tips to starting your own home woodworking business

Content 1. Tips to Starting Your Own Home Woodworking

Business

2. The Different Ways To Start A Woodworking

Business

3. Why Woodworking Business Start-Ups Do Well In A

Recession

4. Should You Start Your Own Woodworking Business?

Wood Profits Review

5. Creating Sales Channels For A Woodworking

Business

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1. Tips to Starting Your Own Home 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

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.

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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 pay cheque. Of

course, we know this is not always true especially in today's rapidly

changing economy and the threat of a 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.

Being in business for oneself involves more than just woodworking.

There are other aspects to 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 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. 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.

More information about the woodworking business topic can be

found at:



2. The Different Ways To Start A Woodworking

Business

Once you have decided to go into the woodworking business there

are a number of different ways to proceed. If you are fortunate

enough to have a woodworking shop that you have used as a hobby

you can convert it to a woodworking company. If this is not the case

you have other options available. You can start a woodworking

business from scratch or you can buy an existing woodworking firm

or you can purchase a franchise. All of these are viable options and

we will take a look at the pros and cons of each. The one thing to

remember is that going into business is not easy no matter which

method you chose if it was everyone would do it. Hard work,

dedication and sacrifice are all part of the entrepreneurs day-to-day

existence. But take it from someone who has done it for himself the

rewards far out way the hardships.


Starting a woodworking business from scratch is by far the most

difficult but can also be the most rewarding because it is something

that has personal stamp on it, something you have built from the

ground up. The first thing you need to do and without a doubt the

most important is to develop a detailed business plan. The SBA (small

business administration) and all the banks that lend for them won't

even consider taking a loan application from someone who has not

taken the time to create a proper business plan.

The first thing you need to do in the preparation of your business

plan is to analyze yourself. You need to be honest with yourself and

list your strengths and weaknesses paying special attention to your

business experience. The next four steps work together. You need to


choose a product. Are you going to make toys and birdhouses or are

you going to produce fine wood furniture. This goes hand in hand

with the next step which is to research your market. You need to

research the market so that you can forecast sales revenues which

will allow you to build pro forma financial statements. Armed with

your market research you can then decide where you should locate

your new woodworking business,after picking your site you can then

develop a production and marketing plans. You will need to develop

an organizational plan so as your woodworking business grows and

you start to add employees there will be no confusion when it comes

to who reports to who. This may not seem important when you are

first starting out but becomes very important as you grow. Your

business plan will also have to include a legal plan, insurance

plan,accounting plan, quality management plan and an overall

financial plan. By developing all the different steps in your business

plan you can come up with an estimate of the financing that will be

required to get your woodworking firm up and running. Remember

eight out of ten start-ups fail in the first year. Proper planing helps

you avoid a lot of the pitfalls and increases your chances of success.


Buying out an existing woodworking business is the next option. This

option also requires that you prepare a business plan so you can

make a honest evaluation of the different woodworking businesses

you are considering. You are going to want to have your accountant

review all financial statements to verify that the businesses you are

considering are operating at a profit. It also gives you an idea of what

the woodworking business is worth and what you may be willing to

pay for it. There is never any guarantee of success, but the odds are

better when buying out an existing business, because a successful

woodworking company has proved it can draw customers at a profit,


and they have established relationships with bankers and suppliers

which can be very valuable. Weather building a woodworking

business from scratch or buying an existing woodworking business a

good business plan is a road-map to success.


Buying a franchise is the next option we will look at. A franchise is an

agreement between the franchisee (buyer) and a franchisor (seller).

It normally requires a lump sum payment upfront with a percentage

of the monthly revenues paid to the franchisor. For this the

franchisee gets a proven business model and help in marketing and

advertising, employee management and training, shop design and

equipment acquisition, site selection assistance and help with

financing. The major drawback to franchising is that you are

constrained by the franchisor's policies, standards and procedures. in

other words, there is a loss of independence that starting a

woodworking business from scratch gives you.

The last option is turning your woodworking hobby into a

woodworking business. In this case, you have the woodworking tools

and the shop already set up. This saves you a lot of money at start-up

a time when money is normally in short supply. You will still need a

business plan for all the reasons stated above. There is absolutely no

substitute for proper planning, when it comes to being in business.




3. Why Woodworking Business Start-Ups Do Well In A

Recession

As unlikely as it may seem starting 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 work space, 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 form 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

the better changes in your life.


A Novice Can Start A Woodworking Business

A common misconception is that only professional carpenters and

master craftsman 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 building

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 visit



4. Should You Start Your Own Woodworking

Business? Wood Profits Review

here is good informative online course available that will teach you in

a step-by-step manner exactly how to create a home-based

woodworking business. The following is a list of what is contained in

the course:

The following is a list of what is contained in the course:

1.A guidebook with 53 pages of information about starting a

woodworking business.

2.An audio presentation of the same guidebook. Perfect for listening

to while driving or in your workshop.

3.An option to also receive hard copies of the guidebook and the

audio version on CD.

4.A downloadable e-Book of 500 highly detailed plans of

woodworking projects specifically designed for use in the start-up of

your woodworking business.

5.A free set of shed building plans.


Additionally, there is an option to buy a VIP package that includes:

1.More than 1000 contracts and legal documents covering the

important aspects of your new woodworking business.

