Woodworking is an incredible skill and a lucrative hobby.
As the saying goes, “do what you love and you’ll never work a day in your life.”
With the right know-how, you can turn woodworking into a home business that could be a dream come true for you and your family.
Knowing what to do and where to start is a vital part in making your business dream a reality.
Nothing can replace experience, but developing a strong knowledge base of the inner workings of the business can set you on the path to success.
There are two common ways that most people in this profession gain initial business experience. There are courses you can take that will teach you more about woodworking itself and how to run a business. For a list of education opportunities, click here!
Another more hands-on approach is to learn through an apprenticeship. If you are fortunate enough to have a local woodworker in your area that is willing to take you on and teach you, this is a great way to learn the business and develop professional relationships at the same time.
With any business, money is going to be a crucial part in kicking off your business. Whether you are planning on saving up for the big cost or taking out a loan, you will need to figure out a budget to get an idea of what your cost will be. Things you will need to consider working into your budget will be the wood and other materials, tools and equipment, computer equipment, a website, a camera, business cards, and possibly a place to rent if you are not planning to run the business from your home. It is also recommended to create a business plan that will include this new budget, along with outlines of your target audience and a few other features.
Preparing to Open
Once you have your base work done, you can begin your checklist to prepare to open your doors to the public.
First, you will need to get the big legalities out of the way. Establish your legal entity and register for taxes so that you are recognized by the IRS. Once you are registered and have your new tax ID number, you can use it to open a small business banking account.
Someone will need to manage the new account as well. For this, you can either hire a business accountant or try it yourself if you think you are up to the task. There are a few other legal loose ends you will need to take care of, such as applying for any permits or licenses relevant to your area. Do not forget the insurance too!
Make yourself known and get the word out! Decide who you are trying to reach and what your brand will look like. The final thing you will need to do is generate business. Attend local craft fairs and establish a presence on social media. Create a name for yourself! Advertise online, radio, and in person. There are plenty of ways to get your name out there for free as well!
Woodworking is a beautiful craft. Build relationships within your community and network. Good luck with your new business adventure!