Business

How to Turn Your Woodworking Hobby into a Profitable Business

3 Mins read
  • The process of starting a woodworking business is pretty straightforward, as long as you know what steps to follow.

Woodworking is one of those hobbies or passions that can be turned into a profitable career. It isn’t hard to make a business from your woodworking endeavors. As you get better at your craft, you can slowly start earning money from it. In fact, you can even start a woodworking business at your own home if you have the right tools. Whether it’s in your garage or a huge basement, you can build that workshop with a little creativity and resourcefulness.

Besides the fact that you get to pursue your passion without breaking the bank, opening an at-home woodworking business has tons of other benefits. Setting up your workshop in your home will give you the flexibility to create your ideal layout and have a secure and comfortable space to get the projects done. Ready to start your own at-home woodworking shop?

Listed below are the steps you should take to start your business.

Choose the right niche

First things first, it’s crucial that you know what type of woodwork to focus on. Woodworking is a vast field made up of different niches and specializations. Examples include wood carving, pyrography, wood mosaics, scroll sawing, and construction-related works such as furniture making or restoration. In deciding what niche to concentrate on, consider your current skills and knowledge, as well as the market demand.

Build your workshop

The next thing you need to do is plan and set up your workshop at home. For this, you need to consider the tools you’ll store in your studio. Some equipment that requires dedicated space in your workshop includes chainsaws, cutting machines, table or track saws, wood engravers, and your sets of wood chisels. Ideally, the space should be totally separated from the rest of the living areas to ensure you can easily maintain a good balance between your personal and work life. You can use your garage or basement to set up your workshop.

Plan for technical and manpower

While the term woodworking often suggests a craftsman, who uses nothing more than hand tools to create a furniture piece, keep in mind that the modern trade now relies on highly skilled operators and advanced equipment. For instance, woodworking businesses nowadays utilize a laser-cutting machine to produce accurate cuts and designs on wood. Even individual artisans use such machines and other power tools to build more customized and well-cut wood products.

If you’re planning to hire a professional woodworker to help you with the business, opt for those with specialized training. They should be detail-oriented, skilled at using machines and power tools, and work with precise cuts using hand tools.

Build relationships with the community

This might seem to be unimportant, but if you’re planning to open your woodworking shop at home, your first loyal clients will be more likely your neighbors. Introduce your business to everyone within your community. This is a simple yet effective way to slowly inject yourself into the local market and let potential clients know you exist. Be sure to let your neighbor friends about your new business so that they can also spread the word. Small talks and interactions can do wonders for your new business.

Get a business license

It’s important to note that even though you’ll set up your woodworking business at home, you still need to get a license to operate. Not doing so will potentially give you much bigger problems such as legal hassles or penalties. This is why getting the appropriate business license is necessary. Check the legal requirements in your state, county, or city to ensure what licenses you need to get and what fees you should pay.

In starting a business at home, you might also need to acquire other permits or registrations to operate smoothly. These include zoning permits, occupational licenses, sales tax permits, VAT for international sales, and Federal Employer Identification Number (EIN).

Master your craft

Regardless of the type of business you’re planning to offer, it’s best to invest more in yourself. Apart from self-learning new wood carvings and techniques, you can also take courses that will give you a professional certification in the industry. This will allow you to broaden your skills and knowledge while earning those certificates that will turn you into a more reputable woodworker. Other learning options include watching YouTube videos or reading books about your craft.

Building a woodworking shop at home can surely allow you to have your own business, even with small startup costs. You won’t have to deal with expensive rental space or budget for transportation costs. By starting in your own space, you can have more time and money saved to grow your woodworking business.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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