If you’re interested in woodworking, starting a woodworking business is an excellent way to turn your hobby into a profitable venture.
Starting a woodworking business will require much lower cost than many other businesses. If you have the basic necessary equipment already then with a small space and a reasonable budget, you can kick off your very own woodworking business straight away.
We use wooden products for everything, such as beds, bookshelves, kitchen cabinets, coffee tables and more. These consumers look for companies that produce wooden products and will be happy to pay more for higher quality furniture.
Therefore, starting a wood manufacturing company is a great business idea for anyone with a talent and an interest in woodworking. However, starting any business is tricky and requires proper research and strategic planning. We’ve created a quick guide here for your benefit your convenience. Read the following steps before starting your new woodworking business to make the best out of your new endeavor.
Create a Business Plan
The business plan is the first step in any start-up. Firstly, you need to know about your wood tools, product preparation time, production costs, etc. Knowing and learning about your target market is another important step. Plan your business model to suit your target market.
Suppose you’re good at making baby cradles, then young parents would be your target market. Now, you have to plan how to reach them. To attract these audiences, you;ll have to advertise your products; you may have to arrange a deliverable process, etc. Thereby after considering the target market, you will have the information to calculate your production costs, and estimate your potential profits. So, plan your business keeping all these in your mind and determine your goal.
Take time to review your business plan. Think about your skills and your shortcomings and set the best accordingly. It won’t hurt to chat to a woodworking expert or woodworking business owner about the rules and formalities concerning taxes and licenses in such business.
List of Wood Tools Required for Start-Up
Woodworking requires many distinct tools that you should be familiar with before starting your wood manufacturing business. For your convenience, we’ve included a list of the generic wooden tools you’ll need, along with their main uses and potential costs. As a beginner, try to purchase the basic tools first.
1. Handsaw – used to cut pieces of wood into various shapes. It will cost you around $3 to $5.
2. Backsaw – is another kind of handsaw that’s used to cut more precisely. It will cost you about $20 to $40.
3. Circular Saw – used in cutting plywood, MDF and stock sheets. It would cost you approximately $100 to $150.
4. Tablesaw – is a wood cutter with several cutting accessories. It’s used for special cuts and will cost you around $300.
5. Hammer – used in chiselling. It won’t cost you more than $40.
6. Hand Drill – used for numerous woodworking tasks. Try to buy a hand drill with additional customisations. It will cost you between $60 and $70.
7. Carpenter’s Framing Square – used in framing to find and mark right angles. It’s a very inexpensive tool and would cost you only $20.
8. Router – used as a multipurpose cutting tool. A 1.5 hp router will cost you between $130 and $180.
9. Tape Measure –used for measurements in woodworking. A good metal tape won’t cost you more than $10.
10. Jigsaw – used to cut curves and shapes with a narrow blade. The blade’s sharpness is measured in teeth per inch. It will cost you about $60 to $100.
11. Workbench – used to hold pieces of wood while you work on them. You can make it yourself or buy one from $150 to $200.
12. Jointer – used in complex projects. It’s another expensive machine that will cost you about $500.
13. Vacuum – used as a dust collector. When doing woodwork, a vacuum is needed because woodwork creates a lot of dust. If you don’t already own one, you can buy one for about $60 or $70.
These are the primary woodworking tools you’ll need for your business. First, buy the most important tools and get the rest as your business grows, you can gradually buy the rest.
Most Profitable Wood Product Ideas
Wooden products are durable and comfortable for regular use. Hence, people have a certain demand for particular a few wooden products. You can start your business as per the public demand. The list below may be a few products that is high on demand.
1. Baby cradles
3. Kitchen cabinets
5. Organising racks
6. Coffee tables
7. Wooden toys
8. Rocking chairs
9. Photo frames
10. Clothing racks
11. Wooden chair
12. Wooden gift boxes
If you can successfully create good quality products, your business can make a good profit. Once you become familiar with your products and service, you can expand your business to include more products.
Set and Promote Your Brand
Determine your specialty regarding your wooden products and build a unique brand around it. Then, start promoting your new brand in every possible way. You can promote your brand both offline and online. Some offline ways to promote your brands are:
1. Selling to Your Family and Friends
A common way to promote your brand is to sell your products to your nearest and dearest. While selling products to family and friends may make you a little less profit, it’ll benefit you in the long run. They can also help you by promoting your brand through word of mouth.
2. Donate Furniture at the Local Meeting Place
If your community has a community hall, consider donating some of your wooden products such as chairs. This way, your brand will get noticed by locals, and you may attract some new consumers.
Some online ways to promote your brands are:
1. Advertising on Social media
Social media has become the easiest and most effective platform for reaching consumers. To promote on social media, you should first choose the right platform for your target market. Create a community or forum and share your tips and specialties with them. Do the right advertisement to get their attention.
2. Promoting through a Website
Before you can promote your brand, you need to create a website for your business. You can do this by following a few simple steps. Once you have your own website, you can start promoting without depending on a third party platform.
3. Promoting Through YouTube Videos
YouTube is another go-to platform for brand promotion. Create a YouTube account and upload quick and interesting videos showcasing the benefits of your products.
Highlight the quality and value of your product with the right video. This way, your brand will be noticed by people on the Internet, and you may gain a few new customers.
To Wrap Up
Turning one’s hobby into a lucrative venture is tricky but worthwhile. Although no hobby can lead you to success on its own, if you follow the right strategy, you can reach your goals. We hope our tips and tricks will help you to progress with your newly started woodworking business. Good luck!