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Business of Machining

John Grimsmo of Grimsmo Knives and John Saunders of NYC CNC discuss their success, struggles, goals and more as machinists, business owners and entrepreneurs.
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Business of Machining
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Aug 16, 2019

Work/Life Balance

Saunders had a great time at Autodesk Fusion 360! Now it’s onto the Field Museum in Chicago with his family.  

“Your business and personal life has to go hand in hand!” - Grimsmo 

Grimsmo moved into the new house over the weekend, and it already feels like home. 

When can an entrepreneur start to give themselves a salary?

Saunders talks about putting your profits back into the business in order to guarantee success, but at a certain point everyone needs to pay themselves. And there can be practical tax and insurance benefits to having a regular salary too. Saunders and Grimsmo talk about this, and what it means to borrow money from your business. 

Start by asking, “what would your business do if you needed to borrow money?” This question can help you define where the value of your business lies, and help you make better decisions when it comes to purchasing decisions. 

“Don’t buy sh** that depreciates” - Saunders

“Lifestyle businesses”

Saunders encourages Grimsmo to take the next step with his business, and hand the reins to the employees of the company. 

 

Text and Email are SO last decade. 

Make the recipient of your message fall of their seat: send them a video response to their query. 

Saunders uses https://screencast-o-matic.com/ to do this. 

 

Other topics in this episode: 

  • When to help people
  • Automation and systems in place to make it happen 
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