Anyone have multiple businesses?

ewlsey · Mar 4, 2015

Owning a machine shop is definitely a more than full time job. However, I don't expect it to be the last thing I do. There are a few other irons I would like to throw in the fire.

I'd like to hear from folks who have another business in addition to a machine shop. Is it in the same sort industry, or totally different? Is it a huge PITA that should be avoided?

It seems to me that the most successful people are those who pick something and stick with it. I'm not blessed with that gift

reedeprintice · Mar 4, 2015

We are really 2 different buisinesses , we make driveline's , and machine flanges and yokes along with bushings and such. We try to cover almost all the product lines with our manufacturing .

wgnrr1 · Mar 4, 2015

As of February 23, I filed the paperwork and am now a licensed Sawmill as well as a machine shop. The sawmill is to supplement the machine shop, and be a hobby.

I am also working a deal to buy a strip club this year with a partner.

Josh

Garwood · Mar 4, 2015

I have a machine shop and two online product based sales businesses with several dozen products. I bought one of the online sales businesses just for the website. Honestly, it's been the easiest thing I ever did to make money. There's a shitload of vendors and inventory and shipping to deal with, but after getting everything built up where it needs to be the day to day is pretty damn easy.

I hope to buy two other manufacturing/product based businesses that are each much larger than what I have now in the next 5 years.

I like products. They make sense to me. Some of my stuff is crazy elaborate and took years and tens of thousands to bring to market. I like those things because nobody, I don't care who you are, could ever copy it and sell it for the profit we do. Nobody else has anywhere near the product familiarity and reputation we do. Some of the stuff is simple punched and powdercoated stuff that costs $3 to make and sells for $15. Some of the stuff costs several grand to make and has a 100% margin. Some of the things anyone can buy anywhere else for 1/2 price just presented in a different format, marketed to solve a real understood issue with customer testimonials to back it up. Fast shipping and customer service are huge!

DavidScott · Mar 4, 2015

I make custom stone, ceramic, and engineered quartz switchplates as well as machining the more normal materials. I wanted a product that wouldn't have any offshore competition. I am not so sure it is such a good idea, at least until one segment slows down then I am glad to be diversified.

Hodge · Mar 4, 2015

I definitely fall into the category of a jack of few trades, certainly not an expert of one. With that said, I work as a dj on the side. as I type this I am at my night job making time instead of chips :willy_nilly:

..... still working on putting my shop together. I do enjoy both endeavors though.

rj newbould · Mar 5, 2015

wgnrr1 said:
...............
I am also working a deal to buy a strip club this year with a partner.

Josh

Now, that's a hobby business that I could get into.... LOL

wgnrr1 · Mar 5, 2015

rj newbould said:
Now, that's a hobby business that I could get into.... LOL

I got tired of spending so much time and money there. It was time to just buy the place. LOL

Barry Weeks · Mar 5, 2015

wgnrr1 said:
I got tired of spending so much time and money there. It was time to just buy the place. LOL

Hayward, Trego, or Hertel?

wgnrr1 · Mar 5, 2015

Barry Weeks said:
Hayward, Trego, or Hertel?

Actually, we have been looking at a lot of different clubs. Have it narrowed down to a few. I can't say until its a done deal.

Big B · Mar 5, 2015

Machine shop and residential rental property owner here. They are both a pretty good fit because I can be as busy or as lazy as I feel like being. I'm semi-retired so don't have to push myself too hard.

Big B

Toms Wheels · Mar 5, 2015

wgnrr1 said:
As of February 23, I filed the paperwork and am now a licensed Sawmill as well as a machine shop. The sawmill is to supplement the machine shop, and be a hobby.

I am also working a deal to buy a strip club this year with a partner.

Josh

Talk about cranky, difficult, employee's, The most female employees I ever had was 4 out of 40, That was to many at times.

Royldean · Mar 5, 2015

wgnrr1 said:
I got tired of spending so much time and money there. It was time to just buy the place. LOL

Need a third investor?

B-Mathews · Mar 5, 2015

Good luck with this. I have had a few close friends over the years that owend Strip clubs. It a tuff business from what I have seen. They had to baby sit the clubs every night from 6 pm to 2 am and usually got out of there around 3 am. Pretty tuff to run another business with these kind of hours.

tomwalz · Mar 5, 2015

You might want to watch a few episodes of Bar Rescue before you do anything.

Somebody has to run the new business and that can be an extremely difficult person to find.

Dave K · Mar 5, 2015

I am also working a deal to buy a strip club this year with a partner.

Let me know when you're up and running with this. I've got a lot of parts that need to be stripped of anodizing and also some parts that need to be stripped of.........oh....wait, that's not what you meant.

ewlsey · Mar 6, 2015

I like the shop, but I'd like to have something that gets me outdoors more. Oddly, especially in the winter. I feed really cooped up in here. Maybe something in the heavy equipment/excavating/hobby farming world. At least then I could buy more fun toys and possibly pay for them.

Don Bailey · Mar 6, 2015

We have 3 businesses
1) Manufacturing our own standard products and custom products
2)Laser engraving that supports the products above plus outside engraving services.
3) Additive manufacturing (3D Printing) SLA,SLS Rapid Prototype Services with a mould shop .

They are all in manufacturing so there is some vertical integration there.

ewlsey · Mar 6, 2015

Don Bailey said:
We have 3 businesses

Sorry, but you have one business. That's like saying you have two businesses because you have a mill and lathe.

Don Bailey · Mar 6, 2015

QUOTE=ewlsey;2504201]Sorry, but you have one business. That's like saying you have two businesses because you have a mill and lathe.[/QUOTE]

They are 3 separate business entities.

Anyone have multiple businesses?

Diamond

Stainless

Hot Rolled

Diamond

Diamond

Stainless

Diamond

Hot Rolled

Titanium

Hot Rolled

Diamond

Titanium

Stainless

Hot Rolled

Stainless

Diamond

Diamond

Aluminum

Diamond

Aluminum

Similar threads