Gentlemen, we obviously have a hobbyist here, and a beginner hobbyist at that. He has not said one single word about setting up a commercial, money making shop. I will grant you that he is in the wrong place so the first piece of advise that should be offered to him is the web address of a board that is more suitable to his situation. Digger-doug suggested one and I will offer another:
Forums -
The Home Shop Machinist & Machinist's Workshop Magazine's BBS
I think he will be more at home in either of these BBs. And there are others that are more suited to his present needs. I will also offer the suggestion to the OP that he should take the time to read the rules of any BB that he joins before posting there. Many boards have unique situations and therefore, unique rules.
Steve, as to your advise I would suggest that it is a bit too harsh to be giving to a beginner hobbyist. It is great, even almost perfect for a person who is starting a pro shop. I would agree, up to a point at least, that purchasing the hobby style, imported machines, most of which are from China or other Pacific Ring countries, is not a good idea for a professional shop where things like reliability, accuracy, and longevity are very important. The machines in such an environment are expected to perform day after day, month after month, year after year. They are expected to make parts with the least amount of trouble and with the required accuracy. There is no place for a machine that has to be babied and coaxed into doing it's job.
But I did say, " up to a point". A professional shop is in business to MAKE MONEY, not to collect high quality machines. The machines that such a shop needs are the ones that will give the best return on investment when all factors are considered. For instance, it is easily possible to envision a professional shop that must make a simple part or parts. Perhaps these parts are not required in great quantity, but they must be made in a timely fashion when needed or ordered. Such a shop may indeed make use of a less expensive machine that can produce acceptable parts. And the purchase of a more expensive, high quality machine may make those parts far more expensive. That would destroy the profitability of that shop. So, with all due apologies to those who disagree, I do feel that even the Chinese import machines can have a role in not just the hobbyist shops, but also, in some circumstances, in professional, money making shops.
I know the feelings of those who control this board and I do respect them. I do understand that professional machinists who are "on the job" do not have the time to read and answer the endless repetition of the same basic questions of the beginner hobbyist. But my feeling is that any machine that fits into the financial picture of a given business or shop and that produces acceptable results in that frame of reference, IS a professional machine. I personally do not care where that machine was manufactured or what the price tag on it was. It it makes money in a professional shop, then it is, by definition, a professional machine. But again, that is not the rule here and I do respect the rules of the board. And I say go easy on the hobbyists who stumble in. I politely try to redirect then to more suitable boards.
Here is some advise. The most expensive commodity in acquiring a hobby machine shop is space, then electric power. Never buy hobby level machines, it is a true waste of money. Surplus, professional machinery and tooling returns the best value. Save your cash in a reserve account and build a carefully prepared wish list. This list never goes away, it just evolves as you will. Watch the auctions and be prepared to purchase. Buy cheap and be prepared to repair and refit to save money. Please note, I did not say rebuild. You don't know enough and you do not have the required skill set in the beginning.