Advice for a younger generation.

[TheColoradoKid1993]

Hello, hope this is the proper forum for this dialogue. I am a younger man, 29, interested in diving into the manufacturing industry and launching my own buisness. I would like to start a conversation on what wisdom/tips some of the older folks in the manufacturing/metal-working industry would view as important to pass on to the up and coming generation. I mean this in the broadest of sense; there is only so much one can read in a book... and I am personally fascinated by the wisdom of older, fellow, craftsman. Hope this will be a fun thread where we can all walk away feeling a little wiser and accomplished

 

[toolmaker96]

Simple, if you want to make a million dollars in manufacturing, start with 10 million

 

[JS]

I would suggest "The Hot dog cart discussion".........You'll learn quite a bit from it...

 

[Hebrewhammer8]

Run run run far away. Get a job in IT. Make bank sitting on your bum letting scripts do all of your work....

 

[Garwood]

Seems to me like there's currently a ton of opportunity for the motivated and talented in manufacturing.

As the generations of capable problem solvers and get-shit-dunners age out of the workforce it makes those kinds of people really valuable.

If you're not in that category I would recommend software or managing a fast food store.

 

[LOTT]

Don't listen to these grumps, we may be headed into a historic era of manufacturing reshoring. This could be a great time to start.

Or maybe we'll continue to let the socialist drive us into the ditch, who knows....

My slightly ahead of you advice:
1. Find a good accountant.
2. Try not to need a good lawyer.
3. Buy good machines.
4. Make good products.
Sounds simplistic, but getting in a hurry and trying to take shortcuts on one of the above is what always gets me in trouble.

 

[Big B]

What I would tell you is that there is a lot more to running a shop than making parts. You need to be part accountant, part supervisor, sales, janitor, programmer....you get the idea.

I spent 30 years working in an auto plant and thought that I made good money then after I retired I did some commercial work in my home shop. Made a shit ton of money but plenty of stress too. Everyone wants everything yesterday and it's almost like they enjoy putting crazy deadlines on you just to see how far you can be pushed.

Most Mfg. businesses tend to be pretty capital intensive to get into by the time you get machines and equipment and a place to put them. Lots of overhead before you put any money in your pocket so I'd recommend wading in slowly. Don't quit your day job until you have plenty of steady work. I know of one guy who started out with a Hass mini mill in his garage next to his wife's car while he parked outside and now he has about 100 people working for him. Also understand that at that point you don't own the business, the business owns you.

 

[wheelieking71]

Hello, hope this is the proper forum for this dialogue. I am a younger man, 29, interested in diving into the manufacturing industry and launching my own buisness. I would like to start a conversation on what wisdom/tips some of the older folks in the manufacturing/metal-working industry would view as important to pass on to the up and coming generation. I mean this in the broadest of sense; there is only so much one can read in a book... and I am personally fascinated by the wisdom of older, fellow, craftsman. Hope this will be a fun thread where we can all walk away feeling a little wiser and accomplished

"there is only so much one can read in a book" What makes you say that? How many books do you own? How many have you checked out of a library?
Seriously. Make sure you know yourself, and what you really want to do with your life, first. As, the line I quoted from your original post, does not inspire much confidence that your true desires will drive you to success. Basically: keep reading!

 

[true temper]

"there is only so much one can read in a book" What makes you say that? How many books do you own? How many have you checked out of a library?
Seriously. Make sure you know yourself, and what you really want to do with your life, first. As, the line I quoted from your original post, does not inspire much confidence that your true desires will drive you to success. Basically: keep reading!

Better yet spend some time reading on here, go back many years. There is a lot of good information and a bunch of smart people right here.

 

[SND]

Successful businesses are usually started out of necessity at the right time/opportunity, with a lot of luck sprinkled on top.
You can work hard and do all the "right things" and still fail if you don't get any luck or timing.
Almost anyone can learn to make parts, very few learn to make money, and even fewer learn to keep it.

 

[Scottl]

No mention of existing skills so I have to wonder if the OP has what it takes.

Thinking of "diving into the manufacturing industry and launching my own buisness" (Business) sounds like a non swimmer seeking to dive into the deep end when they should be wading into the shallow end first.

Start with a small simple product that could be sold online or through ads in focused publications. There is a guy who advertises in the American Rifleman for a hammer strut support for the old Ruger .22 pistols that is basically a small piece of steel with a groove in it that catches the tail of a torsion spring. The device once installed prevents a serious reassembly error that is a nightmare to fix. I bought one and take comfort in knowing that while I've never made that error now I can't.

I'm not suggesting that you copy someone else's idea but come up with a "problem solver" of your own.

