Starting a business. - Page 4
Close
Login to Your Account
Page 4 of 4 FirstFirst ... 234
Results 61 to 71 of 71
  1. #61
    Join Date
    Aug 2002
    Location
    West Unity, Ohio
    Posts
    23,284
    Post Thanks / Like
    Likes (Given)
    3580
    Likes (Received)
    6517

    Default

    Perhaps I should ask the Indians where they got the green card and money to buy their hotel and gas station!
    Grrrrrr!!!!!! (I don't find a "spitting nails" emoticon?)




    So how a person on about $20/hr even with overtime can afford to set up a decent shop is beyond me.
    Well I started with old junk, when I was 22, and had only myself at the time.
    I don't know how you (I) would start at our age with nothing either, thus why many of us are telling you to find a second job.

    Sounds like you have had an interesting life. For me - the memories and stories that you have to tell / remember is worth a lot!


    ------------------------

    Think Snow Eh!
    Ox

  2. Likes digger doug, Jashley73 liked this post
  3. #62
    Join Date
    Jul 2009
    Location
    Peoria, IL
    Posts
    11,055
    Post Thanks / Like
    Likes (Given)
    41
    Likes (Received)
    8340

    Default

    If I had a bunch of money, I probably would not have started a business. I've never had money, so I guess we'll never know.

    Anyway, the whole point of a business is that it's self sustaining. Save your $400/month for a year and buy a decent Bridgeport mill. Save your $400/month for another year and buy a decent engine lathe. Meanwhile, make $400/month with the mill and buy some tooling. Then make $800/month with the lathe and mill, and use your $400/month savings and buy an older CNC mill. Now make $1,600/month and save $400/month.

    Is that ringing any bells?

  4. Likes wheelieking71, Garwood liked this post
  5. #63
    Join Date
    May 2007
    Location
    Texas
    Posts
    1,557
    Post Thanks / Like
    Likes (Given)
    2151
    Likes (Received)
    264

    Default

    Quote Originally Posted by Ox View Post
    Please read this yourself this morning and see if it still makes sense to you.

    I read it last night, and again this morning, and _ man _ I'm having a hard time following along. I git the gist of most of it, but that last paragraph really has me ???


    ---------------------------

    Think Snow Eh!
    Ox
    YesI have a bad habit because of the fast pace on the internet, I have gotten a bit carless and I do not take enough time to double check what I write. Apologies to you Ox for what I can see today is confusing. I see I could have done a few sentence constructions differently and also my I pad will sometimes think I may be typing a different word. I do see it now that you have mentioned it. Thanks

    Last paragraph copied and posted.


    I am proud of him because he is asking suggestions to help himself when I saw so few suggestions and several very good ones I say I expected better from owners for this man. He can likely and should not even if he can go into debt buying CNC machines at this point in his life high risk and a lot is stacked against him.

    Ox,this is the last paragraph of my post. I assumed the gentleman may wish a CNC machine which I agree with the fellows who say exercise caution and to me caution would include a manual machine. It is possible to dream and succeed that is true. Likely he can invest,yet imho should not with the high risksbetter wording was needed I agree.

    From reading the stories of people who started their own shops (the owners , I look up to them they are very bright. I never did what they have done yet I have given lots of feedback on what machine to buy with the best options) they had a lot of risk and hard work going on. I do not have any problem with all the things I have read in the owners issues site at all I think they seem to weigh things out very well. If I had a machine to work on I would enjoy it very much yet it is not for me as the opportunity costs are not there for me to see and the breakeven analysis is too far out for my liking. ox I hope this is clearer and I did not mean to throw a knuckle ball pitch there. I take your considerate point to heart I do not take it in any offensive manner whatsoever ever. I learn from experiences like these and will not let it freeze me to the point of inaction.

  6. Likes Ox liked this post
  7. #64
    Join Date
    Sep 2011
    Location
    ga,usa
    Posts
    111
    Post Thanks / Like
    Likes (Given)
    87
    Likes (Received)
    32

    Default

    At 56, I am where Mr.Ox was at 22. I have a worn but usable 'Americas most popular lathe,' a little 'Mao's Revenge' mill on a tool cart, drillpress and band saw. I am making an item that takes about 3 hours to make and sells for $100.The market is flooded with people like me and there is no continuous demand. I may cut my price - I would rather make $80 than not make $100.
    Upgrading to something better is my intention. Reading threads telling of businesses closing made me think there was a glut of used equipment. I would rather pay $1000 than $4000 if I could(just as you would)avoid a middleman.
    It may never happen, but I can at least say I tried.

