Woodwork as a Business

Getting Started
Money Matters
Welcome to Passion for Woodwork
Written by Web Master   
Saturday, 17 February 2007

If you have every thought about making money from your woodwork craft hobby, This is the place to be.  Here at Passion for Woodwork  we provide quality business advice, hints and tips to help turn your passion to profit. There is money to be made from your hobby and with the right advice and a little effort you can live the life of your dreams. Working at what you love and making money from it.

 

For a while now we have been selling a book called "Woodworking as a Business : Turning Your Passion to Profit" Image

The book has been a staple for many people building a woodworking craft  business. Take a look at it here .

 

So why start the Passion for Woodwork site ?


 

 



People reading this page, are also interested in :

Little Kid Crafts For All Seasons.
Discover How To Quickly And Easily Get Simple High Quality Little Kid Crafts Guaranteed To Ignite A Child's Imagination!

technorati tags:
woodcraft business craft hobby

Be first to comment this article | Quote this article on your site

Last Updated ( Saturday, 21 April 2007 )
Read more...
 
Supplies for office/workshop /booth
Written by derryck   
Thursday, 17 January 2008

You may have three primary areas that you do business: your workshop, where you create the furniture and the wood decorative items; your office, where you handle daily business functions, such as computer work; and you may consider a third option, selling through craft fairs and utilizing a booth. When considering a budget for these areas, you’ll find most of your furnishing and materials through office supply stores, wholesale suppliers, and craft support catalogs. Finding the best pricing is usually just a matter of being vigilant and informed, checking around for the best pricing, and not being an impulse shopper.


A lot of businesses have super-deals, buying volume at what seems like an incredibly low price. Be aware of these deals, while you might be able to get 10,000 business cards at a great price, chances are you’ll make some change to your cards long before you’ve even used a fraction of the cards. As you through out the rest you’ll have that sickening feel in your stomach of throwing away money – what started as a great bargain was in reality a waste.


Here are some items you need to include in your planning:


Capital Equipment – this equipment is a one time purchase and will depreciate over time. For instance, if you buy a Table Saw you will probably put out a lot of money initially, or perhaps finance it, but this is not a consumable item – you won’t buy another for some years to come. We’ll talk more about taxes and depreciating equipment in later chapters. For now, think about capital equipment in terms of:


  • Table Saw

  • Office Equipment (desks, bookshelves, chairs, cash register, credit card processing equipment)

  • Art Booth (the booth or canopy, tables, counters, display equipment, props, shelves, storage containers, etc.)


Office Supplies -- Once you’ve decided what equipment will be needed, you need to plan for your office supplies. Office supplies will include:


  • Stationary

  • Business Cards

  • Brochures

  • Paper, Pens, Folders

  • Portfolio


Taxes, Insurance, Specialty Services and Fees – What’s the old saying – No one can escape death or taxes? Well, it’s still true even if you are starting your own business. This is kind of an umbrella category for many different things. Let’s take a look:


Taxes – Generally, you will have to get a business license for both your state and city. You may also need to budget to pay income taxes (Federal Income tax often is required to be paid forward based on your projected sales for the future quarter.)


Insurance – You need to consider several different insurance policies. If you are operating a home business, you’ll need to make sure your home owner’s or renter’s policy will cover any damages that might occur to your business in your home. If you plan to display your furniture at a craft fair, you’ll need to consider craft festival insurance (many festival promoters will not let you display without it). This covers any potential loss or injury that would occur in your booth.


It’s often difficult to plan your business insurance needs. Contact an agent or broker who has experience with working clients with similar businesses or similar sized business. Work with other vendors or small business owners to get recommendations for agents and brokers.


If you are operating a business out of your home, you may need a different policy from your average homeowner’s insurance policy. In fact, it’s a good idea to check with an agent to see if running a business from your home would have an adverse affect on your home policy. Your basic insurance should include:

  • Fire insurance (extended coverage on buildings and contents);

  • Liability insurance;

  • Burglary protection (theft coverage);

  • Dishonesty insurance (covers thefts by employees).