2.Another 150 premium woodworking plans.

3.A lifetime of direct personal consultation from the creator of the

course. Yes, there is a real person, and you can actually contact him


directly for personal guidance and advice about your woodworking

projects and new business.

4.You will also receive what is referred to as the "Woodworking

Bible". It's a huge book that contains just about every kind of

woodworking project you could possibly imagine, including detailed

plans on how complete them.

5.Three e-Books about green energy with tips on how to reduce

energy costs in your work shop.

Woodworking Business Basics

The tutorial ebook, which is also available in hardcopy form, that

comes in the course is an impressive and comprehensive guide that

literally takes you by the hand and shows you exactly what steps to

take to create a successful woodworking business.It covers every

topic from how to develop a business plan to how to balance your

costs and profits. It also shows you how to choose and properly price

the products that you are going to promote, find customers both

locally and nationally, maximize profits and retain customers.


It is not uncommon when starting a new business to become excited

and want to rush into this new money-making venture.There is a

great saying: "If you fail to plan, then plan to fail".

The program puts a great deal of emphasis on creating a solid and

strong business model. A good plan starts with a little research.You

need to determine your market, in other words, you have to think

about who you are going to target as customers.


Your Woodworking Business Customers

Your customers will be determined by what you decide to sell.

Although you can't actually control who will buy your products, you

can choose which products will appeal to whatever group you would

like to target.

When starting out, you may want specialize in simpler more

affordable projects that appeal to the more cost conscious

customers. A good example are average homeowners who want

custom-made furniture, but prefer simple and more reasonably

priced designs.


Who you sell to is pretty much up to you. Look around your

neighborhood, your city or town and you can easily see what people

use and want.There are many different projects that you can

produce that will make your woodworking business unique.

There are some really interesting product ideas in the woodworking

project book that comes with the course, like nautical clocks, salt

mills, pepper mills, jewelry boxes, toys and many more. So, pick the

category or niche that will appeal to your chosen customer base and

go from there.

Woodworking Business Tips

On the business side of things, do not forget to include your time

working as one of your business expenses. You need to compare the

time spent on your woodworking business to what you could be

earning doing something else.


This program is a great tool for someone who is serious about

turning their woodworking hobby into a woodworking business. As

with any business, there comes a time when you just cannot do it all

b yourself. Hire help as necessary, if the budget allows, to complete

your projects on time.

Depending on your situation, you could hire a person with a little less

experience than yourself and teach them how to build your products.

This would allow you time to develop more projects, and also market

your business.

The bottom line is simple. Follow the tips and business building steps

in this program. Stay focused, follow your business plan, and you will

have a successful woodworking business up and running in very little

time.

Visit the Woodworking Today website for more information



5. Creating Sales Channels For A Woodworking

Business

Sales are the lifeblood of any business, whether they offer a service

or a physical product. In the woodworking business of course, we

produce physical products, and they can range anywhere from a

simple toy for children to very expensive fine handmade wooden

furniture. Whatever niche your woodworking business falls into has a

major influence on the type of marketing strategy you will have to

use to create sales. So what exactly is a sales channel. A sales

channel is the way of bringing a product or service to market so they

will be purchased by customers. A sales channel is direct, if it

involves a business merchandising directly to customers, or it is

indirect, if an intermediary like a distributor is involved in

merchandising to customers.


Lets discuss indirect sales channels first because they fit very well

with a woodworking business. Depending on the type of

woodworking projects you produce will determine which types of

distributors you should be looking for. Let's for example, say you are

making fine wooden handmade furniture. Of course you would not

start looking at the big box furniture stores that sell mass-produced

furniture, because that is not your market. I suggest you check out

small specialty furniture stores that sell high-end one of a kind

merchandise. Try and find out who their distributors are and contact

them to see if they will handle your woodworking projects. You

should get a brochure printed up with examples of your best work to

hand out to both distributors and retailers.


Another great indirect sales channel for specialty woodworking

businesses that I have had a lot of personal experience with are

interior design firms. My wife owned her own interior design firm for

almost 20 years and she used a large number of woodworking

businesses to make fine furniture for high end clients. So get that

brochure made and send them out to all interior design firms in your

area.

Indirect sales channels work well with any woodworking business

because it lets you market your woodworking products through a

number of different outlets.


Now let's discuss direct sales channels as it pertains to your

woodworking business and how to develop those channels.

Remember a direct sales channel is where you market your

woodworking products directly to your customers, with no

intermediary involved. Use trade shows and craft fairs to show off

your products, a good weekend at a high-end craft show can

generate a good deal of revenue.

You can develop direct sales channels through the use of different

print media. You can take ads out in newspapers and magazines

because there are still lots of people that read print media, but as

time goes on I expect this will inevitably give way more and more to

the Internet. Creating a direct sales channel using the Internet can be

accomplished in a number of ways. You can start a blog for free at

sites like blogger.com, where you can post articles about your work.

You can take part in forums, but look for forms that are dedicated to

woodworking. You can also start your own website, but if you do,

you are going to do your research on SEO (search engine

optimization), which no matter what anyone tells you is extremely


hard to accomplish. Remember you're competing with literally

millions of other sites.

In order to have a successful woodworking business, you will need to

develop both direct and in direct sales channels as part of your

marketing strategy.

