Posted: 9/17/2008 8:37:19 AM EDT
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Here's my back ground. I went to college for 3 years for technical education (shop teacher), it wasn't something I ever really wanted to do, and I ended up quitting. Went to trade school and became a machinist. I've been in the trade for 6 years now, have held 3 different positions entailing completely different aspects of the trade. This hopping around was purposeful on my part, as I now have a wide range of experience in machining for repair, tool making, and production machining. I've always wanted to open my own shop, and that's the ultimate goal. But the risk involved scares me a little. Do I form an LLC? Will that help limit the personal risk involved? How do I find customers or jobs to bid in an industry that caters to industry and not consumers? Would business classes at the local community college be worth my time and money? I feel like I have all the mechanics needed to operate my own shop, from quoting to fixturing to production. But the business side I have no knowledge of. Part of me thinks that I can learn that as I go and tailor my strategy around my customers needs. The other part of me thinks I won't be able to find enough customers fast enough to make my loan payments. Just looking for some insight from other shop owners as I know there are a few. It's not something I plan to do tomorrow, and if classes are valuable I'll take them. |
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Stay away from any business classes at your local community college. The type of business savy you need comes from experience with running your on business. A very good tax advisor would be very important, if you have limited experience running your on business. I run a different type of business and it can be rewarding and terrifying at the same time. My uncle runs/owns a manufacturing company and has had a tough time until recently. His niche seems to be manufacturing things that other people can't or from what he says the big boys (i.e. Lowes,Walmart etc) squeeze every cent out of you. From what little I have seen of this type of business is that you need some fairly serious startup capital. Good Luck. |
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Your business is more important that the products you sell. You will have to become very skilled at, not just your trade, but also marketing, accounting, HR, etc... If you own a business or businesses you have to be able to SELL. You have to be able to be a professional salesperson. You can learn this through working in the field or through formal study; however, if you don't learn these business principles [in depth] you will fall into the large percentage of businesses that fail within the first 5 years. Also, start your business off small. Don't go into large amounts of debt or any debt for that matter. |