Owning your own woodworking business takes more than talent and skill. You also need to become familiar with the basics of owning a business. For instance, accounting, time management and advertising are all part of owning your own business. Decide beforehand whether you are going to manage all aspects of your business yourself, or if some tasks can be handled by a third party. Hiring an accountant to manage receipts and taxes can be a good choice if you want to focus more time and energy on your work.
Building a Customer Base
You also need to build your customer base to ensure your business provides you with a reliable income. Local marketing, like running an ad in the newspaper, is an easy way to spread the word about your new business.
If you don't have space to showcase your work, try displaying some of your best work in locally owned shops. Many small business owners are willing to allow give local artisans space in their shop in exchange for a commission on each product sold, or in exchange for your handmade goods.
Honing Your Art
Woodworking, like other types of handmade art, is a craft that requires skill. Spend time becoming a true expert in woodworking before you begin selling your products to reap the benefits of word-of-mouth advertising. A customer who is pleased with your work is someone who is willing to refer friends and family to your business.
If you are currently a hobby woodworker, consider taking woodworking classes to determine whether you need more practice before selling your creations. While art is in the eye of the beholder, comparing your work, and getting graded on your skill, can be an eye-opening experience that gives you real insight into your career choice.
Where to Sell
Many woodworkers begin selling their products at craft fairs, out of their garage workshop or online. Online sales are particularly efficient if you don't have the capital to open your own shop, or if you have another full-time job you want to keep until your woodworking business is established.
Before selling your first piece, take the time to determine the cost of each product based on the cost of materials and how much time you spend making each piece.
Setting Your Prices
Setting a dollar value on your time is a little intimidating, especially for new business owners. Consider the average pay for woodworkers in your region to set an hourly pay amount for yourself, or consider how much you need to earn to make creating each piece profitable. Don't be afraid to set a price on your products, but if you are open to haggling make sure to set the price higher than the lowest amount you are willing to accept.
With some preparation and planning, becoming a woodworker with your own small business is as simple as creating products that reflect your creativity.
Paul is an avid woodworker and the editor in chief of a website Woodworkboss.com. Through his site, Paul aspires to help fellow woodworking enthusiasts to pursue this hobby or even turn it into a successful career, all of that by sharing informative tips and guides about woodworking.