How to start a woodworking business
Self-employment as a woodworker provides independence. It enables the unique situation where you are able to create wood products, furniture, and cabinets at a pace you are comfortable with without anyone looking over your shoulder.
You essentially become your own boss. If you are tired of the rapidly changing job market and the increasing demand for technology workers, then woodworking provides a degree of technical stability.
The woodworking industry evolves very slowly and unless you are involved in the highly computerized and mechanized CNC end of the market, the woodworking industry is very traditional.
There are many types of tools and machinery used in conventional woodworking which date back to a century or more ago, to give you an idea of how relevant any knowledge you gain will be useful in the future.
You will also need to weigh the advantages and disadvantages of becoming a self-employed woodworker in comparison to holding a day job.
A day job often provides stability and a regular source of income without the need to worry about the next paycheque. Of course, we know this is not always true especially in today’s rapidly changing economy and the threat of downsizing or loss of a job is a reality. Until this happens, however, a day job is a reliable source of income.
However, the disadvantage of spending forty hours a week at a day job is dependent on the type of work you do and most importantly, do you enjoy what you are doing?
If you are as many people out there in the workforce that gain little to no satisfaction from your work then you should follow your dream and investigate the idea of becoming a part-time or full-time woodworker.
How to start a woodworking business
Being in business for oneself involves more than just woodworking. There are other aspects of a business you need to take into consideration.
Other aspects you to concern yourself with aside from woodworking include accounting, inventory control, equipment, and tool maintenance, purchasing, marketing, advertising, and shipping.
These aspects of a business take valuable time away from the core woodworking but are necessary for the business to survive and thrive. You will however learn to manage these other business-related tasks with due time and once again revert to woodworking as your primary focus.
Important questions to ask yourself if you wish to begin woodworking as a business:
- Have you successfully made furniture or wood products before?
- Are you comfortable dealing with clients?
- Are you familiar with the joinery used in woodworking?
- How skilled are you at applying finishes to wood products, furniture, and cabinets?
- How long does it take you to make a wood product or create furniture?
- Are you capable of working within deadlines?
- Can you handle a business that detracts from woodworking?
These and other questions are the core of any woodworking business and you will need to cope with these issues at one time or another
I haven’t touched on the immense satisfaction derived from the independence and freedom derived from being a self-employed woodworker. Speaking from personal experience, I can attest that the freedom gained is unparalleled.
There is no more need to dress up and commute back and forth to a workplace which perhaps provides little satisfaction but mostly only financial security. Guaranteed jobs have also become a thing of the past. Visit Lumberwork for any questions you may have about woodshop tools.
The often reduced and irregular income which is part of being a self-employed woodworker is well worth it in my opinion. You will also need to determine if you can survive as a woodworker at this point in your life however by weighing your monthly costs which include housing, family expenses, etc.
Why Woodworking Business Start-Ups Do Well In A Recession
As unlikely as it may seem to start a business during a recession is a good idea. Most people who have started their woodworking business during hard economic times have done so because it was necessary.
The most common reason for them has been the loss of their job combined with the need to maintain a steady income. Surprisingly, this is often the incentive necessary for many to ultimately do the work that they have always wanted to do, and make a good living at the same time.
With the right approach, starting your woodworking business in a recession is a good move that can yield some very positive results.
Many well-known businesses have had their start during the height of a recession: Microsoft began in 1975 while the U.S. was experiencing a recession and has had phenomenal success.
The same is true for Walt Disney, who started his empire in 1923 during another major recession. The United States was going through the great depression was when Hewlett-Packard came into existence.
As a matter of fact, more than half of the companies that currently represent the Industrial Average of Dow Jones began in the midst of a recession.
Why Business Start-Ups Do Well in a Recession
First off, the competition is weakened. Many businesses that began in better economic climates survived because of big profit margins. When their large profits dropped they could no longer survive.
When starting a home-based woodworking business your ability to compete is better because of the low overhead that comes from working at home.
This alone is a real advantage when starting a woodworking business. If you already have tools along with a workspace, you basically have what’s needed to start. Even without tools, you can get the tools you need for under $150.
Why You Should Start Your Woodworking Business Now
As mentioned earlier, many people start a business out of necessity. Those who get into the woodworking business have a distinct advantage. They are usually passionate about woodworking.
It is always easier to develop a new business when you are doing something that you truly enjoy. Properly run, your woodworking business will be very profitable and enjoyable.
Here are some reasons why you should act now:
Extra Income
The most obvious reason to start a business is to earn money. You can run your woodworking business from a workshop in your basement or garage and work when you have the available time.
