Woodworking is an old profession that involves a minimum of skill in converting wood as carvings, joinery, carpentry, and cabinet making. Historical records reveal that woodworking has been the means of trade and business since the time of the Egyptians and Romans. The craft is so common in olden times that even the Bible presented Saint Joseph and Jesus Christ as skilled men whose means of living depended on working with wood.
Woodworking as a Business
Expectations
On June 2018 research company IBISWorld has reported that the woodworking industry is a growing $6 billion industry with the top 50 companies dominating only 30% of the U.S. market.
The report presents a big opportunity for new and small wood shops to grow and prosper in the industry.
Skills
The woodworking business is perfect for a person who works on wood as a hobby or for an experienced craftsman who wants to grow his part- or full-time business.
Activities Involved
A starting wood making business must consider the cost to start traditional woodworking project and business.
Making wood products as a source of income involves designing, cutting and sanding of wood, putting wooden pieces together, and painting the finished product.
During breaks in work, a woodworking business owner needs to provide time interacting with customers, gathering raw materials, and market the business.
Customers
The potential customer is someone who has extra income and appreciates the skills involved in converting wood as art or practical form. He or she has a more than average interest in woodworking products and has the money to buy them.
Earnings
To earn money, a woodworking business makes and sells wood products. The products include small items like toys, jewelry boxes, home decorations, or cutting boards which is commonly sold by small and start-up businesses. For medium wood shops to big factories, products may include furniture such as dining tables, benches, cabinets or dressers.
Cost to Start Traditional Woodworking Project and Business
A new entrepreneur not only has to be skilled in woodworking but also has to consider the amount of money to spend when upgrading his or her hobby into a real business. It is estimated that to start a small woodworking business, you may need to invest an average of $6,500. The expense would include:
– $1,500 for tools and equipment
– $2,000 for wood and other materials such as paint, nails, hinges, and screws
– $1,000 for extra or unexpected expenses
– $1,000 for a computer for transactions and record-keeping purposes
The list does not include additional costs like rentals, electricity, and water, licenses and employee salaries.
Hobbyists or small business owners who already have the tools and the working place in doing their craft have the benefit of saving on cost to start traditional woodworking project and business.
Tips For New Woodworking entrepreneurs
Experienced business owners recommend that a starting woodworking businessperson should:
- Concentrate on and use the skill that the woodworking business owner has already mastered to produce quality wood products
- Start a small operation that would be suitable for the business owner’s workshop and vehicle to avoid additional costs on rentals and deliveries.
- Must keep a minimum stock of affordable materials to prevent non-moving capital
Like any other business, the potential to earn depends on the kind of product sold, and where, and how a product it is sold. A business earns and survives not just on workmanship but also on marketing, and a woodworking business is no exception.
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