the basics of how to start a woodworking business and make money
Turning Woodworking From Hobby to Business
Woodworking is an art/craft, depending on how you look at it, that can see you earn quite substantial amounts. There are people who love woodworking, but just do it as a hobby. The good news is that if you have interest in the subject than transforming it from a hobby to business is quite easy and this article is just going to show you how.
Have tools that you will use for your woodworking. The kind of tools that you will need for your projects will depend on the vastness of your business. If you want to start small, then having simple hand tools will prove to be adequate.
You need to buy high quality tools like a hand drill, a timber saw, measurement tools and more. On the other hand, if you want to have large scale production then you will need heavy machinery like a power saw and more. Make sure that the space that you plan to use is adequate.
You need to have clearly marked out your niche. Woodworking is a broad subject that can see you produce anything from a simple birdhouse all the way to production of office and home furniture. You need to copyright your products to avoid cases where people can steal your ideas for their own benefit.
Make sure you advertise. Know that you are no longer doing your woodworking for the fun of it. There are many ways that you can advertise your products. You can use the internet. Using the internet will need you to put up a website. You can have a variety of sample pictures on the website.
It is also need to know all the ways of putting up a good website if you want to get enough traffic. You need to use the internet to not only advertise, but also to sell. With the website you will be able to tap into potential market that cuts across country boundaries.
Still on the above, you can also make use of word of mouth. Inform your friends and neighbors of your business this is a very inexpensive way of getting your word out there.
Use the internet to get new ideas for your woodworking. There are many plans that are available on the internet of which some are free. You need to use the plans that are available here to improve on your skills. You can always get to learn new ideas using the available plans.
Woodworking Business – Wood Profits
Woodworking Business – What To Build To Make Profits
Woodworking is a great art and hobby that you can quickly turn into business. You need to know that different woodwork projects will have different markets. For instance, if you are making toys, then your target market should be the parents who have young children. You would be greatly misplaced if you make the toys in an area where the larger population that exists is the middle aged and the old aged people.
You would also not make much money by making garden benches in an area where people hardly have gardens in their compound. With this in mind, it is very important that you find the right projects to build that will see you make good money. Here are some of the great projects that you can get to do so as to earn a good amount of profit.
1. Toys
Toys are simple projects that will not demand that you have a lot of resources. With the simple hand tools you will comfortably be able to make good toys. The other good news is that you can begin the project right from your garage to save on the cost that you would incur on rent.
Know that the toy projects would not take much of your space and thus you will be able to comfortably work from a small area. You can never go wrong with the toy projects especially if you are in the urban area or when your target population is in the urban area for you will always find young families and children.
2. Furniture
Just take a brief survey of most homes that you get to. Did you notice that they have most of their furniture made of wood? Right from the coffee table all the way to the seats, you will realize that many people love wood to be used on their furniture.
The reasons for the wide preference for wood are many, but one that stands out is that it is an inexpensive doing. With this in mind, as a woodworker, you need to research and find the particular furniture projects that people would not do without and engage in the building of the same.
3. Fence
Many people have their fences in wood. It makes the home get the more natural look and it is easy to set up. You will always find people who want their fence to be repaired while others will need new fence. Because the fence acts as a form of security, you will obviously get order to put up the same.
Woodworking Business – Wood Profits
Woodworking Business – Learn To Control Your Costs
Any form of business needs one to know how to calculate the costs if you want to get the profits. You need to have a proper way of calculating the costs. At times, one may put a final price on the product with the mind that they are making money only to find out that they are making losses.
You have to have a defined way of calculating the costs so as to get the best out of the business. Here are some of the things that you should put into consideration if you want to earn good income.
1. Cost of materials
The cost of material will be inclusive of all the materials that you use on the project. You need to always jot down all cost incurred when you purchase material. Start with the obvious costs like cost of lumber, hardware and plywood among others.
Please take your time and include the costs of the materials that you may otherwise consider as miscellaneous. Such costs can be the cost of varnish, sandpaper and more.
2. Labor Costs
Are you supposed to include the cost of your own personal labor? Yes, you should include it. To get a good cost of your labor, you need to put into focus the amount that you would pay an employee to do the work and put that onto your labor.
Make sure that the quality of work done reflects on the labor costs. The easiest way of getting the labor costs is to calculate it as a percentage of the material costs.
3. Overhead Costs
The overhead costs include all the other costs that you incur even when you do not work. Such costs are things like rent, office expenses, advertising, insurance, among other things. Make sure you also include the costs of shop supplies that are too minor to track separately.
4. Profit Margin
You need to make sure that you make a profit. It is important to make sure that the profit margin is different from other costs. In fact, your profit is quite different from the labor costs. Your profit margin ought to be the amount that you deserve for taking the entrepreneurial risk.
Finally, if you are going to cater for shipping costs, make sure that you include the costs for the same on the product. If your products are of high quality then you will get good customers that will not complain of the price of the product.
Woodworking Business – Wood Profits
Woodworking Business – How to Identify Your Target Market
If you want your woodworking business to succeed, you need to identify your target market. Your target market will be the ideal people that will buy your products without much trouble. Here are some tips to help you get the right target market.
1. Talk to people
You need to talk to your friends and colleagues and make sure you get a review from them. Let them freely tell you what they think of the project and if possible let them give you other suggestions that may work. This is one of the best ways of getting free reviews on the products.
2. Know your competitors
You need to know that the particular field that you want to engage in will have the probability of other businesses that exist on the same. You need to make sure you study what your competitor has to offer.
With this in mind, you need to make sure that you make your woodwork to be much better than that of your competitors.
3. Use the internet
The internet is home to many things and among them is the social networks. You need to make sure that you join the social networking sites that give you the opportunity to get the reviews.
To make sure you get the attention of the right audience, you need to set up a page on the networks. Allow people to post suggestions and even questions on it. With this in mind, you will be in a good position to tell what will work and what will not.
4. Use the focus groups
You need to carry out face to face research. Get a group of people together and with a set of pre-planned questions you need to ask them if they like your product or what they would want you to produce that you are not already producing.
Knowing your target market will definitely help you get the right audience for your products. It is also the main thing that will determine if your business will be successful or not. Please do your research beforehand.
Knowing what you are going to produce will determine the kind of tools that you will need. It will also determine if you will need to rent a bigger working space or if using your garage will be adequate. Getting the right target market is not all; you need to thoroughly market your products.