If you are starting your business to supplement your income, you can always work weekends and evenings. If this is going to be your only source of income, you will obviously be working full-time
The idea of working nights or weekends may not appeal to most people. However, if you’re currently employed as a carpenter or do woodworking as a hobby, you already know what you’re doing and probably spend time doing this already.
So, it makes sense to turn your time into money. There are not many opportunities to earn a good income doing something that you love.
Job Security
Nobody’s job is safe these days. Having a second income from a woodworking business is a good way to stay protected in the event that you should lose your current job.
If that should happen, you could increase your efforts and turn your existing part-time business into a full-time enterprise. Losing your job could end up being one of the better changes in your life.
A Novice Can Start A Woodworking Business
A common misconception is that only professional carpenters and master craftsmen can start a successful woodworking business. This just isn’t the case. Anyone that knows how to use a hammer and nail has the basic skills necessary to get started.
Literally, everything that you need to teach you how to build simple woodworking products, what tools to use, and even how to start a woodworking business as a beginner can be found online.
Customers Are Everywhere
One of the great benefits of the internet besides being a good source of information is that you can sell your products to people anywhere in the world. The internet is also a good way to give your woodworking business visibility that may not be possible as a home-based operation.
Another simple fact is that during a recession there is always that segment of the population that is not affected. These are the people who have disposable income regardless of the economy.
These are the people who would love to buy your products, and one of the best ways to get them as customers is online. If you’re ready to take steps toward starting a profitable woodworking business [https://woodprofits.com], visit the Woodworking Today website.
Here you can learn more about the right way to approach all the aspects of starting your own successful home-based woodworking business [https://woodprofits.com].
Conclusion:
The costs of opening a woodworking business are significant but manageable. Business owners might expect to spend around $6,500 total, which would break down as follows: $2,000 for wood and other materials. $1,500 for woodworking tools and equipment.
Opening a woodworking shop is a profitable business. You’ll not only make and sell your own unique designs but also help others sell their items in your shop. This will give you a commission for selling others product. It will also offer your customers a wide range of furniture at any time.
The distinction between self-employed and wage-earning woodworkers is pretty elusive. The eHow.com article says that “self-employed cabinetmakers earn between $18,000 and $60,000 annually, while those who work for companies earn an average of between $39,037 and $72,000 per year.
The Best Tips to Start a Woodworking Business from Home
- Establish a workshop. Having a well-designed workshop is essential, especially when you want to establish a successful craft business. …
- Develop a business plan. …
- Marketing your products. …
- Business organization and license. …
- Get business insurance.
Yes, you can make money selling wood projects. It’s a creative way to use your skills to make a living. Some of the projects you can sell include jewelry boxes, wooden toys, wall signs, and pieces of furniture. Some projects sell better than others, so study your options and your market as well.
Many people engage in woodworking as a hobby or to create a supplemental income, but it is possible to make a full-time living from woodworking. It is important to remember that a full-time living is one that pays the bills, feeds the family, and educates the children.
Woodworking is a rewarding hobby and a career. … When starting a new hobby, remember – you’re a beginner. Focus on learning the craft, not being an expert on your first day. Woodworking isn’t hard to learn, but it takes hard work to become a master.
To sum up, the price of woodworking projects should reflect the material cost, labor cost, overhead cost, and selling cost. The price should also include the markup or profit you think is suitable for your project. You should set a price that adequately covers the cost and gives you adequate profit.
Master carpenters make an average of $53,000 per year. However, this can range from $34,000 to $81,000 depending on location, job type and skill.
How do I market my woodworking business?
- Design a showroom either in your home or in your storefront.
- Buy advertising in newspapers or industry-specific publications, like woodworking or home design magazines.
- Create a social network following.
- Rent booth space at trade shows.
- Send direct mail to new homeowners in your area.
- Reward referrals.
Woodworking is only expensive because of the materials that you want to use, modern tools and machines that most woodworkers use today. However, you can still do it with the foundational tools. The cost of woodworking also depends on the type of woodworking that you want to do.
These examples can certainly cause the question to be asked “Is Woodworking a Dying Art?” As you’ll see below though, woodworking is not a dying art. In fact, it’s quite popular and growing more than ever.
If the shop is to be used primarily for woodworking, the minimum recommended area for the workshop is 75 square feet. An ideal shop would measure 125 square feet, to this area would be added a lumber storage area. The size of the shop is determined by the number of stationary power tools that it will hold.
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