WoodProfits.com: A Complete Guide to Establishing a Successful Woodworking Business
Woodworking has been around for centuries – its earliest references can be traced back to 400 A.D. Back in the day, wood was one of the primary materials used to make tools, accessories, décor, and other items. The domains of woodworking have come a long way ever since, and today, it is one of the most profitable industries to work in. So, if you have a passion for woodworking and want to start a profitable business from home, you can step into the woodworking industry. The great thing about this business is that you need only a small investment – under $1000 – and can end up making up to $150.000 per year with the right strategy.
Today, we will discover how WoodProfits can help you in establishing a woodworking business from your home. If you’ve wanted to set up a business that can be run from your home, requires a small investment and guarantees high profits, keep on reading, and you’ll get the answer to all your questions.
What is WoodProfits?
A lot of people want to get into the woodworking business but don’t have the right guidance on how to get started and take their business forward to make high profits. WoodProfits.com is the answer to all these queries. It is a comprehensive guide by Jim Morgan, an expert woodworking business owner with an experience of over 25 years in this field. Through WoodProfits, Jim gives a detailed insight about how to start and run a profitable, home-based woodworking business.
Jim started his woodworking business from a 10×20 feet workshop in his garage when he got unemployed back in 1994 and has to feed his family. Over the past 25 years, he has made many mistakes and learned through them to establish a woodworking empire for himself. Jim doesn’t want all of you to make the same mistakes as he did, so he has made this valuable guide for this purpose. According to Jim, you don’t need to be an expert woodworker or own a big workshop and high-end machinery and tools to run a successful woodworking business. The key to a highly profitable woodworking business is to know what items to make, and where, how, and who to sell them to.
This amazing guide by Jim also has an audio version so that you can get some valuable insight without spending a lot of time. The guide is easily downloadable and comes with easy to follow instructions. Also, you can listen to this audio version even while driving to make use of your time productively.
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Is WoodProfits For You?
As a comprehensive guide, WoodProfits is meant for you if you want:
- A business that can be started easily and does not require a large area or expensive machines
- A business that can be run from home
- A business that you can look after in your spare time
- A business that can be easily expanded to a larger scale
The truth is, you don’t have to be an experienced woodworker to step into the woodworking industry, and this is precisely what Jim wants you all to know. Through his guide, WoodProfits, he has revealed the secret recipe for owning and running a high-profit woodworking business without any prior experience. After reading this guide, you will know that starting a home-based woodworking business is not as hard, risky, or expensive as you think it might be.
Starting a new woodworking business from home requires you to learn an array of different things – for example, how to start the business, how and where to sell your products for high profits, and who to sell your items to. This allows you to elude all the risks associated with new businesses and make profits from the start.
WoodProfits.com allows you to get a more in-depth insight into these crucial factors, along with helpful marketing techniques and useful strategies about how to make the most out of profitable niches in the market. You will also learn about the keywords that you should use to market your products and generate higher profits. Here are some of the other amazing things you will learn through WoodProfits:
- The most profitable products that you can sell
- 12 magic words to use to secure permanent customers
- The art of getting great testimonials from customers
- Where to buy your tools and materials from at discounted prices
- Helpful tips on honing your woodworking and marketing skills
That’s not all; the guide will also allow you to learn some fantastic online strategies and resources to make higher profits instantly. You will get an idea of how to improve your online presence and tap into some top-selling projects in the market. Moreover, you will come across some amazing, real-life success stories of top woodworking business owners who started on a small-scale but are now making at least 4 to 5 figures every month.
So, if you want to start a home-based, profitable woodworking business, you should visit WoodProfits.com and get started today.
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Starting a small business can be a great way to earn income. It can allow you to be your own boss as well as to be in charge of all of the money that comes in. Not only would you earn more money but you would likely have a much better work/life balance as well which is another thing that matters quite a bit.
Choosing the right kind of business is key though. It is a decision that will weigh heavily on you if you don’t take it seriously. After all, a business requires an investment, and making a poor investment would mean that you won’t really be able to get that investment back.
However, before you start learning about how you can optimize this business, you might want to learn a thing or two about the benefits of woodworking. Making an investment is smart only if you do it with your eyes open, so here is a list of benefits associated with a woodworking business to start off.
The Benefits of a Woodworking Business
Low Initial Investment
One major obstacle that you would face when starting a small business is money. Any business would require a sizeable initial investment. If you don’t have a lot of money then your options are undoubtedly going to be limited. However, the main benefit of a woodworking business is that it requires a low initial investment.
Really the only things you need are some tools, a workbench and wood that you can start working with. None of these things cost an inordinate amount of money. What’s more is that they are all easily accessible. You can get them from any hardware store in your vicinity.
The combination of low investment costs as well as the general ease with which you can embark on this journey will come together to make a small woodworking business a worthwhile investment. The low initial investment will also make it more likely that you would turn a profit, and would reduce the amount of time required before a profit can be made.
