Want to start a Porsche business; suggestions?

[2POINT7]

Don:

I like your idea, "My Latest Brainstorm" described above but would encourage you to consider that, if only marketed to those who learn of your collection by passing by your storefront, you are probably being over optimistic.

While this set up is appealing and may make you a buck or two over time, I really believe a website and some small print ads in the right magazines, giving you national and even international exposure would do an awful lot to enhance your chances of success.

As much as we love collector cars, we are a tiny percenatge of the overall population and IMO, more exposure = greater chance of success when dealing in a product that appeals to a relatively small audience.

Good luck with whatever you decide to do and by all means keep us in the loop.

[Zeke]

My only advice as a long time "entrepreneur" is to leave the romanticism out of it. The best antique dealers have modern furniture at home. That, and to reinforce something Bobby said: You really shoudl try to turn profitable as soon as you can. Long term business models end up being revised. In fact, one business school of thought is if you can't post a profit on your first day, don't do it. But, that's just one school, doesn't apply to all start ups.

So, the next business I get into will be just that, a business. The more business it is and the less personal feelings I have about it, the better. That, and I expect to come out of the gate running hard.

I'd use your eductional skills to the max in some home based way and keep the cars out of your main finacial plan. BTW, I know about age and backs, take care of yourself.

[Zeke]

Wait. Hold the phone. I went to heat some spaghetti and something crossed my mind. You're gonna set up with 220K? Lease a place, do the improvments (they might do them for your for a handsome 5 yr lease), obtain licenses and ins as well as place phones and other business equipment in service, AND install rolling stock for 200K? That's like 15-18K average per unit. Not a very exclusive market. Not even enough to make many stop for a cone or a brew. (Better hope the ancillary sales are going to keep the doors open).

[RKT]

After managing a company called Beverly Hills Motoring Accessories back in the 80s to early 90s, I decided to turn my hobby of building model cars (specifically Porsche's) into a business, Fast Lane Scale Models. I wanted to start out very small, working out of my house. I got a business license and started buying die-cast Porsche models from the big distributors. I quickly had a pretty large inventory. Of course I kept one of everything to feed my habit of collecting Porsche models. I started advertising in Excellence and Panorama magazines. I bought a permanent space at Pomona Swapmeet. I traveled to the other swaps like Automotion, Carlsen, Parts Heaven and Tweeks. I'm sure some of you guys have bought from me at one time! (THANKS) The Porsche Lit and Memorabilia meet was always great. The "biggy" was the Monterey Historics, where over the three days we did 12 grand worth of models!
Somewhere along the way, somebody from Porsche saw how well I was doing selling something they weren't. Guess what? All of a sudden Porsche dealerships started selling models. Along with a few other individuals, we would show up at the same events, setting up right across from each other. The other guy would lower his prices, and I'd have to match him. Then he would lower his even more. Before I knew it I was selling stuff at my cost just to compete.
Moral to the story? I had fun, met alot of great people, made some good friends, and actually made money for seven years. But it came time to turn the business BACK to a hobby. I build models for myself and maybe a friend now and then. AND I still have my collection of over 2000 Porsche models!

Good luck with whatever you choose to do,
Robert

[WM711]

you would be competing with guys who only have overhead in a computer and a broadband line. really hard to compete with the web selling cars... IMO, service content is the only way to make reasonable margins. I live in KY, and have several craftsman contacts, guys who have worked for me in the past restoring cars. I went out last week to have my 73E restored by William Hall, who has done several cars for me in the past, never had a problem getting my stuff worked in. I walked in his shop, and was met by a Dodge Daytona, and a Hemi road runner. My car is in his shop... Even secret guys are busy in this restoration biz.

[dhopkins]

What about this idea: Some models seem very underpriced. An example is the SC. You can get a decent early 80's SC for the low teens. Yet parted out it could be worth much more. Given the tendency for us p-car people to over invest in our cars, buying undervalued models and parting them out might be a way to make a viable business?
Antoher idea: Manufactured products. Some products seem as sure home runs for owners of P-cars. For example, cup holders. How many of you have that cup holder that goes into the cig lighter hole. Bet there are other products the p-cars owners want in large numbers.

don
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1969 911S
1976 1976 914 2.0
1981 911SC

[RickS]

What other parts? There would be a market for excellent repro door pockets (both type) for a reasonible price. Right now, repros cost about $300 per. Undercut that price by $100-150 and you will have customers. The same for shift nobs, chrome grills with fog cut outs, a good right-hand mirror for a 72-73. There must be a ton more...,