Can You Be Successful Running a Small Machine Shop?

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