Low investment costs mean higher chances of expansion later on as well. You could very well hire a new woodworker for your woodworking business not long after starting operations and that too at a rather minimal cost.
Work From Home
A common complaint people have with day jobs is that they require them to go to an office. This adds a lot of time that would be required for a commute. The first major problem with this is that it would make you wake up even earlier in the morning. You would also have to contend with office politics. Some people work better on their own, and offices are redundant for a lot of workers. Hence, working from home is your best bet.
Not a lot of jobs would let you work from home though. This is why a new business that can make money whilst allowing you to work from home is your best bet. Not having to go to work will reduce your day to day fuel expenses. You would also be able to wear whatever it is that you want. This would save you from the frustration of putting on a tie every morning.
Starting a small business also means that you might have more time on your hands. You would be able to spend this time with your family or enjoying the various things life has to offer. Since you would be working from home and wouldn’t have to commute anywhere, the extra time would add up and this would lead to a much improved work life balance. This can lead to improved mental health as well as a sense of satisfaction with regards to the career that you have chosen.
Be Your Own Boss
Let’s face it, nobody likes having a boss. Most of the time your boss is going to be middle management. This means that they are not making any important decisions, they are just part of the bureaucracy. They can also get in the way of you doing a good job. After all, they have to justify their well paid positions at the office. Hence, they often create problems that they can then swoop in and solve. The whole office dynamic with a boss or manager can be quite toxic and we don’t blame you for wanting to get away from it.
Now, if you were to start a woodworking business you would be your own boss. You see, a home business is usually small enough that you can handle it on your own. Hence, hiring a manager would be redundant. Since you are the boss, you would be able to set your own hours as well.
Some people like working in the morning while others prefer working at night. You can adjust your work routine according to your preferences in this regard. You could start working at six in the morning or midnight, whatever you prefer! However, you might want to look into soundproofing if you plan to work in the middle of the night since woodworking tends to be quite noisy.
Being your own boss also means that you would be able to decide how much work you are going to do. If you feel like you have done enough to earn a decent living, you can stop and relax. There will be no lofty overlord to tell you that you aren’t working enough to make their business grow, something that you aren’t going to get all that much out of. Being your own boss is the best, and starting a small business makes it possible.
Develop a Useful Skill
Running a wood shop is not easy. It requires a fair amount of skill. This is understandable since most if not all jobs would require you to have at least some kind of skill that you can utilize. However, the vast majority of jobs on the market will force you to learn skills that really don’t have any bearing on the rest of your life.
With a woodworking business you would be able to learn a skill that can come in useful everywhere. You would learn to work better with your hands. You might also acquire the skills necessary to be more useful around the house. Learning how to do things yourself is a very important skill, and woodworking makes it possible for you to acquire this skill.
Another major benefit of this kind of business is that it can make you work with your hands. This can help build dexterity. It can also improve muscle strength. Business owners that start a wood shop also notice that their powers of concentration are increasing. This is because when you are working on a piece you generally have to work for several hours. This will slowly but surely make your powers of concentration far greater, something that can benefit you in a lot of other aspects of your life. Essentially, woodworking is a holistic profession, not one that is separate from real world skills such as so many other professions.
Create Something Beautiful
How many jobs are out there that would actually allow you to create something that is truly beautiful? You probably can’t think of many. This is because most companies are geared towards making a profit. You might be encouraged to work fast but it is unlikely that you would be encouraged to work well.
Woodworking is one of the few fields out there where you would be able to create art and actually earn money from that art. You would be able to feel some genuine pride in the work that you are doing and this will help you feel better about life in general.
Tips to Help You Succeed
Start Practicing
If you want to start a woodworking business then you are definitely going to want to try developing your woodworking skills. There are a number of different avenues that you can take this forward in. We are going to start with what is arguably the single most important aspect of woodworking: how skillful you are with your hands.
There is a common misconception out there that woodworking requires a lot of physical strength. While physical strength is generally something that you would require in this field, it is not the only thing that will impact your success. Hence, you should develop strong hands but also try to improve your dexterity.
A woodworking business requires a deft touch. You would need to carve intricate and fine details into the item that you are working on. Hence, practicing your dexterity skills is a good place to start from, but that’s not all that you should be doing either.
Try your hand at making a number of different items. Practice makes perfect after all. Just remember that you will have a tough time of it initially but eventually you would get better. Before you know it you would be making all kinds of amazing items in your woodshop.
Create a Separate Work Shop
All business owners need a separate workspace. It helps create a divide between work and home. This helps facilitate a much better work/life balance. However, when it comes to a woodworking business the importance of a separate workspace becomes even more important.
One thing you should realize is that woodworking can be very noisy. Hence, if you are working on a project then the people that you live with are probably going to get disturbed. Everyone has their own thing that they need to get done with over the course of the day, so you might want to try and give them a chance to do so in some peace and quiet.
