There are many advantages to starting your own machine shop as opposed to working for someone else’s machine shop. Don’t let your race stop you from opening a minority owned machine shop. Here are tips from Modern Machine Shop.
When you start out, you will have to do any kind of job you can get.
If you give good customer service, you will soon get more business than you can handle. You get to do the jobs that interest you most, such as one-off parts. You’ll get to make parts for a wide variety of industries.
There’s nothing more satisfying than watching your business grow. That’s something you can’t get when you are working for someone else. You’ll also get a better relationship with customers, learning about their needs, and how they can help you grow your business. If you are not a people person, then do not start your own machine shop.
For women and minorities, many government grants and benefits are available, depending upon the area where your machine shop is located. You can often get free or low-cost guidance on how to better run your new business.
Before you start your machine shop, make sure you have sources of cash flow to pay for equipment, rent, utilities and a hundred other things you’ll need. Check your credit rating before asking any banks for loans.