Content 1. Tips for Starting a Woodworking Business From Home 2. Starting A Woodworking Business 3. Turning Your Woodworking Hobby Into A Home Based Woodworking Business! 4. Turning a Woodworking Business Into a Successful Venture 5. Two Free Methods To Promote Your Woodworking Business
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1. Tips for Starting a Woodworking Business From Home Starting a home based business such as woodworking requires a plan. Starting a business with no plan or a poor one is a recipe for failure. Part of this plan should include learning how to control the costs of your home based business. If this business is a woodworking business then this will be similar to many businesses which involve the use of materials and specialized labour. To make a profit in any business you need to keep track of your costs. When you start your woodworking business you will need to put a final cost on your products. This will include a number of cost variables such as material, labour, overhead, shipping and other miscellaneous items. This may not be accurate at the beginning and you may take a loss. So that is why you need to keep track of your expenses right from the start. Adjustments will have to be made to insure that you make a profit as you grow your business. >>>For More Information Please Click Here!<<< Here is a list of costs you should keep track of as you grow your woodworking business: Labour Costs - This should be determined by how much you would pay a professional woodworker, if you hired this person as an employee. This will be your personal labour cost. You could determine the actual rate of pay based on a percentage of you the cost of materials to complete a particular woodworking project. Material - Each item you build will have a definite material cost built into it. This cost will not change once you have purchased the material you need to complete the project from start to finish. Keep track of even the smallest items. Remember small things add up over
the course of a year and can become a large expense. These could be fasteners, screws, nails, glue, sandpaper, miscellaneous tools and masking tape, etc. Overhead Costs - These costs include all those not involved with the actual production of your woodworking projects. These would be office supplies, advertising, insurance, rent, utilities, internet, phone, office supplies and other related costs. You will need an office to do accounting and sales. You might even decide to have a website which would advertise your woodworking business. This website could advertise products available to people beyond your local area. The operation of a company vehicle could be included in these costs. >>>For More Information Please Click Here!<<< If you decide to ship your woodworking products to your customers, include this cost in the price. Consider adding a shipping charge to the final price and itemizing it on the customers bill. Be up front about this. Explain to your customer there will be a shipping charge before the final transaction. If your product is of high quality the customer will accept this as part of running a business. Keeping track of your expenses, even the smallest ones, is necessary if you want to run a profitable business. Remember the money you pay yourself for the labour is different then the profit. The profit is the reward you reap for taking the entrepreneurial risk.
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2. Starting A Woodworking Business Turning a hobby into a business is how a lot of successful businesses get started. Most hobbies can be transferred from hobby to business quiet easily, with little effort, all that changes is the hobbyist makes things to sell to others rather than making them for him or herself. The list of hobbies that can be turned into a business is virtually endless from making greeting cards, flower arranging to painting. As long as there is a market for the products, and there's always a market for custom made products, a business can be made from a hobby. Woodworking fits the bill perfectly. Starting a woodworking business falls well into the category of a hobby that can be transferred to a business with little effort. There's a huge market for custom made wooden products from children's toys to garden furniture. >>>For More Information Please Click Here!<<< You don't have to be a master carpenter to make quality wooden products; most woodworking hobbyists have the skills to make unique quality wooden products and can easily make money woodworking by making products to sell. A quick walk around craft fairs will show you that many people are already doing this. I always pay particular attention to handmade wooden products when I visit craft fairs and I'm always amazed by the wonderful products people make and they don't last long because people snap them up. The demand for unique wooden products is huge and constant. So many people want unique hand crafted wooden products in their home and are prepared to pay for them.
There's no need to put yourself under any pressure if you decide to start a wood working business, just make something you enjoy making in your own time and when you've finished sell it. You can sell at craft fairs or to neighbours and friends. I'm not talking about building a huge woodworking business, although that's more than possible, I'm talking about making an extra income from doing something you love in your own time. If you can build wooden furniture or toys you can start a woodworking business and earn an extra income for you. If you've been a woodworking hobbyist for some time you will probably have all the tools you will need to make products. One of the great things about making money from your woodworking skills is you will soon build up enough cash to buy some heavy machinery giving you more options. This alone makes cashing in on your woodworking skills is a good idea. >>>For More Information Please Click Here!<<< When I tell my students this they laugh. Why do they laugh? Because they believe only other people have the knowledge and skills to make wooden products to sell. And they are wrong; they have the skills to make nice furniture for themselves so they can do it for others for a price. Most people underestimate their skills and lack the confidence to make things for others when they are more than capable of doing it. If you've been thinking of trying to earn money from your woodworking skills but are afraid to take the leap then there's an easy way to start that involves no pressure. I'd start making garden furniture first because it doesn't require any delicate finishing or expensive machinery and it's always in demand.
