Woodworking a great oportunity
Are you interested in starting a woodworking business from home? If YES, here is a complete guide to starting a woodworking business with little money and no experience. Ted Mcgrath is an entrepreneur that create this also trainning
Okay, so we have provided you an in-depth sample woodworking business plan template. We also took it further by analyzing and drafting a sample woodworking marketing plan backed up by actionable guerrilla marketing ideas for woodworking businesses. In this article, we will be considering all the requirements for starting a woodworking business. So put on your entrepreneurial hat and let’s proceed.
Starting a woodworking business is a great way to turn a hobby you enjoy into a money-making venture. Wood items are popular and make great decorations and gifts. But starting a business involves more than creating wooden objects. It requires research and planning particularly in marketing and business management.
Why Start a Woodworking Business?
Obviously, if you enjoy woodworking, what better way to enjoy it than get paid for it at the same time, right? In addition to doing something you love, you also get to experience other people appreciating your work – which can be very rewarding.
Another benefit is that working from home in your own wood shop means that you can skip the morning commute, you don’t have to dress up to go into the office and generally you can schedule your own hours. Having greater schedule flexibility really enables entrepreneurs to enjoy other aspects of their life as well, like family activities, travel, etc.
Woodworking can be a fairly low-cost business to start, especially if you already have much of the equipment you need. You don’t have to lease a retail storefront, hire staff or invest in lots of product inventory. You can start small and then expand as your client base grows. This can be a critical point for entrepreneurs on a limited budget.
There are also plenty of woodworking business opportunities outside of building products. You could teach the craft to others write and publish a book about woodworking or sell design plans.
This industry manufactures wood products not produced by sawmills or by manufacturers of veneer, engineered wood, millwork and mobile homes. Therefore, industry products are miscellaneous. They include wood ladders, cabinets, kitchenware, broom handles, kiln-dried lumber, reels and toothpicks.
The Wood Product Manufacturing industry has turned a corner since the collapse of the housing market, driven by improving household income and a rebound in housing starts. However, the growing popularity of low-cost imports and competition from non-plastic substitutes will limit profit growth in the coming years. Nonetheless, expanding residential construction, falling unemployment and improving incomes will lead to strong growth for the industry.
Interesting Statistics About the Woodworking Industry
The Wood Product Manufacturing industry has a geographic distribution similar to other wood manufacturing industries. The majority of industry establishments are located in the Southeast, Great Lakes, Mid-Atlantic and the West. Typically, industry manufacturers choose to locate near upstream industries such as sawmills and millwork producers.
Additionally, establishments locate near major wholesale and consumer markets, as a considerable portion of industry products are eventually purchased by households. The Southeast dominates production, accounting for 24.0% of industry establishments.
Within the region, North Carolina and Georgia are the major producers, although industry establishments are distributed prominently throughout the region. Woodworkers held about 237,200 jobs in 2014. The industries that employed the most woodworkers were as follows:
Other wood product manufacturing – 23%
Wood kitchen cabinet and countertop manufacturing – 21%
Household and institutional furniture manufacturing – 11%
Sawmills and wood preservation – 10%
Office furniture (including fixtures) manufacturing – 10%
Although many smaller shops employ a few workers, production factories can have as many as 2,000 employees. Working conditions vary with the specific job duties. At times, workers have to handle heavy, bulky materials and may encounter noise and dust. As a result, they regularly wear hearing protection devices, safety glasses, and respirators or masks.
Woodworkers are exposed to hazards such as harmful dust, chemicals, or fumes, and must often wear a respirator or mask. Others may be exposed to excessive noise and must wear hearing protection devices. Most injuries involve sprains, back pain, carpal tunnel syndrome, and hernia.
These injuries or illnesses come from excessive amounts of awkward bending, reaching, twisting, and overexertion or repetition. Most woodworkers work full time during regular business hours.
Starting a Woodworking Business from Home – Market Feasibility Research
Demographics and Psychographics
Those who need the wood working services include children, adults, corporate organizations, as well as individuals.
List of Niche ideas Within the Woodworking Industry
Woodworking is a very wide field. The products that you can choose to make are also varied and give you a lot of choice. In order to maintain better focus and to start with clarity and precision, it is better if you decide which category of products you are going to cater to.
There are 2 basic factors that you need to consider when deciding a niche for your woodworking business. You need to look at your own skill set and you need to look at the market demand and supply.
- Basket weaving
- Making beer and wine wooden crates
- Cabinet making
- Wooden beer mug
- Card holder
- Chip carving
- Craft Supplies
- Candle Holder: Wooden caned
- Cutting Board
- Hardwood chopsticks
- IPod and Device Stand
- Jewellery Box
The Level of Competition in the Woodworking Industry
Demand is closely tied to the level of home construction. The profitability of individual companies depends on efficient operations, because many products are commodities. Large companies enjoy economies of scale in purchasing. Small companies can often compete successfully by focusing on a local market.
Overall, the US industry is fragmented: the top 50 companies account for about 30% of industry revenue. However, some segments of the industry would shrink due to over attachment by newcomers.