Many of us dream of starting a business and for those who love woodworking, the good news is that you can start your own even in a small studio. Your passion for the craft should already help you to overcome certain challenges, yet there are still technical aspects you need to resolve before setting out to build your own woodworking venture.
Choosing an Industry Niche
Woodworking encompasses different niches, so it’s important to choose a specific target market. Your potential customers can be involved in cabinet making, carpentry, supplies for arts and crafts, basket weaving, jewelry boxes, and cutting boards.
You also need to be aware that setting up business in a small studio has legal obligations. You can either choose to establish your business as a sole proprietorship or a limited liability company. The former involves you as the sole owner of the business, while the latter refers to a partnership if you intend to form a business with your family or friends. Take note that the tax treatment is different for each business structure, as well.
Maximizing Marketing Techniques
Once you’ve handled all the technicalities and legal aspects, you should now focus on promoting your business. SEO, social media, and e-mail marketing are popular examples, but you could also start small and go for the most cost-efficient way. Collaborate with businesses in your neighborhood, for example.
Another good example is attending trade shows and giving away freebies, which are engraved and cut using your laser machines. This way, your potential market won’t only see how your engraved woodwork products look like, they can even take one home. Who knows, they might’ve put them on display at home or at their workplace.
Once your business grows and you need more ideas to expand the services you offer, a reputable laser-marking machine distributor may suggest options that fit your budget. Who knows, you might need a new laser machine with a particular specification to meet your market’s demand.
When planning to start your own woodworking business, be aware of your skill set and the level of market demand and supply in your chosen niche. Moreover, don’t forget the tools that can help you succeed.