Starting your own business is bold and also important if you’re looking to make a change. When working for someone else, you might get told what to do and when to do it. When working for yourself, you can work for your own cause and track your progress towards your goal.
Depending on your interests, you might want to start a business in a profitable industry. The more you look, the more you realise that your love for woodwork is an effective business idea and items you make can be sold quickly. The more you think about it, the better it sounds. If you’re here to start your own woodworking business, you’ve come to the right place. First, we will discuss the importance of starting your own business and then, we’ll jump to why you should do it in the wood industry. We’ll offer some quick advice at the end, so stay tuned.
Why you should start your own business
Here are some of the most important reasons for students to start their own business. If you are not decided yet, read them thoroughly and ask us any questions.
- No more what-ifs. When you start working in your field of interest, everything else dissipates. You will no longer ask yourself, what should I do with my life? Instead, you will cancel the pity party and get dressed up for the show.
- You will learn new things. Most successful business owners started at the bottom and made their way up to the top. They learned many important life lessons along the way, and this helped them succeed further. Ready to sign up for this?
- You will be motivated every single second of each day. Yes, you are working towards your dream, so of course you’ll be working harder. You will wake up knowing exactly what your aim is. You will stop complaining and start maximising your potential. You will crave success – and so it will come to you.
- You will be fearless. There will be nothing that can stop you. Your self-limiting belief system will slowly disappear, and you’ll learn that you can do literally anything if you set your mind to it.
- You will start appreciating all the people around you for their hard work and commitment. You will become a leader. You will help others reach new heights and follow their dreams.
- You won’t stop. You’ll keep going no matter what and your goals and objectives will align with your passion. Trust me, such a life is definitely worth living.
How to start a woodworking business
Making furniture is one of the coolest things you could do – plus it could bring in a lot of money. You will not only design furniture for people to use, but you will also pick lumber, learn special techniques, and learn how to maintain the furniture. This is an interesting activity that could help your mind stay active and your body in shape. If you love to work with wood, then it’s the ideal business idea.
In any case, starting your own business means having a well-designed plan. So here’s what you should consider.
- Plan your woodworking startup well in advance. See what your costs are and who your target market will be. Make sure you’ve got a business plan that speaks to investors if you need financial support. If you are not sure how to do this, consider writing your assignments with the help of a specialist. It’s important to have a well-structured business assignment from start to finish – otherwise, stakeholders might be lacking the knowledge needed to invest in your project. Without money, your business can quickly sink. Make sure you get the help you need with your tasks by hiring the right people. Interview them if you have to. Make sure you’re going with the right team. At first it might just be you, so be prepared. You’re going to have to step-up and do everything yourself from dealing with customers, accounts and making the furniture. As you expand you can outsource or hire.
- Understand how your business makes money and how you should structure your finances. Also, check to see if your incomings will exceed your costs. If they don’t, then you might as well wait longer.
- What are the ongoing expenses that you need to consider and is there any way you could find sponsorship for your startup? Or perhaps local government grants designed for start-ups?
- What will be the name of your business and is your idea already taken?
- Study how to promote your business and what are some ways in which you can start doing that now.
- Does your woodworking business have a website or online platform and if not, could you purchase a web domain?
- Make sure you are turning your business into a valuable and legal entity recognised by the government. Register your business (or yourself if opting for the sole trader route) for taxes and start your work as soon as that’s ready.
- Open a bank account for your business to make sure you can use a business account when needed if you are a limited company. Otherwise, as a sole trader, you can open a separate account in your name, which is recommended to keep all business accounting separate from your personal day-to-day life accounts.
- On that note, don’t forget about your own bookkeeping and accounting. You’ll need to keep detailed records of your incoming and outgoing and complete tax returns. Have a think about getting some help with your accounting stuff by outsourcing it to experts who specialise in supporting small businesses. Using outsourced accounting services will save you loads of time and hassle by handling things like bookkeeping, sorting out the payroll, and sorting out your taxes. By relying on pros, you’ll have accurate financial records, make the most of tax deductions, and have more time to focus on growing your handyman business.
Where to study to start your own woodworking business
Here are some of the best woodworking courses you could enrol in, the top picks in the woodworking business industry.
- Udemy. The best one overall, since you get help along the way and check out the Udemy free course first.
- Instructables Free Online Woodworking. This is your go-to if you’re not looking to invest in education right now. It could teach you important lessons and get you started.
- The Weekend Woodworker. This is for beginners. You get access to numerous videos, plans, and diagrams, as well as guidelines and material lists.
- Taunton Workshops. This course will teach you how to work with furniture, if this is what you’re most attracted to.
- Woodworkers Guild of America. This class offers diverse training in the woodworking industry and once-in-a-lifetime tips.