If you think woodworking is only a worthwhile hobby, you may not realise what a profitable business will come out of it. You can use your skills to create home decorations and law fixtures that are always in high demand. Not only that but you also have the satisfaction of doing what you love. The best part is that starting a woodworking business won’t feel like work in the long run.
How do you get started in building a woodworking business with the skills and tools that you have at hand? If you are at a loss, then here’s a guide to help you turn this hobby into a source of income that won’t leave you feeling exhausted and unsatisfied.
1. Choose a business model
Before anything else, you need to look for a specific business model. Woodworking covers many different areas, including cabinetry and carpentry. Depending on your skills, you may want to focus on an area where you are most experienced. Apart from that, you also need to consider whether there is a demand for the types of products you are selling. With a well-thought-out business model, your woodworking business is bound to succeed in its first few months.
2. Know your target market
Aside from identifying the products you want to sell, you should also look at your target market closely. Who will make up the bulk of your customer base? Will it consist mostly of homeowners? Are you selling exclusively to other businesses as a supplier or contractor? Map out the market and determine what customers want. While you are at it, look at other woodworking businesses in your community and see what products and services they are offering. You can then decide whether to offer something unique or something that will fill in the gaps in demand.
3. Get your resources in order
Next, you need to make sure you have ample financial and material resources to start your woodworking business. Generally, you will need at least $6,000 as starting capital, but if you don’t have that amount, you can always finance your business using loans. The Small Business Administration offers microloans for sole proprietors, so applying for one might be a good step to help you acquire the equipment you need, such as a Kreg jig and a trim saw.
4. Continue honing your skills
Once you have launched your business, you still need to diversify the range of products and services you are offering. It won’t help to focus on a single niche, so look into other areas outside your expertise. If you are used to furniture turning, you can also learn other skills such as woodcarving and scrolling. You can find lots of woodworking resources and plans online to help you venture into other woodworking disciplines. It’s just a matter of starting with the basics. If you are planning to get into furniture making, look for guides on how to build a 2×4 bench and work your way towards more advanced projects.
Building a successful woodworking business will depend on your willingness to learn and persevere. Use these tips and start crafting the business of your dreams.