The business side of gunsmithing

[VA_XTC_Shooter]

I am working on my long-term plan for setting up my shop and need to better familiarize myself with the business aspect of running a gunsmith shop.

I haven't found much literature on the topic and not sure about taking a shot in the dark at the many random entrepreneur or small business books would be helpful or not

Any advice would be greatly appreciated.

 

[Ccrider]

Got a book at home that talks about it some. I will get the name of it to you.

 

[VA_XTC_Shooter]

Got a book at home that talks about it some. I will get the name of it to you.

I have The Business of Gunsmithing. It's OK as a Hugh level, but glosses over the strategic planning of the actual business side of running the shop.

I've heard and read over and over, a great smith with no business skills will be closed up in no time. I want to avoid that trap.

 

[LVLAaron]

Step 1: Don't do stock inletting

 

[WSnyder]

Step 1: Don't do stock inletting

Or put an actual cost to it which means you’ll probably do very little to no stock inletting. Win win!

 

[Walt Krafft]

A problem I have run into, are customers that want to talk forever about their project, then have you spend time putting numbers to the project. Then when you give them the lowest price you can do, they look at you like you are nutts. You have now spent two, three, four or more hours for zero return.
I will have people come up and start talking about the barrel I did for them 3 years ago and think that I should remember all the specs and such. People don't understand that they do not want me to remember it, because if I do, it was some type of pita.
Find a niche, get good at it. Do not try to do everything. Find a customer base, local gun club, commercial account, government agency, that can keep you busy as you get started.
Have a second job to pay the bills as you get started.

 

[Ccrider]

@Walt Krafft saod a lots. Value your time. Find a niche- som that you can do better that there is demand for, don’t expect it to pay your bills staring off.

A minimum price list would be useful. That way, they know going in if they can afford you. Get an idea of what they are looking for and tell them what it will cost. That way you find out early if they can or will afford it. If they can’t, offer them a cheaper alternative to their plan of there is one.

Either way, be nice. But, value your time.

 

[DShortt]

I looked into it some years ago and decided the return fell far short of the investment. Lots of easier ways to earn a living if that's your goal. If you have the skills to be an excellent gunsmith which is what you must be to excel in that profession then you could easily be a fine woodworker, highly skilled machinist or even diagnostic technician in multiple fields.

Now if you're not worried about financial returns and you just want to open a shop for your own enjoyment because that's what you want to do with your life then more power to ya. I sincerely hope it works out.

 

[Alex Wheeler]

If your planning to do it for your only source of income, call me.

 

[Sniperhandle]

I have always said that Gunsmiths don't get paid enough/They Don't make that much money for the time they spend doing the work and the investment they have to lay out for the tools and equipment. When you are done working on gun stuff for the day, Then the paperwork/ordering/restocking,invoicing, repairing your equipt etc. begins. People always want a Lathe, That's the cheap part. It takes years to learn and perfect your skills.

 

[Mudcat]

if you are thinking about it as a source of sole income, you better talk to Alex or some of the others as I just cant see it being an "easy" biz. I do it for fun and even then, look at what I charge vs the time/effort/overhead involved and am quite thankful that I have a real job that pays the bills!

 

[DRK]

I am an 07/SOT. If you want to make a million in the gun business, start with two.

If you are going to pull a license and don't have one already, read up on the laws. Learn them inside and out, do NOT play fast and lose with the regs, follow them! If you lose your license for something stupid, your business goes away. If you already have a license I assume you know this.

I had a store front for a number of years. There is no $ to be had in doing transfers and selling new inventory. Avoid it, same with firing ranges, you will not live long enough to see your money back.

I had another side of my business that made me $ vs. guns & ammo. If you have something else like a tool & die shop and pull a license to augment it you will find it easier than taking repairs and builds from the general public to make $.

I am at the point now I have just enough work to stay busy, work on my own stuff, and enjoy it. I work full time and own a farm. I enjoy this much more than when I had a store front. I gave up the store front about 10 years ago to buy the farm land. It was the right decision then and I don't miss it.

My advice is to find someone in the business to mentor you. I learned a lot from some older SOTs, most are either retired or dead now, but you will likely find someone willing to help if you look. To this day, I have other dealers call me for help on various regs and NFA paperwork, I am always willing to help.

I agree with what Walt said, find a steady stream of work in one of those areas. You would also be wise to take an accounting course or at least have a basic understanding of cash accounting/taxes. You have to pay the KGB every quarter and it is not wise to fall behind with them.

 

[Hollow-Grind]

One chamber’d/ Threaded barrel a day at $250. Good money for 5 days a week Job!

 

[Sniperhandle]

One chamber’d/ Threaded barrel a day at $250. Good money for 5 days a week Job!

First, That's gross not profit, And $250.00 a day is chicken feed these days.

 

[Hollow-Grind]

First, That's gross not profit, And $250.00 a day is chicken feed these days.

So do 2 barrels a day then. Pretty easy.

 

[WSnyder]

Now if I were retired and farting around for some side $$$ $250 a day would be fine but for a living? Nope!

 

[VA_XTC_Shooter]

A problem I have run into, are customers that want to talk forever about their project, then have you spend time putting numbers to the project. Then when you give them the lowest price you can do, they look at you like you are nutts. You have now spent two, three, four or more hours for zero return.
I will have people come up and start talking about the barrel I did for them 3 years ago and think that I should remember all the specs and such. People don't understand that they do not want me to remember it, because if I do, it was some type of pita.
Find a niche, get good at it. Do not try to do everything. Find a customer base, local gun club, commercial account, government agency, that can keep you busy as you get started.
Have a second job to pay the bills as you get started.

I have found talking to customers a double edged sword. You're correct, many want to talk a lot which takes from your ability to work, definitely a balance. On the flip side, when our store front guys take in the work, we don't get the full story on what's wrong if it's a repair or what the customer actually wants done so we have to follow up anyway.

 

[DShortt]

So do 2 barrels a day then. Pretty easy.

Sounds to me like you should open a gunsmith shop since you've got everything figured out and it's so easy.

I'm sure you'll have people lined up for chambering jobs at $250/ea.

Just make the payment to ....

Who are you again?

 

[Alex Wheeler]

One chamber’d/ Threaded barrel a day at $250. Good money for 5 days a week Job!

Taxes takes almost 40% add in overhead and expences. You better do 3 or 4 a day if you dont want to eat ramen

 

[Acyr]

The money is in chambering.
All the other stuff just eats away the time (time is money) you could be chambering.