If you want information on how to start you own woodworking business and choose the right name, you’ve come to the right place. Maybe you’ve always dreamed of taking your craft to the next level by turning your hobby into a full-fledged business. Or perhaps the idea of people buying the pieces you create fills you with joy. This handy guide breaks down the task into smaller pieces so you don’t feel overwhelmed.
What’s your Specialty?
Artists, writers, and other creative people have a specific niche. The more specific your niche is, the more your chances of success. In woodwork, you can start by advertising the products you’re best at. You may be good at crafting prayer beads, or maybe you feel most comfortable creating religious objects. As time goes on, you can add more products to your shop but when you’re starting out, it can help immensely if you become a known creator of a certain thing.
Look for a Supplier
Setting up a business requires research for a supplier. Look for a company that gives you a discount for buying materials and tools in bulk. Make sure to ask about terms of payment and the smallest number of materials you should buy.
Have a Business Plan
When you what you’ll be selling and the materials you need to make it, it’s time to create a business plan. If you’re looking for investors to raise capital, it’s essential to develop a plan so you can tell them what you intend to do with their money.
It’s also a good idea to include the target market for the products you want to sell, and how profitable this business venture will be. You can also include the description of your business, your goals, and your vision in the business plan. Another thing you can include is cost: how much will it cost to start your business and the number you need to hit to profit or break even.
Choose a Name
Naming a business could make a difference in popularity. But how do you choose the right name? Make sure that your business or brand name is simple and easy to spell. The goal is for interested customers to search for your business’s name online. If it’s too difficult to spell, they may lose interest entirely.
Be sure to pick a name that allows room for growth. Say you named your business Awesome Prayer Beads. What happens if you decide to stop selling prayer beads in the future? Or maybe you named your business “Best Woodwork in Chicago.” It may be difficult to relocate to another city or country.
Get your Name Out There
After setting up your business, it’s time to attract customers. A simple way to do this is by having a searchable high-quality website with photos and positive feedback about your work.
If you sell your products in bazaars or shows before setting up a physical store, be sure to enclose business cards with links to your social media or email. That way, you have a way to inform people about the next bazaar you’ll be attending. This strategy takes some time, but building relationships with your customers can reward you with new business.
Starting a business can be difficult, but working for yourself and being able to share products you made with others is well worth the effort.
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