There are people who want to start a home based business not only for the need to earn a living but also because they have a hobby that produces a product and they find other people want the product. Also, Woodworking is one of the hobbies which can turn into a great business.
Most people don’t just wake up one morning and decide they are going to start a woodworking business. They figure it out gradually because they have made some pieces those were liked by their friends like and are encouraged to make similar pieces to sell.
They start making them and selling them. After a short time they realize that this is turning into a nice business. It’s a terrific start because it is a hobby that begins to pay for itself over a period of time; however, people need to know exactly how to start their own woodworking company.
How to Start A Woodworking Business: A Simple Guideline
It is recommended that a Business Plan should be prepared at the beginning. Before the Business Plan is prepared, it is advisable to make some products and see how they sell. Initially the products which are easy to make, easy to sell and are of lower value, should be undertaken. You can find out 10 Wood Projects That Can Help You Make Money to get ideas on how people start their woodworking businesses.
After it is found that the products can be sold, then one should start preparing the Business Plan. Before starting the business, one should discuss with a consultant to acquire knowledge about the formalities to be observed regarding licenses and taxes.
The person has to take a decision about the form of the Business like proprietorship, partnership, etc. After setting up the business, the next step is to prepare a Marketing Plan.
Through a market survey ( amazon website is a good marketplace to start ), find out the target market and the money the people are ready to pay for your products. Then you have to see how best you can market the products. If you require Fund for your business, then you should approach the financier.
Purchasing the right tools is very important and vital for your business. If you are experienced in this business, then you already know the tools which you can handle easily and the tools you find complicated.
So, you can purchase all the tools you require. But if you are beginner, try to avoid purchasing fancy tools. You can even go for used tools which are in good condition.
34 Must Have Tools For Your Woodworking Business
- Scroll Saws
- Pole Saws
- Carpenter’s square
- Reciprocating saw or Sawzall
- Circular saw
- Portable hand drill
- Orbital sander
- Plunge router
- Thickness planer
- A table saw
- Set of chisels
- Measuring tape
- Saw horses
- Work bench
- Paint Brushes
- Vacuum cleaner
- Air Cleaner
- Band Saw
- Belt Sander
- Compound Mitre Saw
- Drill Press
- Cordless Drill
- Corded Drill
- Dust Collector
- Air Compressor And Nailer
- Bench-top Mortiser
- Sanding Station. ?
For more woodworking tools, visit "Top 150 Woodworking Tools".
However, if you are a beginner, you should not spend so much money on fancy tools. Try buying used tools, which are in good condition.
There are many types of plenty of products that are that are regularly purchased by many people. To name a few are:
There are many other products. If the quality is good, then the demand grows and commands a better price in the market. The best way to have a better demand is to create a “character“ by which the customers would get interested to purchase .
Here is a link which shows how to set up an awesome wood shop:
Woodworking Information : How to Setup a Wood Shop via eHow
Showing And Selling The Products
The first thing to do before starting the woodworking business is to manufacture enough products to be sold at handicraft and/or arts and crafts fairs, flea markets, weekly markets.
And other suitable places where you can find prospective buying looking for wood pieces for their home or office or to gift some.
If it is the holiday season, like now, that is even better. You may also think about starting a website.
Even if you are not a networking whiz, there are various websites available that have professionals who can help you set up a website that is easy to navigate and shows off your products.
You should make sure you have great digital pictures of your products to put on the website.
Advertising The Products
Once the products start gaining some popularity in different local markets, you can start advertising the products on the web, local trade magazines or newspapers, bulletin boards in the local stores or malls.
You may create some attractive colorful flyers to hang on the neighbors’ doors.
You can even get some business cards made that helps identify the products being produced and hand them out at functions, friends at church, parties; just remember, where ever there are people, there exists an opportunity to advertise your products.
You may advertise your wood products on Esty
In addition, you may advertise your products on Amazon since Amazon is a huge company with thousands of global digital marketers are promoting amazon's products.
Beware Of These! Reasons Why Your Business May Fail
- Procastination: Most people planned well but they keep procastinating and don't even know that they are delaying their business processes, just because they never start doing it or afraid of doing new things. Here is an article on lifehacker that you may want to beat this procastinating habit.
- Having the wrong attitude: The wrong attitude has the potential to kill your business before you even get started. If you don't believe in your heart that you will succeed, then there is a very high chance that you won't.
- Having an “it’s just a hobby” mentality: A person can make money with his or her hobby, but you will never succeed and make a living out of it unless you change your attitude and treat your business like a business.
You go into business to make money. You need to develop your business mentality first and you will find yourself one step closer to success.
- Lack of planning: Planning is not only necessary but essential to guarantee success.
Without a plan, a business will not be able to function properly, which in turn will not be able to make enough money to keep itself running. There must be a well-thought out plan for success if you are looking for a consistent, ongoing income.
- Not putting effort to promote your business: No matter how skilled you are or how good your products are, if you cannot sell your products, you will simply not earn any money.
Woodworkers often make the mistake of trying to sell the features of their products instead of their benefits. You should better start promoting the business today!
- Being Afraid to Get Expert Help: Very often, business owners are not willing to pay for expert knowledge.
However, in the long run, it can save them money and help their business to grow. If you are not sure how to do something critical to the success of your business, you should seek the help of an expert.
It takes a lot of planning, effort and calculated risks to put a home woodworking business together.
Ensuring that there are enough pieces made to fulfill the consumer demand, how to market it, mode of advertisement, target market, and how much of the product needs to be maintained in the inventory.
It takes a lot of research and study to know and understand zoning laws and tax laws, and ensure that everything is handled legitimately for the business.
It may sound like a lot of work, but once these are done and over with, the woodworker can get down to the joy of doing business and earning money through something that he loves doing.