Seems to me those are questions you should have asked before opening a shop.
Like StickWelding said catering to farmers is going to be tough. You'd likely find it better to cater to the heavy equipment guys. The real money to be made will be doing work for industry.
As others have said, when equipment is down the owner wants/needs it back up and running ASAP. If you're out picking up or delivering parts, you're not in the shop being productive. If you do pick up and deliver, you have to charge for it.
I don't know the costs involved with running a machine shop, but I'm quite familiar with the costs of running some other businesses. Rent or mortgage, maintenance on the shop, utilities, property taxes, office supplies, insurance on the building and contents, business liability insurance (which could be extremely costly if you do welding or fabricate any automotive parts), legal and accounting costs, business licenses, office equipment, shop tools and equipment, consumables, shop truck and associated costs, don't forget advertising, and if you have employees there will be workers comp insurance, unemployment insurance (tax), health insurance, retirement plan contributions, etc, etc, etc. And you have to draw a salary and make a profit.
Your hourly rate is important. Don't under value your work. It's a tough go to cater to the price only crowd. You won't make any much more than wages when you work for them, and that type of customer is always looking for someone that will do the work cheaper than you.
I suspect your hourly rate would have to be in the $120-$150 an hour range for your shop to be profitable. The customers you want won't bat an eye at that price.
Service is much more important than price. Under promise and over deliver.
I know a guy that owns a small machine shop. He does all the typical work you'd expect. His bread and butter is doing work for industry.
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