8 Steps to help you Succeed with a Woodworking Side Business
8 Easy Steps to help you Succeed with a Woodworking Side Business
Searching for a side business that'll gift you more financial prowess? your search ends here! In this article, I'll give you a step-by-step algorithm to guide and help you succeed with a woodworking side business.
Are you a woodworking hobbyist looking to extend the tentacles of your passion? If yes, you really need to read this article.
Millions of eco-conscious individuals across the world would rather make their furnitures via a woodworking firm rather than make it with plastics that would biodegrade in 300 years. ( Standard Furnitures in landfills only take about 13 years to biodegrade)
Metamorphosing a piece of lumber into a beautiful furniture is indeed a marvel to watch. little wonder, millions of craftsmen across the world are passionately in love with woodworking, not only because it saves our world, but also because of its natural aesthetic value. You and I seem to love it and so do many. If you have a measure of passion for woodworking, why not transform your passion to income?
I'm glad to tell you that the woodworking business is not only financially appealing but also mentally satisfying.
Do you know that the woodworking industry makes an annual sum of over 6 billion dollars worldwide?
You need to understand that this is not a free gold mine waiting to be looted by just anyone. A substantial measure of commitment and expertise is required to start up and manage a woodworking side business. There are things you need to know about starting a Woodworking side business even when keeping your full-time job. There definitely will be challenges, but you need to rise above these challenges and stay motivated and committed. Once you start, face it! Giving up is the only option you don't have.
Join me as I explore 8 important steps that will help you start and maintain a woodworking side business.
Create a Plan
To succeed in any form of business, you need a clear plan. You need to strategize and map out a workable plan. This same principle applies to the woodworking business. It is not appropriate for you to leave anything to chance. Basically, your plan should involve a budget for your startup (it's often a nice idea to create a confidence interval for this). Also, you need to try all that is within your power to identify your target audience and envisage how to reach them. These are your prospective buyers. Remember, a woodworking business makes money by crafting products and selling them. Definitely, you need buyers, and that is why getting a target audience is not optional.
Make a legal Entity
Placing yourself in a position that will make you personally liable to your woodworking business when sued is never a good idea. It's obviously much better to create a legal entity as this will act as a protective shield incase your business ever get sued. It will be wise to consider selecting from the following business structures
Register for Federal and State Taxes
Before you can register for taxes, note that you need to submit an application for an EIN. I'm pleased to inform you that this application is free and easy. This is a basic requirement for every business.
Get your business a credit card and a bank account
To reduce the stress involved in tax filling and at the same time facilitate personal asset protection, you need to take this step.
Meticulous Business Accounting
You need to put a plan in place to help you document every cent you spend on this business. This type of meticulous documentation of financial activities is very important because it will definitely help you track the financial performance of the business over time.
Apply and obtain all necessary permits and licences.
Will you want your business fined when you can prevent it? In order to prevent fines and in some cases, a total shutdown of your business, you need to obtain the required licences and permits.
To spice up your business with an appropriate level of credibility, you may consider getting certified. This is definitely not compulsory, but it will go a long way to give your business the respect and patronage you deserve. You can easily get certified by enrolling for a program with the Architectural Woodwork Institute (AWI).
It is also important for you to plan for potential hazard and loss by getting your business insured. You can choose a plan that best suits you.
You also need to keep in mind that safety precautions need to be adhered to while running your wood business. Therefore, it will be appropriate to follow the requirements outlined by the Occupational Safety and Health Administration Requirements.
Clearly Define Your Brand
If your business were to be a human body, your branding ingenuity will be the face. The way you brand your business will obviously reflect on the way your business is perceived. When your business is well branded, it will give prospective buyers the opinion that you are competent enough to make well crafted and refined products. It will help you attain a vantage position where your business stays well ahead of your competitors' businesses. This will also give your business a clear identity.
Now I can confidently say that if you adhere strictly to the steps outlined you'll achieve a lot from your new woodworking side business. However, it will be very difficult for you to reach the desired target audience if you fail to promote this business. "Preach the word" and gain the required degree of publicity. Remember that you need to make plans on how to reach your audience through social media platforms. You may consider creating a well built instagram page, snap beautiful pictures of the products you already made and upload these pictures on instagram. Don't just limit yourself to instagram, you can also utilize the dozens of traffic that facebook receives everyday to pinpoint your clients and get your products across to them.
Remember, you need to continue to push yourself to improve on your skills, learn new designs and craft procedures to keep yourself ahead of your competitors. Build your portfolio with a pleasant mix of awesome products (furniture) and beautiful photography.
By implementing the strategy outlined in this article, you may end up turning your woodworking side hustle to an ultimate blockbuster business. Eventually, this business might turn out to be your main source of income. Never forget to couple the strategies outlined with a high degree of tenacity and determination. Now go out and make it happen!