Name: The Radio Clinic
Location: 6003 Lee Highway
Products/services: The company sells, installs and services automobile electronic devices. The Radio Clinic focuses on radios, GPS devices, video systems, backup cameras, speakers, fog lights and other mainstream devices. In winter, remote car starters and satellite radio installations are popular, owner Lee Lowry said.
Age: 25 years
Startup investment: $150,000
Annual sales: $900,000
Target market: Car stereo installations are most popular among 18-35 year olds, while repairs and service tend to be more popular with older demographics.
Biggest hurdle: Car electronics tend to be a luxury good, rather than a necessity. When there is uncertainty in the market, consumers tend to hold off on purchases until they feel financially secure again.
Biggest reward: Lowry said he "used to have to talk myself into going to work" at his old job at a machine shop. But he said he likes working on cars so much, he enjoys every minute of every day.
Challenges: As technology marches forward toward MP3s and memory stick storage, some users still prefer to retain a way to play their old tapes and CDs, which is becoming in increasingly difficult.
Lesson learned: He learned that factors beyond his control can have a big effect on his business, when terrorists attacked America's cities with planes in 2001 and blew the U.S. economy into a recession, he said.
Five-year goal: Lowry struggles with whether to add an additional location to increase revenue, at the risk of losing the "family-business feel" that brings in customers, he said. But he wants to expand, either at his current location or one nearby.