    A bloke in our church is the 'entrepreneur' - starting and selling businesses. The church members(including me) gave money to help pay the mortgage and medical fees. The wife continued to drive to Starbucks 4 times a day, the kids all have Apple gizmos and designer clothes. That is not my idea of a successful businessman.

  8. Likes Ox liked this post
  9. #65
    Join Date
    Aug 2002
    Location
    West Unity, Ohio
    Posts
    23,284
    Post Thanks / Like
    Likes (Given)
    3580
    Likes (Received)
    6517

    Default

    I take your considerate point to heart I do not take it in any offensive manner whatsoever ever. I learn from experiences like these and will not let it freeze me to the point of inaction.
    Well it Shirley wasn't meant in any offensive manner. Just simply cornfusing. It happens....

    Although - with your comment the other day - and then I realized that this post was "you" last night - AND that you never responded to it - that maybe you did take it personally and thought that I have singled you out for whatever reason. Trust me - while I recognize your name here, I don't remember you well enough to recall any previous crossing in particular - or at least not prior to a cpl days ago. Any comments that I may have regarding you would simple have been off the cuff at the time. And the one that you fussed about the other day was simply in jest to the subject, so ....


    ----------------------

    Better days ahead!
    Ox

  10. Likes gwelo62 liked this post
  11. #66
    Join Date
    Jun 2012
    Country
    UNITED STATES
    State/Province
    Michigan
    Posts
    8,611
    Post Thanks / Like
    Likes (Given)
    2558
    Likes (Received)
    2922

    Default

    At 56 you can start a business. Make $30 an hour in your garage shop is good and a good way to start a business or become the supplement to your income. Keep such low key because a neighbor who is envious will call the cops and shut you down. Watch that motors don't affect neighbors TVs or Noise disturbs them.
    The guy who puts his house and family in hock is another story.

  12. Likes gwelo62 liked this post
  13. #67
    Join Date
    May 2007
    Location
    Texas
    Posts
    1,557
    Post Thanks / Like
    Likes (Given)
    2151
    Likes (Received)
    264

    Default

    Quote Originally Posted by Spinit View Post
    YesI have a bad habit because of the fast pace on the internet, I have gotten a bit carless and I do not take enough time to double check what I write. Apologies to you Ox for what I can see today is confusing. I see I could have done a few sentence constructions differently and also my I pad will sometimes think I may be typing a different word. I do see it now that you have mentioned it. Thanks

    Last paragraph copied and posted.


    I am proud of him because he is asking suggestions to help himself when I saw so few suggestions and several very good ones I say I expected better from owners for this man. He can likely and should not even if he can go into debt buying CNC machines at this point in his life high risk and a lot is stacked against him.

    Ox,this is the last paragraph of my post. I assumed the gentleman may wish a CNC machine which I agree with the fellows who say exercise caution and to me caution would include a manual machine. It is possible to dream and succeed that is true. Likely he can invest,yet imho should not with the high risksbetter wording was needed I agree.

    From reading the stories of people who started their own shops (the owners , I look up to them they are very bright. I never did what they have done yet I have given lots of feedback on what machine to buy with the best options) they had a lot of risk and hard work going on. I do not have any problem with all the things I have read in the owners issues site at all I think they seem to weigh things out very well. If I had a machine to work on I would enjoy it very much yet it is not for me as the opportunity costs are not there for me to see and the breakeven analysis is too far out for my liking. ox I hope this is clearer and I did not mean to throw a knuckle ball pitch there. I take your considerate point to heart I do not take it in any offensive manner whatsoever ever. I learn from experiences like these and will not let it freeze me to the point of inaction.
    Ox,

    I have also gone gone over some things I have on file saved on my computer that needed my attention. I made some edits here and there, thanks again for pointing that out to me as I was going too fast. I always am the guy that if the run is critical dimensions I will religiously check everything every time.


    My last employer wanted every five checked yet what was strange is that their system being to my experience overall very very good did not require paper documentation dimension to dimension on the floor after QC first article and all. Those guys the management seemed to have everything else figured out.

