8 Easy Steps to help you Succeed with a Woodworking Side Business
Looking for a business idea to help build more financial prowess? Search no more friend! In this article I’ll demystify the secrets of having a woodworking side business, I’ll also help you understand how to handle and overcome the potential challenges you may encounter along the way. The woodworking side business is a kind of side hustle you can start and enjoy even while maintaining your full-time job. Admitted, getting a fairly stable, decent amount from a woodworking side business might need a measure of determination. However, once you start never back out, not even a bit. Hold on to it, the results are often astounding. You too can hold on to a chunk of this $6 billion industry – wood product manufacturing industry.
We ain’t here to romance with luck, I’m here to give you a step-by-step procedure on how to make waves with a woodworking side business. But remember, I have to assume that you are already passionate about woodworking.
Map out a plan
Every successful business needs a concrete plan. Learn to understand that you can’t afford to leave anything to chance. Start by giving your business a fitting name, thereafter estimate your startup cost (you might create a confidence interval for this). Also, try to identify your target audience.
Create a legal entity
Creating a legal entity will protect you from being at the receiving end if they sue your business. LLC’s, DBA’s and corporations are nice business structures to select from.
All you need do is submit a free application for an EIN. Thereafter, register for taxes, this is a basic requirement in registering for every business.
Get your Business Bank account, credit card
This step will often facilitate personal asset protection and ease the stress involved in tax filling.
Arrange for your business accounting
Every cent you spend on your woodworking side business should be properly documented. This will also ease any potential stress that might result from filing of your annual tax.
Have your licenses and permits
To avoid a potential business shutdown, fines and probably detentions you need to acquire the required permits and licenses. You may also consider certification, insurance.
Create an identity for your brand
It’s very important to create a unique identity for your brand as this will hugely contribute to the success of your woodworking business. With your brand identity you can create a mental impression of how you want your “woodworking business to be perceived”. A unique brand identity will definitely help your business stand out.
Create an online Presence
It has never been this easy, you can create a website, a social media account and a marketing campaign on the internet all with a week. With this, you’ll be able to showcase your work, generate leads, convert leads, get referrals and enjoy the marvels of repeat customers.
Eventually, you may end up turning this “woodworking side business” into a blockbuster business. Implement the strategies outlined in this post and make waves with your new side hustle. Remember, to make your craft attractive and appealing, you need to consistently improve and diversify your skill set. This will earn you the competitive advantage you deserve.
Want to learn more about a woodworking side business,get a copy of Woodworking Profits and get an advantage over all other woodworkers. You will learn where to get tools cheap,where to sell your items,what items sell the best,where to get materials real cheap,how to make $100,000+ per year and more.
Don’t forget to sign up for our Woodworking Dude monthly drawing. Every month we give away something related to woodworking like tools,plans and more. Sign up below. Phone# is optional