7 Tips to Get Your Woodworking Business Started on a Budget

Woodworking business is constantly flourishing and will remain so for a long time, as wood is still the most popular raw materials available.

If you’ve got the right woodworking skills and a budget, then follow this simple 7 step guide to get started on your woodworking business and slowly establish your place in this industry.

1. Plan Your Business

The first step for a successful business execution is having a clear and thorough plan. Having a planned-out business idea will help you identify the specific goals and requirements of your business with the resources available to you. The basic factors of your woodworking business plans must include:

• The total costs involved in a woodworking business.
• The budget available to you and the extra expenses needed, if any.
• Your business scale.
• The price of your services for clients.
• Various strategies to scale the business up once you reach a profitable stage.
• The label or name for your business.

These are only a few elements of a woodworking business plan, but once you begin planning you will discover many important things to consider.

2. Purchase the Required Tools

Tools are the essence of woodworking and no woodworking task is possible without them. But, since you are just starting out in the business, you won’t be taking on large-scale projects, which means you won’t need the big fancy tools and machines. Just a few essential handy tools will get you started on your business.

3. Invest in Safety Equipment

If you’ve ever been to a woodworker’s shop or workspace, you know that they’re always surrounded by blades, saws, drilling tools and many other sharp objects and machines which can be hazardous and sometimes leads to the death of a woodworker. This is why you have to be careful and invest in safety tools specifically designed for woodworkers such as push sticks, blade guards, face shields and many more.

Getting protective equipment will ensure your safety and saves you from extra expenses caused by potential injuries due to lack of safety tools.

4. Save On Every Purchase

This is a great method to save money when starting a business on a budget. The few ways to accomplish this would be.

• Purchase second hand or older tools and machines if they’re reliable.
• Shop online so you can use discount coupons and compare a variety of models and their prices.
• Know about promotions and sales. Even outdoor gaming enthusiasts who like playing with laser tag guns buy it when there is a sale going on.
• Purchase wood from a lumber yard instead of large and expensive corporate stores.

You need to make smart purchases to maximize efficiency and reduce wastage.

5. Market Your Business Efficiently

The next step after establishing your business is to sell your services and make it profitable. It’s necessary to market your woodworking business even if you’re on a budget.

There are many effective marketing methods that will do the job without costing a fortune such as social media marketing, distributing brochures and pamphlets, advertising in local newspapers and many more. Do your research and choose a practical and efficient marketing strategy.

6. Target Your Market

It’s important to know where your wood crafting is needed to target that market. Woodworking industries can be residential, building and construction, industrial and corporate. Choose a market for which you are capable enough to serve.

After narrowing down your target market, find out the products demanded by your targeted customers so you can provide your services as per their needs.

7. Purchase an Insurance Policy

It’s highly recommended to get an insurance policy even if you have a small woodworking business. Having insurance covers your costs for potential hazards and situations. If you hire employees, then you must get a worker’s compensation insurance to ensure their safety as well.

You don’t need a huge capital to start your woodworking business, you just need sufficient knowledge on how to carefully and successfully construct your way into a large profitable business with a comparatively smaller budget.