Can You Be Successful Running a Small Machine Shop?

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In this week’s MakingChips podcast, Jim and Jason discuss if you can be successful running a small machine shop, with Jim offering tips based on his own experiences.

Segments:

0:00 | Jim and Jason talk about the different knowledge centers at IMTS Spark

1:10 | Jim mentions how he used ProShop ERP to extract the necessary data to collect the federal R&D tax credit

5:06 | Jim shares information on the failure rates of new businesses

7:45 | Jason explains why he’s planning on taking a sabbatical from work

13:00 | Jim reads a news articles about the manufacturing economy bouncing back in 2021, and the different factors that will affect it

20:08 | Jim and Jason talk with Dan from Xometry and Vinny from PenCo Precision to discuss their experience with Xometry during the 2020 pandemic

26:22 | Jim asks “what is success in business?”

31:27 | Jim shares his tips for running a successful small machine shop

39:30 | Jim and Jason talk about how they analyze risks before they make business decisions