Opportunity Cost/Loss [E102]

Matt Fanslow discusses the challenges and considerations of offering small engine repair services in an auto repair shop. He shares his personal experience with his grandparents' implement dealer and explains the low profitability of consumer-level products like chainsaws and lawn mowers. The concept of opportunity cost is emphasized, highlighting the potential loss of focusing on these additional services. He also discusses the challenges of finding parts for classic cars and the need to consider the opportunity cost when expanding services beyond auto repair.Show Notes:The challenges of offering small engine repair (00:02:21) The difficulties and considerations of offering small engine repair services in an auto repair shop, including opportunity cost and low profit margins.The struggles of small engine repair shops (00:04:51) Explains the struggles faced by repair facilities and dealers that focus solely on small engines, including the high overhead costs and low profitability.The importance of technician training (00:08:24) Highlights the benefits of technician training in improving knowledge, skills, job satisfaction, and overall shop profitability.Understanding opportunity cost (00:09:30) Explains the concept of opportunity cost and its significance in terms of productivity and profitability in an auto repair shop.Considering opportunity cost in shop operations (00:10:36) Discusses the impact of opportunity cost on shop operations, particularly in terms of vehicle storage and its effect on productivity and income.The challenges of finding parts (00:16:46) Discussion on the difficulties of finding parts for small engine repair and how it affects the rate of service.Working on classic cars (00:17:57) Exploration of the shop's willingness to work on classic cars and the positive response from customers.Considering opportunity cost (00:18:51) Advice on considering the potential loss of income when offering additional services and the importance of evaluating daily tasks.<br/>Thanks to our Partner, NAPA Autotech napaautotech.com Email Matt: mattfanslowpodcast@gmail.comDiagnosing the Aftermarket A - Z YouTube Channel HEREAftermarket Radio Network: https://aftermarketradionetwork.com/