life or help you push forward like TV, Social media (except mechanic.com.au of course) and friendships or relationships that drag you down.
Destroy your entitlement mindset
Nobody owes you anything and opening or taking over a business is no guarantee you are going to be successful. You have to want it and you have to put in the work!
One of the best pieces of advice to a new business owner is to shift your trajectory towards providing value to people. You should always be striving to add-value to people's lives. The clients, money and reputation will come by virtue of adding this value.
In conclusion, people care more about the service you are providing than your age. You are either good at what you do and provide exceptional service or you don't.
The Summary
Stay humble.
Dress the part.
Act the part.
Ask Questions
Stop being entitled.
Work Hard AND Smart.
