How to Start a Knife Sharpening Business

Handle with care.

Opening a knife sharpening business can be a gratifying experience for knife collectors and enthusiasts. You should not take this responsibility lightly as your livelihood may depend on the success of your new business. Being your own boss is rewarding and, with patience and preparation, can be lucrative. If you are self-motivated, disciplined and have an affinity for knives, opening your own knife sharpening business could be a worthwhile venture.

Things You'll Need

• Business plan
• Business licenses and/or permits

Instructions

1. Write a business plan for your knife sharpening business to capture the interest of potential lenders or investors. Include an overview of the company and its management and an analysis of the market opportunity. Outline the projected financial risks and growth.

2. Apply for the loan at the financial institution of your choice. Ask people you know about contacts to potential investors. Visit your local Chamber of Commerce and speak with an associate to determine if there are any resources available in your community, such as companies who offer grants to individuals wanting to open a small business.

3. Search newspapers and real estate books to find a suitable location for your knife sharpening business. If your available funds allow, hire a construction company to build a shop according to your specific needs.

4. Apply for the necessary permits, business licenses and federal tax identification numbers. Verify you have all the required papers at your local courthouse or municipal office as the prerequisites vary in different states.

5. Purchase sharpening equipment such as knife and bench grinders.

6. Advertise your knife sharpening services in local newspapers, the yellow pages and on your own website. Advertise your business on the radio and television if you have the financial means to do so.

7. Hire employees to help you run your new business. Until your business is established, limit the number of employees you hire to avoid straining your budget. Post advertisements stating the requirements for this position in your local newspaper.

References

• U.S. Small Business Administration: Write a Business Plan
• Entrepreneur; How to Start a Service Business