Garden furniture is a big seller, just wander through the big stores and see how many tables and chairs are for sale. We all love to spend time in our garden and we like our garden furniture to be robust. The way to get off the start line is to look around at the table and chairs sets that are for sale, choose one type you like and get hold of some plans. Then simply go to your garage in your spare time and start to make a table and chair set. You're not competing against the big stores because none of them have the unique products you can make. >>>For More Information Please Click Here!<<< Remember that while you may be building the furniture to sell it's still your hobby so there's no rush, no deadlines so take your time just as you normally would if you were building it for yourself. You're using your woodworking skills to produce some unique garden furniture that the big stores can't compete with. There are plenty of people who will always buy cheap but there are also lots of people who appreciate quality unique furniture and are more than willing to pay good prices to get it. These people are your market. Put a price on handmade furniture usually presents a problem for those who are just starting, they are afraid to price higher than the big stores. Don't be, like I've already said the big stores have not got a single piece of the furniture you have made. Mt pricing strategy is simple and effective. I work out how many hours I've put into making it, charge that, then add on a premium for it being unique and handmade and there's plenty of people who are happy to pay the price. Once you've built your table and chairs, or whatever you choose to build the next stage is selling it. This is easier than you think. First set
a price for it; as I've already mentioned don't be swayed by the prices the stores are selling the cheap mass produced items for, yours is unique. So set a price that takes into account how long it took you to build and then add more money on top for the unique craftsman built product. >>>For More Information Please Click Here!<<< Craft fairs are a great way to sell items that are handmade. People who attend craft fairs are looking for unique products, they don't want the mass produced stuff that everyone has, and they want to be different. They are looking to buy quality handmade items and they expect to pay extra for them. As well as attending craft fairs you can display your items to your friends and neighbours. I know lots of people who make a decent amount of regular money from their woodworking skills who started making things for their friends and neighbours. Friends and neighbours also have friends who also have friends, believe me this develops into a huge market just by word of mouth and the fact that you are making the items personally and so people have to wait for them makes them all the more desirable. So if you've been thinking of making money with your woodworking skills then I'd advise you to have a go. The worst case scenario is that you are stuck with a table and chairs set which I'm sure you can use.
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3. Turning Your Woodworking Hobby Into A Home Based Woodworking Business! There are a number of things that go into starting a home-based woodworking business. Some are more important than others but they all deserve your attention. I believe the most important thing though is planing, and the most important part of planning is your business plan. Talk to anyone that has been in business and has been successful and they will tell you that this is probably the most critical step in the start up phase of any company. Don't let anyone tell you that going into business is an easy thing to do, there is an old saying that if it was easy to be in business then everyone would do it. >>>For More Information Please Click Here!<<< Now that has been said, let me tell you from personal experience (I have started three successful businesses of my own) that if you decide to take the plunge and start a woodworking business and are willing to do the hard work that the rewards will be well worth the effort. One of the first things you need to do is develop a business plan, in layman's terms, this is a road map on how to get from here to there. The business plan will allow you to organize your thoughts and goals in a clear and concise manner. Your business plan will need to encompass a number of different issues. First and foremost are your projected financial statements, which should include a current balance sheet. This is also referred to as a profit and loss statement (P&L) or revenue statement. This is basically an accounting of sales, expenses and net profit for a given period of time. You will also require a cash flow statement, which is a
measure of your financial health. It basically shows cash receipts minus cash payments over a given period of time. You will also need pro forma balance sheets and income statements for a minimum of three years, these statements include assumptions and hypothetical information built into the data. With all this in hand, you will be better equipped to allocate resources. All of the above are absolutely necessary for any woodworking home business, especially if you are going to a financial institution for a loan. >>>For More Information Please Click Here!<<< The bank wants to see a business plan for a number of reasons, but basically it shows them that you have taken the time to think things through, and by looking at the financial statements, they can get a good idea if your woodworking business is viable operation and deserving of a loan. There are a few other things that should be included in your woodworking business plan. Remember, the more detailed the better. If you don't have a location you will need a location plan but more than likely when starting a home-based woodworking business your location is already fixed because you are turning your existing hobby into a profitable business. You need to have a portion of your business plan that's dedicated to risk management (insurance). Because all the equipment we use in our woodworking shops is an inherently dangerous. There is liability insurance, property insurance, work interruption insurance and if you have employees workman's comp. Risk assessment is a very important part of any business large or small a mistake made here can cost you your business and your livelihood.
