Something I've realized in all the years I've seen this question asked on various hunting websites is that the most important piece of information is almost never mentioned.
Learn how to run a small business profitably! The reason many gunsmith business's fail, and especially part time ones is the smith never learns how to run a business. It doesn't matter if you're a wizz on a lathe and mill if can't handle $. And there are plenty of metal butchers that seem to do fine, but don't be that guy.
The very basics are, don't spend money you haven't earned (you haven't earned a deposit until you've performed that work or ordered the parts the deposit was for. Don't promise something you can't deliver and don't fail to deliver what you've promised. Keep track of overhead. Don't be afraid to charge the going rate for gunsmith work. Communicate in a timely and effective manner. When a gun is a month over due and the customer finally gets you on the phone and you say it will be another week is not effective communication.
If you can't finish a job because parts are back ordered or you are back logged, that's fine. Just let the customer know before you've failed to finish the job when you committed to finishing it, not after.
Another correct answer.
And with today's new "laws, rules and licensing" requirements you better be up to speed on everything applying to gun work, including the new requirement for a manufacturing license. The cost for licensing is rapidly causing the old school part time back yard gunsmith to go out of business. I do not see a bright future for a young budding gunsmith.