    Of course there is always room for improvement like with my checking twice or thrice before posting.��

    Again thanks,
    Spinit

  14. #68
    Join Date
    Mar 2013
    Location
    Northeast Indiana
    Posts
    10
    Post Thanks / Like
    Likes (Given)
    0
    Likes (Received)
    2

    Default

    As a Journeyman Tool and Diemaker, I am now 52. I play with really old outboards, you know 100 year old motors where you just don't go to the dealer and find the parts. If you need them you have to make them. One of our club members noticed 9 years ago, that there were some tools made by OEM manufacturers, that were no longer available new. He did his research and found that there were no patents so he redesigned and made his own. By his own acknowledgement he made some pretty good money with a few simple machines, Mill, lathe, bandsaw and drill press. He made these tools out of his garage for years. Not quite a year ago, he wished to step back, he is 83 years old, so he started when he was in his 70's. I bought his jigs and fixtures, prints and I took over. I spent 6-8 hours a night, 6-7 days a week getting setup and producing the tools. I am doing what I would consider quite well, and now that I am "caught up" I have much more time to enjoy fixing my own motors.

    My point is this, the key to any business is finding something you can make without alot of hassle, without alot of expenditures. Something that to the buyer, he just can't live without, and will pay your price. Do I know how long I will still be selling these tools? Nope, but I know, and it has to be right as my wife is on board with this business, that I will do this as long as I can because I like the extra money. I have since I started making the tools officially started it as a business, so I can capitalize on the tax breaks.

    If you have the basic machines, get in and close to a local shop, see if they have something you can help with, be prepared for long hours, but be wise and see if you can change machinery to speed the process up. Do not be afraid to take risks, as when asked about the many failures in making light bulbs, Thomas Edison replied, "I did not fail, I just found many ways to NOT make a light bulb".

    Good luck

    Respectfully

    Richard White

  15. Likes jamscal, gwelo62 liked this post
  16. #69
    Join Date
    Mar 2018
    Country
    UNITED STATES
    State/Province
    Arizona
    Posts
    4
    Post Thanks / Like
    Likes (Given)
    0
    Likes (Received)
    2

    Default Getting started

    I have read most of the replies, it seems like a lot of negative replies? I have no idea why !! I am doing the same kind of thing as you but I am older and not really doing a home shop.
    I purchased a 3600 ft building and outfitted it with 3 overhead cranes, hbm, vtl, couple engine lathes, van Norman universal, couple Bridgeports, and support tooling and equipment. I am going to run it as a 1 man shop.
    I haven't even solicited work yet and had 4 jobs walk in the door, repair a pump, repair a skid steer drive, make a control panel for a mine hoist.
    If you have some mechanical knowledge, can weld and have fair skills as a machinist you can very easy make 50-75k and not work hard if you want to put in the hours you can double that.
    I had a large shop on the east coast 65 guys I sold it a few years ago and as my wife says I failed retirement.
    Good luck and if I can help you with your business please reach out. I am mentoring 2 small 1 man shops and they are doing great.
    Mike

  17. Likes jamscal, gwelo62 liked this post
  18. #70
    Join Date
    Feb 2005
    Location
    Akron, OH
    Posts
    1,626
    Post Thanks / Like
    Likes (Given)
    231
    Likes (Received)
    1181

    Default

    Consider the timing as well. Right now we're at the end of a very long (if not super strong) economic growth period. The next recession is coming. maybe this year, maybe next year, maybe 2020. But it'll be here.

    If you had the work and the money, 2010 was a magical time for buying used equipment. There was so much great stuff going so cheaply! Right now, not so much. If you're reasonably comfortable right now for a few years, start stashing money away and wait for the next big crash. Then wait another 12 months, and go to town. You'll end up with equipment worth double in the long run, and 56 vs 58 isn't a huge difference.

  19. Likes Ox, gwelo62 liked this post
  20. #71
    Join Date
    Sep 2013
    Location
    N IRELAND
    Posts
    242
    Post Thanks / Like
    Likes (Given)
    17
    Likes (Received)
    112

    Default

    Think also a business can go the wrong way and you can end up in worse shape. That said if you plan it right you can make some good money. For me I own a machine shop and it's an expensive game to start and takes years to build up. You havent got the time to do it.

    If you look at welding this is also to competitve as it's low cost To start out and mostly your going to be priced out unless you have everything else press brake, laser and a bunch more kit .

    Some of the best money we make for the outlay comes from painting and finishing.
    All you need is a few bits an airless spray system, forklift and a shot blaster 20k sterling would get you setup with kit and likely you could charge just as much as a CNC milling machine for a fraction of the outlay.


    More recently I have started to hire equipment that is used in construction.


    Just make sure you plan everything well and plan a cutoff point and a exit if it goes wrong.

  21. Likes gwelo62 liked this post

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •