Woodworking Business Tips | How To Start A Profitable Woodworking Business At Home
Transcript of Woodworking Business Tips | How To Start A Profitable Woodworking Business At Home
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Woodworking Business
Essential Tips
Presented By:
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• Woodworking is both an art and a craft.
• There are many woodworkers out there, but most of them are just doing woodworking as a hobby
• Turning a hobby into a business needs a different set of education, skills and practices
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• However, if you have true passion for it, turning a hobby to a business is not really complicated.
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Always Have The Right Tools For The Task At Hand
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• The right kind of tools will depend on the scale of your business.
• If you are just starting out, simple hand tools would be adequate.
• For larger mass production, you would need to acquire heavy machinery.
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Have The Appropriate Woodworking Plans Ready
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Importance of Woodworking Plans
• Dictates how large your working space should be.
• Increases your speed of production of products.
• They give ideas on the right materials to buy and the right tools to use.
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Business Plans Are Very Important, Too…
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• A great business plan is like a roadmap that will help you achieve your goals.
• Consists mainly of the income statement, cash flow analysis and current balance data.
• Helps you when, where and how to acquire a business loan.
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• Review your data on your preferred schedule to see if your targeted goals are met.
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How To Market To Your Target Customers?
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• Two main types of marketing: traditional (offline) marketing and online marketing
• Traditional – newspapers, flyers, word of mouth
• Online – blog, social media, email, etc.
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• Both types of marketing would need some effort on your part to be effective.
• However, outsourcing this to reliable experts will help you save time.
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Minimize Your Expenses For Maximum Return of
Investment
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• Expenses you should monitor in your woodworking business:
– Cost of materials– Overhead costs (rent,
insurance, electricity)– Labor (either your own labor or
people you hire)– Advertising
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Thank You For Viewing This Presentation
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For More Tips And Strategies On How To Earn Profits Of Up To
$150,000/Year In The Business Of Woodworking…
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