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I am not a gunsmith, but I lived next door to the town's leading repair gunsmith for a while. He had a setup like you plan, well equipped shop in his basement; no customer contact, everything coming and going at the local old fashioned full service - including guns - hardware store.
It was not a glamorous business. Very little blue steel and walnut or advanced aerospace composite and alloy; mostly well used hunting guns. You are not going to be making centerfold projects for the gunzines.
His constant worry was not doing the work or keeping up with the overhead chores, it was getting parts. You have to be able to get replacement parts. A lathe is very little help fixing a gun full of stamped, cast, or MIMed parts; or even an older piece made when machinist was a low paying job.
Parts were an aggravation when he started out, and did nothing but get worse as time went on. A 1970s Stoeger's parts catalog is a thing of wonder compared to current lame attempts.
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