Best advice is start with what you know such as creating a "widget" to fix a problem in a hobby you already have and start with small batches until you see if they sell. By selling to fellow hobbyists you have a more certain market and many thriving businesses started with a single small product such as that.

 

[AJ H]

"there is only so much one can read in a book" What makes you say that? How many books do you own? How many have you checked out of a library?
Seriously. Make sure you know yourself, and what you really want to do with your life, first. As, the line I quoted from your original post, does not inspire much confidence that your true desires will drive you to success. Basically: keep reading!

I once had a coworker say to me, and I quote "I can't learn anything reading books"

 

[michiganbuck]

QT Op, (I am a younger man, 29, interested in diving into the manufacturing industry and launching my own business.)

You might start by adding your credentials, such as "I have a few years in shop work and have run a this and that, or have time/experience managing a something.

Re: (in the manufacturing/metal-working industry)
There is making parts such as a job shop competing with other shops.
Having a product that might sell.
Providing a service.

Some knowledge in the subject can be handy or have the money that might be lost to buy equipment or enough money to hire knowledgeable people.
One can buy a lathe, mill, or grinder and make $10 to $50 an hour..but that is just like a self-made job...and with success, you might get to $100 per.
You have made the first step in coming to PM.

 

[M. Roberts]

I have worked in an R&D environment my entire career, and had wondered what it would be like to have my own shop...I was a "lap dog", and really enjoyed helping people with their manufacturing issues and seeing the fruits of my labors. Then, I got a part time job at a job shop, in addition to my full time job. This was a small shop, with three full time employees, and two (including myself) part time guys. Seeing what the owner went thru, 6-12+ hour days per week, the conflicts between the full time employees (with such a small group, it still happens), and seeing first hand how he suffered, cured me of wanting to run a shop. No to mention the fact that he did not have kids, and his relationship with his wife definitely suffered. Yes, overall, he did make money, enough to retire at 58, but again, it came with a price. I wasn't willing to pay that.

 

[Shawnrs]

Don't get married.

 

[Mcgyver]

Hello, hope this is the proper forum for this dialogue. I am a younger man, 29, interested in diving into the manufacturing industry and launching my own buisness. I would like to start a conversation on what wisdom/tips some of the older folks in the manufacturing/metal-working industry would view as important to pass on to the up and coming generation. I mean this in the broadest of sense; there is only so much one can read in a book... and I am personally fascinated by the wisdom of older, fellow, craftsman. Hope this will be a fun thread where we can all walk away feeling a little wiser and accomplished

To start with, most importantly, what have been doing career and education wise the last 10 years?

Motherhood stuff? Learn. Learn engineering, business, sales, accounting etc. Especially sales...business starts with a customer. Understand what separates a great business from a dog; it is something you can call "sustainable competitive advantage". Having a product that people want provides some. Having a technology or trade secrets provides some. A job shop which is both reactionary (you can only go to work when someone tells you to, i.e. you can't make a product and put it on the shelf) and its often hard to compete on more than price - the proverbial race the bottom (easy to email drawings around to find the low bidder) often doesn't.

 

[broke]

One does not simply dive in to manufacturing and start a business. You need to let it absorb into you over time, like all the coolant and oil smoke will do. I'm only somewhat kidding.

There is so much doom and gloom on this forum about the future of manufacturing but I am an optimist. I get to work on the coolest equipment making some of the coolest stuff being designed today. I have engineers fighting over my time and proving it with money. It is clear to me that if you have skills and can keep your word the sky is the limit.

Set a budget of 2x what you think you will need to get started and be realistic in your quoting. To be good at quoting you need experience. There is no shortcut to experience.

 

[Rocketdc]

Don't get locked into one vision or idea, allow your business the freedom to evolve.

You will learn more from failures than successes, embrace that.

Be aware of your limitations as an individual, don't spread yourself too thin.

The ultimate goal is to be replaceable...meaning you're building a business that has intrinsic value should you decide to sell. A business whose success is solely dependent on yourself as an owner/operator has little to no value to an investor.

 

[mhajicek]

Running a machining business is a competitive endeavor. If you don't already have the skills, you won't be able to compete, unless you get extremely lucky. So first, work on developing the skills. Tech school, entry level machining jobs, or hobby machining while keeping your day job.

Trying to start a machining company before learning to machine is like trying to start a contract computer programming company before learning how to program, or trying to be a race car driver before learning how to drive. No one wants to pay for you to screw around and figure things out; they want someone who already knows how to whip the parts out fast and correct.

 

[F35Machinist]

So first, work on developing the skills.

I would say the number 1 skill to develop is sales. Making the parts is often easy enough after you have a PO. A clever person can trudge through it even if they are a novice. Getting the PO in the first place is what takes skill or divine luck. Finding a sales job might be more helpful than becoming a machine operator.