Hi, full time blade and tool sharpener here.
Some things to think about..
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What's your end goal?
Is this a hobby? A part time business? A career? How much money are you looking to make? If you expect to make big bucks by only investing 15-20 hours a week you'll be in for a rude awakening. At least for the first year + until you're established and have a clientele base built up. If you want to treat this as a hobby that occasionally pays for a new stone/knife that's very obtainable.
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Where will you be working from?
Do you have shop space? Are you working from home? Renting a stall at farmers markets?
All of these have pros and cons. If you're just starting out, it will be extremely difficult to make any profit if you have the overhead of rent. If you're working from home, be prepared to have folks knocking on your door at all hours. Even if you're "appointment only" or "closed", they will still come and bug you. Are you ok with that?
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Do you have competition, and what is the demographic of your area?
In some way, shape, or form (quality of work, price$, turnaround, customer service etc) you will have to compete with other sharpeners in your area. Do you have a high end knife store nearby that does quality work? A guy in a van running knives on a grinder? The local hardware store? In any case you will have to price yourself accordingly to compete - folks will simply not pay higher prices until you are very well established and come highly recommended. I guarantee that if you price yourself higher than the competition right out of the gate your business will suffer as you're an unknown quantity. Is your area wealthy and urban, or more rural? This will also greatly effect the prices you can charge.
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What services will you offer?
You will drastically limit how much you can make if you only sharpen straight edge kitchen knives. Learn how to sharpen serrated blades, scissors, saws, gardening tools, shears, hunting or pocket knives, straight razors, clippers etc.. Folks
will go elsewhere if they can get all of their tools sharpened at the same place.
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Will you be full time, or part time?
Customers will expect flexibility on your part when it comes to drop off/pick up, and expediency when it comes to turn around time. They will not be understanding if they have to wait 5 days for their knives back because you've been too busy with your full time job, had a birthday party to go to, wanted to have a date night with your spouse etc.. If you have very limited availability (eg, you're only "open" nights and weekends) due to another job/family responsibilities/ other hobbies you'll find it hard to have consistent work and make enough money for the whole thing to be worthwhile. It also becomes very frustrating to do this part time and absorb the wasted time that results from folks running late/ no showing. Yes, it will happen. A lot. (
@ian is completely correct - for many folks getting knives sharpened is not a priority. Neither is
your time.) Having a lock box is a good idea if it's feasible for you - but personally I think people really appreciate getting to meet you/ ask questions.
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Who are your customers?
Pro chefs? Home cooks? Foodies? Grandma and grandpa who haven't had their knives sharpened in 40 years (and are used to paying $1.00/inch for sharpening)? Different customers will have different expectations and you'll have to respond accordingly. One note on sharpening for pro cooks - they all fu*k up their knives. Most have been "sharpening" themselves incorrectly for god knows how long, and you can expect to put in twice the amount of time and effort (at least) to make them right again.
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How will you advertise?
People need to find your business. Posting ads on the local buy sell or craigslist did very, very little for me. Facebook can be helpful, as is paying for some google advertising (but this gets costly, quickly). When I first started I was up at 3.30am every morning to put fliers out on town boards, in apt building lobbies, in business windows if they were friendly towards the idea etc. Eventually as you grow word of mouth will be the absolute best form of advertising.
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What is your skill level?
This is where it's very important to be honest with yourself. I thought I was a pretty good sharpener before I started my business. The first thing I learned was that I had a lot to learn. Are you just doing edge sharpening? Are you proficient at thinning and have a solid understanding of differing blade geometries? Can you correct bends and warps? Tweak a knife for left hand users? Correct bolsters? Restore rusted blades? Repair handles? Service traditional single bevel blades? Are you skilled at refinishing (whether kasumi, mirror polished, brushed satin/hairline, Ku finish, etching etc..)? It's very easy to think you're highly skilled if you only sharpen your own knives that are likely high(er) quality and treated well.
I don't mean to discourage you at all. I think with the correct mindset, a willingness to hustle and outwork others, quality customer service, and a good business sense you can do well for yourself. Although that depends on what your idea of "doing well" is. That said, I've seen a lot of folks try to start a sharpening business over the past two years and quickly give up. I think many assume it will be easy, straightforward, and nothing but fun. The reality, as it often is, will be quite different from the expectation.