Specialty Services – When you’re first starting out it may pay to get the help of some specialists. You may wish to consult with an attorney on the type of business that’s best for you (sole proprietor, limited partnership, incorporation); you may wish to work with an accountant for a year to assist you in setting up your business records; depending on your computer skills, you may wish to seek the assistance of a website developer; if you are competing in furniture shows, you may want to utilize the services of a professional photographer to develop pictures of your wood products that will emphasize some of the special parts of the furniture item.


Of course, you can manage most of these services yourself, with a little research. However, sometimes you can find providers who will help small businesses get established with affordable one-time services.


Fees – If you plan to display your work at either arts and craft festivals or craft malls, you’ll need to pay entry fees. Fees for entry into fairs and shows can vary greatly, usually driven in part by the number of attendees, and the quality of the show. It’s not uncommon for small craft fairs to be as little as $25; the fees for some of the larger festivals can be as much as several thousand, and many ask for a fee to hold your reservation, plus a percentage of sales from the fair. While you may be able to pay part of that from your sales, you’ll still need to plan for the initial entry fee.


Finally, you have to plan one more expense; this expense is the one people have the most fun planning and spending –woodworking supplies.



People reading this page, are also interested in :

Last Updated ( Saturday, 02 February 2008 )
 
Time Management
Written by derryck   
Thursday, 17 January 2008
Networking:

Working from home in a woodworking business is a wonderful way to start a business. It offers you a great deal of flexibility and is often a very cost effective way to start a business. It also offers some unique challenges in finding ways to balance your time and business commitments.


Most of us are used to having certain commitments that we meet at home (cleaning, telephone calls, etc.). Successfully managing your time means that you have to develop a business “hat” which you must put on at the start of each business day. You’ll have to use the following strategies to carve out time for your business.


Set a schedule for your work – carefully evaluate how much time you think you can devote to the business then set a work schedule. Block that time out on your calendar. Don’t get in the habit of thinking “oh, I’ll just make the time up later”. If it’s on your calendar, it’s reserved time and should not be sacrificed for any reason.


Let friends and family know your schedule -- A lot of people think home businesses are just great – you’re home to do any chores and are available to chat on the phone. You are going to have to establish realistic expectations with family and friends, such as “During this time I won’t be answering the phone, it will go to the answering machine”.


Learn to prioritize your tasks -- Think about your tasks in terms of “A projects”, “B projects”, “C projects”. “A projects” are those projects that have to be completed (this is the must do list), “B projects” are nice to do or would be helpful to finish; “C projects” are those projects that can wait for another time. Don’t waste your time on “B” or “C” projects when you have “A” projects to do. “Projects” are your bread and butter projects; it’s how you make your money. So for example if an “A project “ it may be something like “I have to build this bed for client A” versus a “B project” I need to get some additional information ready for my web-site, or a “C project” I need to reorganize my materials.


One of the advantages of prioritizing your tasks is that you can learn to take the non-essential tasks and do them at another time. For instance, in the evenings when you would watch TV, you can take that time to work on your organization of materials, while you watch the TV.


Again, your business goal will determine how much time you are willing to set aside for your business. When you determine how much money you want to make a month, you have a better understanding of how much work you need to do.


It’s difficult to plan the amount of time to devote to your business without a good understanding of how to bill for your services. In the next chapter, we’ll discuss how to bill for your services and determine your rates for wood furniture.



Know when to let the balls drop – sometimes starting a business can feel a little like a juggling act. You have to keep a lot of balls in the air, balancing your family, business and customers’ needs. Occasionally you’ll come up against that crisis moment, the time when you have a project due, and other demands weighing upon you. The partial secret to meeting project deadlines is in the initial planning stages: only committing to what you know you can accomplish.


Occasionally you can pour out the extra effort with a late night session, or an early morning quilt marathon, but eventually, those hours will take a toll on you and you’ll find yourself getting even further behind. Sometimes as tempting as it is to accept lots of project commissions, you have to learn to prioritize how much you can accomplish in a given time period.




People reading this page, are also interested in :

no product recommendation
 
<< Start < Prev 1 2 Next > End >>

Results 1 - 6 of 7

Polls

Using this site is ....
 

Who's Online

Registered Yet?