Your business plan should also have a portion dedicated to marketing. this can be done in a number of different ways. There are always the traditional methods such as advertising in woodworking magazines or in the newspaper, and these things still work. But in today's environment, the best way is the Internet and in order to accomplish this you will need a website and you will need to learn SEO (search engine optimization) so you will get noticed on the web. Search engine optimization is like anything else, it's not overly difficult, but takes time to learn You can also contribute to blogs and forums to get the word out. Marketing is the lifeblood of all business because creating sales channels and customers for your products is essential to your success. >>>For More Information Please Click Here!<<< Never let your woodworking business plan become stagnant it should be reviewed at a minimum of once a year to take into account changes that have happened in the overall economy or changes in your goals. However, I personally recommend a semi annual review of your business plan. The closer you are to your business plan, the better the chance you have of being able to adapt to a changing business environment and mapping out your strategies for success. Remember the rewards always outweigh the work. So get out there and start your own woodworking business. Remember nothing worthwhile is easy, but if you still have the passion and want to be your own box and become independent click here
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4. Turning a Woodworking Business Into a Successful Venture If you have a passion for woodworking, maybe you should think about creating a woodworking business. Most likely, you have built furniture on the side, worked in construction, or created products with another carpenter. There comes a point when you should consider venturing out on your own and taking the leap to start your own home woodworking business. For many, the idea starts as a hobby, and it eventually turns into a full-blown success story, especially if you do things the right way from the very beginning. Starting With the Basics Starting a woodworking business won't take a lot of extra work if you are already a pro with wood. Mainly, it means understanding all the local and state requirements for opening this type of business. You will have to follow all the specified steps, because you don't want to discover that something was forgotten later. This could prevent your home woodworking business from opening right away. >>>For More Information Please Click Here!<<< You should also know what you want to create. At first, this can mean just finding your niche. Finding your niche doesn't mean more products can't be added later, but people will usually be more successful when they have something in particular to sell. Then, you can market this group specifically. Finding Quality Supplies When opening up a woodworking business, the first things to consider are your tools and supplies. The types of items you should have at the beginning are saws, a square, clamps, hand drills,
hammers, tape measure, and chisels, along with certain power tools. The more tools you have at the very beginning, the more you will benefit later when it's time to shop for more. For one, it helps get your business off on the right foot to help you become successful much faster. If you need some items that are more specific or technical, start by creating a list of needed tools and then write everything else you want down on a separate list. Decide a time table for getting each of these tools. This decision can be adjusted later, especially if the business prospers a lot faster than you originally imagined. >>>For More Information Please Click Here!<<< Finding a Good Supplier If you want to create a quality product, it is important to find a good supplier that provides the best value for your money. This means quality wood handling tools and the right types of wood. It is important to stay away from sub-standard materials, because this normally cuts down on business. When the product is top notch and is known to last, the more referrals you will gain. This means you attract business, which is always your goal when starting a woodworking business. Marketing Your Wood Products For those wanting to create a woodworking business that lasts, it helps to learn the best marketing techniques. This helps you reach the maximum amount of people, which generally means more income. It means joining a woodworking organization and connecting your talents with others around the world. These are people who have the knowledge to guide you though the process of
opening, maintaining, and being successful in the world of woodworking.
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5. Two Free Methods To Promote Your Woodworking Business One of the most basic truths in any business is that in order to sell any product you need buyers. When trying to get customers for your business you need to consider where they spend their time and talk to one another. This is where online forums come into play. There are forums for all types of types of products, services or niches online and one of the better ways to become known is to join a forum specializing in your product or niche. Not only does this method get you new customers, but you will also be able to help people by providing them with solutions to their problem. You are providing real help to others and creating sales at the same time. Finding forums online is simple. Pick a category and perform a search. A good place to search for a woodworking business forum would be in the home and garden category. Go to Google and type "home and garden forum". Experiment with your searches by using different terms until you come up the proper results. If "home and garden" doesn't give you the results you want, try "woodworking" or "wood crafts". >>>For More Information Please Click Here!<<< There are many relevant forums out there that you can use to improve your woodworking business. However, it is important that whichever forum or forums you join meet certain criteria. Be certain when posting that the forum is community driven and popular. You need to know that the forum is popular and that people are actively and currently posting. Make sure that the posts are recent and not six months old.
Once you join, look through the forum for posts and questions that you have an answer for. As a woodworker you probably have more knowledge about woodworking and carpentry than most of the people on the forum. This will make you a valuable and popular resource. How Does This Help Your Woodworking Business? When you joined you also created a profile. You can put a link into your profile that is called a signature. Many people use this area to add a quote or some type of personal information. This is where you want to put something like "Click Here for Woodworking Quote" and link it to your site. Niche specific forums usually get lots of traffic. These forums will be visited by the type of people who are interested in your products and services. Once people see that you are knowledgeable they will they will want to learn more about you and click on your link. >>>For More Information Please Click Here!<<< It is important not to spam these forums. This means that you do not want to actively try to solicit business. Just answer questions and become a reliable resource. Follow these steps and the business will find you. Another way that you can use your own knowledge to get business is through Yahoo Answers. Yahoo Answers is an informational site where people ask questions on many different topics. Once you have joined Yahoo Answers you will be able to start answering other peoples questions. Look for questions that relate to your woodworking business or general carpentry. You are allowed to include a link with your answer. This is where you would insert the link to your website.
Both of these techniques are good reliable methods that will produce positive results, but the main thing is to be consistent and do it. Join some forms and set aside twenty minutes each day to visit and answer some questions. It really is a win-win situation. As you continue to help people you will develop a flow of customers that will help your woodworking business flourish.
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