Woodworking Business from Scratch
Imagine working at a job that you hate, doesn’t feel good, right? Now imagine working on your dream projects all day long without having to worry about your boss nagging or anything else in the world. Woodworking business is a fine handyman job that can pay you well if done with dedication just like any other job.
In the last article we have talked about various handyman small business ideas. If you are still puzzled and can not decide what handyman job to take on, then you would like to read our article on handyman small business ideas. Click here to read the full article.
If you have decided to go for woodworking and want to know how to start a woodworking business from scratch then read on because this article is for you! Woodworking Business from Scratch.
There are many pros and cons of the job. Just like any other job out there. The various benefits are given as follows:
- Unlimited income potential can be the reason why people decide to do a woodworking job full time.
- Work at your own pace and according to your schedule can be another reason why people choose to do this handyman job.
- You can choose to work from home if you want without any worries and at the comforts of your place.
- If you have taken on this handyman job because of your personal choice, you will no doubt enjoy your work.
- Some people start businesses because they actually wants to help others. For example, you could donate some of your profits to charities or create wood products for those in need.
Now let’s talk about the various cons of the woodworking business. The points are given below:
- Unstable income can be a point to keep in mind while taking on woodworking business.
- High start up cost can be a con that can put anyone’s mood off who’s thinking about taking on this handyman job.
- More work for longer hours can be another reason to put you off.
- Now that you are aware of the pros and cons of the woodworking business, let’s read about the essential points that you must know before starting a woodworking business.
Step 1. Work on your Skill
Continue to perfect your woodworking skill, so you keep on getting better at it. Regular practice makes a man perfect. A skill that you practice daily today will keep on getting enhanced tomorrow. If you are not confident in your skill, keep enhancing it. This way you can ensure that your products are of the highest quality and that your customers will be happy with their purchase.
There are plenty of online resources you can refer to such as books. And even woodworking classes that can help you improve your skills.
Step 2. Ask for your Mentor’s advice
Whether your business is small or big, it is essential to take advice from people who are already associated with the woodworking business. Taking your mentor’s advice and applying it on your startup is invaluable.
Step 3. Know the types of woodworking businesses
There are many types of woodworking businesses you must be aware of. The following is a list from which you can consider your particular niche.
- Open an online store
- Sell crafts through Etsy
- Start a woodworking blog
- Start a woodworking YouTube channel
- Teach woodworking lessons
- Restoring furniture
- Sell woodworking plans
- Open woodworking retail stores
Knowing your particular niche is important as well. Doing what you love is equally important. If you’ll do what you love, only then you can go far.
Now let’s look at the various steps to start the woodworking business:
Step 1. Start with an Idea
Every business starts with an idea, so it is crucial to have an idea of your business. Start by contemplating on what type of woodworking business you want to start. Once you know what you want to do, research the industry well and form a business model.
Step 2. Make your Business Plan
Create a Woodworking Business Plan. Creating a business plan is one of the most important steps in starting a business.
Step 3. Arrangement regarding Funding
Obtaining funding for your business comes next.
You can use your personal savings or take out a small business loan to start your business. You can also ask your trustworthy friends to loan you some money. You can also choose to go for crowdfunding platforms.
Step 4. Choose a Business Structure
Choosing a business structure is equally important. Determining the legal structure of your business is an important step in the startup process. This will determine how your business is taxed. The most common business structures for small businesses should be sole proprietorships, LLCs, and S corporations.
Step 5. Choose a Business Name
Choosing a business name will give your business an identity. Landing on the correct name will take some time, so do not rush. You will get there, just keep looking!
Next step will be registering your business with federal, state and local agencies. You will need to get an employer identification number from IRS. Fees will be charged for registering your business but establishing your business legally is a priority. Getting a business license and permit should be your next concern. You will have to obtain it from your state and local municipality.
It is always a good choice to obtain business insurance. There are a few different types of business insurance for you to consider from including:
- Product liability insurance
- Property insurance
- General liability insurance
- Workers’ compensation insurance (if you have employees)
Next priority should be getting a State and Federal Tax IDs. You will have to obtain a State Tax Identification Number and Federal Tax Identification Number. These numbers will help you to identify your business.
If you are going to sell products, you will have to get sales tax permit from your state.
Now it’s time to initiate marketing activities and start your business. By marketing you can promote your business and attract potential customers.
Time to look at the tools you would be needing as a woodworker. The list given below will give you some idea.
- Table saw
- Miter saw
- Circular saw
- Power tools
- Dust collection systems
- Screws and nails
- Air compressor
- Safety gear
You have to keep in mind that the tools that you will choose today must be an investment to your business so be sure to choose them wisely.
There will never be enough preparation to start a job but putting efforts will surely lead to a path of enlightenment.
Still not satisfied and looking for something else? Check out our article on Bakery Project Report .