Its probably a fine piece of equipment.
However, to make real money then it won't be efficient enough. At best it might compliment other equipment. For pure tunover to stay in business then it has to be belted systems as used by knife manufacturers. One real problem is the knives people want sharpening are most likely in to be in a bad way, so will require removing a lot of material. Manual systems just aren't fast enough in removing a lot of material, and most knives not worth two hours work. A full workshop machine set up with different belt systems, including buffing wheels, then that may be able to do ten knives an hour, or more. A cheap knife may well take longer than an expensive one.
Take a Victorinox quality chef's kitchen knife. They cost maybe $35. Few people are going to spend much getting it sharp again; maybe $5 or at best $10. High cost knives that require attention are few and far between, and then many owners will have their own equipment.
