Woodworking Business

Essential Tips

Presented By:

• Woodworking is both an art and a craft.

• There are many woodworkers out there, but most of them are just doing woodworking as a hobby

• Turning a hobby into a business needs a different set of education, skills and practices

• However, if you have true passion for it, turning a hobby to a business is not really complicated.

Always Have The Right Tools For The Task At Hand

• The right kind of tools will depend on the scale of your business.

• If you are just starting out, simple hand tools would be adequate.

• For larger mass production, you would need to acquire heavy machinery.

Have The Appropriate Woodworking Plans Ready

Importance of Woodworking Plans

• Dictates how large your working space should be.

• Increases your speed of production of products.

• They give ideas on the right materials to buy and the right tools to use.

Business Plans Are Very Important, Too…

• A great business plan is like a roadmap that will help you achieve your goals.

• Consists mainly of the income statement, cash flow analysis and current balance data.

• Helps you when, where and how to acquire a business loan.

• Review your data on your preferred schedule to see if your targeted goals are met.

How To Market To Your Target Customers?

• Two main types of marketing: traditional (offline) marketing and online marketing

• Traditional – newspapers, flyers, word of mouth

• Online – blog, social media, email, etc.

• Both types of marketing would need some effort on your part to be effective.

• However, outsourcing this to reliable experts will help you save time.

Minimize Your Expenses For Maximum Return of

Investment

• Expenses you should monitor in your woodworking business:

– Cost of materials– Overhead costs (rent,

insurance, electricity)– Labor (either your own labor or

people you hire)– Advertising

Thank You For Viewing This Presentation

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$150,000/Year In The Business Of Woodworking…

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