How to Start a Part-Time Woodworking BusinessBy Angelica Malin
If you have a passion for woodworking, maybe it’s time you considered turning it into a profitable business. However, you need to create the right strategies to succeed in your new venture. If you’re wondering how to start a part-time woodworking business, keep reading.
We understand all of this can be overwhelming when getting started. Don’t worry! We’ve got you covered. We have compiled some tips to help you begin your woodworking venture.
Find Your Niche
There are probably several wood projects you can handle already. However, as a woodworker, you can only be successful if you develop a mastery on specific products. For instance, you can start small by creating a wooden flash drive or wooden ladder storage to satisfy your target market while you get to know in which areas of woodworking you feel more comfortable.
With time, you can also venture into other areas. However, you should first focus on building your brand within a certain niche as you get started. This way, you can easily transition into other niches and still maintain your customers.
Build Your Workshop
Once you have decided your business idea, it’s time to design your workshop and fill it with the right equipment. The tools you may need include hammers, table saws, jigsaws, clamps. You may also need an exterior wood sealer to design wooden items.
Another important item is a wood laser engraver to help you create beautiful images on pieces of wood. Establishing a woodshop is essential because it will protect the tools from vandalism or theft. It can also act as a showroom where you can showcase your latest designs to customers.
Create a Business Plan
A business plan is crucial because it helps you focus on your goals. It also helps you understand the competition so that you come up with strategies to beat it. You should have specific objectives to keep you on track even if you plan to run a small business.
Besides, there’s plenty of opportunities for smaller workshops since the woodworking industry is worth $6 billion and continues to grow. Also, the top 50 manufacturing industries only command 30% of the market.
The plan should have financial projections, estimated profits, and a description of your goals. It’s also crucial to test the market with the woodworking items you intend to sell. This will help you understand if your venture will be profitable or not.
Market Your Items
Once you have some items, create strategies to increase your customer base. You also need to create enough wood pieces to sell at art fairs and other stores that specialize in selling home decor products like rustic kitchens.
During the initial stages, you may also have to sell your items on different platforms to help you determine the place that’s ideal for your business. You can also create a website and upload photos of your designs with descriptions.
Create a Legal Entity
It’s best to work with an attorney when considering setting up your business’s legal structure. You also need to decide on the structure of your business and the options including sole proprietorship, limited liability, standard corporation, and company partnership.
If you are working from home, you can be exempted from paying tax levied on tools and workspace. However, you will need to apply for the required licenses and permits to operate if you decide to expand your business later on.
Although it’s unlikely for accidents to occur, it’s best to prevent damages. That’s why you should get insurance to protect you and your clients in case of an injury. If you don’t know which policy to choose, consult a competent business agent to help you.
We hope you are now excited to turn your woodworking passion into a profitable business. Follow the steps outlined above to start making extra money on the side.