Even if you live alone, having a separate work shop has numerous benefits. A woodworking business can often be quite messy. Sawdust is just one of the many things that would cause a huge mess. Business owners need to deal with the messiness of their enterprise, but having a separate workshop means that the mess from your business would remain contained. You can clean up your workshop but your home would be clean and would require the usual cleaning that homes get occasionally.
There is a more specific benefit that can be obtained as well, and this has more to do with the practical side of the business. If you have a high paying client, this client might want to see how far along the work has come. If you invite this client over you would want to bring them to a well set up work shop, not some random room that you work in. This would make you seem a lot more professional and would make your clients feel confident that working with you is definitely a good idea.
If you are thinking of setting up a separate workshop then you might want to try getting all of the right tools. Hammers, wood sealers and nails are all things that you would need on a day to day basis. You might also need heavy duty equipment like a chainsaw. These types of things come in handy every so often, so having them on hand is important in case you need them.
Come Up With a Business Plan
All business owners, whether they are operating a woodworking business or any other kind of home business, would know the important of coming up with a business plan. This involves setting up the logistics of your new business. If you want to make money you need to have regular resupplies set up, ready to go at a moment’s notice.
It can be easy to get lax if you are working at a home business but business plans are mandatory. You would need to list down all of the costs that are being incurred over the course of your woodworking. The plan should also factor in additional overhead costs such as electricity that is being used as well as all kinds of other things.
Your own labor should be factored into your business plan as well. When you are calculating costs, you are doing this so that you can figure out how much to charge for your items. Factoring in your labor would help you develop a cost that is reasonable for the customer as well as fair to you considering all of the hard work you have been doing.
One really important aspect of your business plan would involve trying mitigate future losses. Any woodworking business would suffer a loss sooner or later. Planning for it in advance can be useful and can prevent it from causing any long term harm.
Focus on Marketing
A woodworking business can be a great hobby, but your goal here is to try and earn a living. Hence, you would need to focus on marketing your products to a wider audience. All business owners know that marketing is important, but these days the concept has changed a bit. Traditional marketing is no longer as important as it used to be. Instead, alternative forms of marketing are being developed, all of which are quite useful in their own way.
If you want your woodworking business to succeed then you should try marketing digitally. You can start off by creating social media handles. This will give potential customers an avenue in which they can contact you. It will also allow customers to place orders as well as file complaints, both of which are important for any major business.
Marketing will also become easier. You can pay for very cheap and effective marketing on social media which is a big part of what makes it such a lucrative opportunity for business owners. If you manage to establish a unique identity for yourself then utilizing the right kinds of marketing techniques could help you earn a lot more money and broaden your customer base.
Organize Your Business
Once you have all of the basic day to day functions sorted out, the next thing that you need to do is to set your business up properly. The first order of business would be to try and get the right kind of legal representation. You might think that this is not all that important but the truth is that sooner or later you’re going to have to get a lawyer to sort things out for you. Getting one sooner means that you would be able to establish some kind of reputation with them and get them familiarized with the kind of business that you are trying to run.
Setting up your business legally can be quite profitable for you. For one thing, it would allow you to get a lot of tax exemptions that business owners get. If you develop a nice workspace for example or if you were to buy equipment that you need for work, you can deduct these as business expenses and this would lower your overall rate of taxes.
If you want to organize the business with the help of a lawyer then you might also want to try getting licensed. Getting the proper documentation is required otherwise you won’t be allowed to operate in any large capacity. Getting a license can be very frustrating but if you get it out of the way right at the very start then it would pay off for you in the near future.
Get The Right Insurance
While you are probably going to take all of the right kinds of safety precautions, getting the right insurance is something that you should still try to do. Business insurance for a home business is essential in any case. Accidents happen after all, so even if you happened to be the most careful woodworker in history there is still a chance that an injury could occur and having insurance can help prevent the injury from becoming too difficult to handle.
The business insurance isn’t just for you anyway. If you have kids and they wander into your workshop and hurt themselves, the insurance can cover it. A client that comes in unaware of the safety precautions that need to be taken and gets injured might want to sue you but if your insurance covers it then you really don’t have to worry about this all that much. Generally speaking, getting business insurance is a great idea.
Narrow Down Lucrative Project
The key to a successful home business involves being able to ascertain which products are the most profitable. Wooden toys sell very well and for a good markup, so focusing on them might be a good idea. Tables and the like are also good sellers but they take a lot of time to make. Try to factor in time as well as cost since both of these things matter equally. Create a list of products that you are good at and focus on them to maximize financial growth.
Conclusion
This article should give you all you need to know before you go about starting a woodworking business. You are now equipped with the knowledge necessary to succeed in your home business, a reasonable estimation of how much you stand to gain as well as a list of big money earners that you can start working on. All you need now is that low initial investment, after which you would be good to go! So what are you waiting for? There’s wood that need’s working and crafts that need building, and the market is so vast that it desperately needs as many people as possible to start investing time and money into this field.