Turning Your Woodworking Hobby Into A Home Based Woodworking Business!

There are a number of things that go into starting a home-based woodworking business. Some are more important than others but they all deserve your attention. I believe the most important thing though is planing, and the most important part of planning is your business plan. Talk to anyone that has been in business and has been successful and they will tell you that this is probably the most critical step in the start up phase of any company.

Don’t let anyone tell you that going into business is an easy thing to do, there is an old saying that if it was easy to be in business then everyone would do it.

Now that has been said, let me tell you from personal experience (I have started three successful businesses of my own) that if you decide to take the plunge and start a woodworking business and are willing to do the hard work that the rewards will be well worth the effort.

One of the first things you need to do is develop a business plan, in layman’s terms, this is a road map on how to get from here to there. The business plan will allow you to organize your thoughts and goals in a clear and concise manner. Your business plan will need to encompass a number of different issues.

First and foremost are your projected financial statements, which should include a current balance sheet. This is also referred to as a profit and loss statement (P&L) or revenue statement. This is basically an accounting of sales, expenses and net profit for a given period of time. You will also require a cash flow statement, which is a measure of your financial health. It basically shows cash receipts minus cash payments over a given period of time. You will also need pro forma balance sheets and income statements for a minimum of three years, these statements include assumptions and hypothetical information built into the data.

With all this in hand, you will be better equipped to allocate resources. All of the above are absolutely necessary for any woodworking home business, especially if you are going to a financial institution for a loan.

The bank wants to see a business plan for a number of reasons, but basically it shows them that you have taken the time to think things through, and by looking at the financial statements, they can get a good idea if your woodworking business is viable operation and deserving of a loan.

There are a few other things that should be included in your woodworking business plan. Remember, the more detailed the better. If you don’t have a location you will need a location plan but more than likely when starting a home-based woodworking business your location is already fixed because you are turning your existing hobby into a profitable business.

You need to have a portion of your business plan that’s dedicated to risk management (insurance). Because all the equipment we use in our woodworking shops is an inherently dangerous. There is liability insurance, property insurance, work interruption insurance and if you have employees workman’s comp. Risk assessment is a very important part of any business large or small a mistake made here can cost you your business and your livelihood.

Your business plan should also have a portion dedicated to marketing. this can be done in a number of different ways. There are always the traditional methods such as advertising in woodworking magazines or in the newspaper, and these things still work. But in today’s environment, the best way is the Internet and in order to accomplish this you will need a website and you will need to learn SEO (search engine optimization) so you will get noticed on the web. Search engine optimization is like anything else, it’s not overly difficult, but takes time to learn You can also contribute to blogs and forums to get the word out. Marketing is the lifeblood of all business because creating sales channels and customers for your products is essential to your success.

Never let your woodworking business plan become stagnant it should be reviewed at a minimum of once a year to take into account changes that have happened in the overall economy or changes in your goals. However, I personally recommend a semi annual review of your business plan. The closer you are to your business plan, the better the chance you have of being able to adapt to a changing business environment and mapping out your strategies for success.

Remember the rewards always outweigh the work. So get out

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Interior House Painting – Painting Trim and Woodwork

Hi and welcome back to “What Interior House Paint goes where and why” for your interior house painting in particular when painting trim and woodwork! If you’re reading this entry that means you’re interested in getting the right interior house paint on your trims or woodwork. So let’s get right to it. Firstly, it’s so very important to prepare and have woodwork ready for finish coats.

It’s not the interior painting of top coats that make woodwork or for that matter any surface look good. It’s the prep that you have to get right, but I’m here to talk about finish or top coats. There are a couple of good choices when it comes to trims and woodwork.

There are acrylic finishes which are water borne or water based which are very good for the environment and ozone friendly too :-) . Years ago acrylic glosses or interior glosses just couldn’t cut it. Their formulas were very thick and didn’t have the gutsy coverage that was needed to get the job done.

But these days they not only saw the need to go green and easy on the environment but put thought and technology into their formulas. The result is they have produced a real high quality interior gloss that can match or is equivalent to its counterpart gloss enamel or oil based interior house paint.

Now oil based glosses or enamels have their good points also and some of these points is why I enjoy using this product over the water based one. Such as when using or applying oils, depending whether or not the surface has been prepared properly, can get a beautiful glossy mirror finish that you could brush your hair in or put your make up on with, in which case can give you a very rewarding finish.

Myself, I prefer the oil type especially when it comes to doors and trims because they tend to get knocked around a bit and enamels tend to take the hard knocks that little bit better. They are a little trickier to apply but practice makes perfect right!

Now if both of these types of paints are applied properly you can get a very tough, durable and impressive finish that has good cleaning properties and will last a long time. It’s your call really, will you go water based or oil, whatever choice you make can be a good one. Good luck with your interior painting and I’m sure you’ll make the right one. So stick around and I’ll teach you what interior house paint to apply for your kitchen and wet areas in your home…

And happy painting… Wayne the painter


Wayne Smith is a Professional Painter, has be

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