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Date Created: 12/21/15
Gfreedom from turning your woodworking hobbyfinancial into a $9,000/month side income. Woodworking Hobby Into A Business Danny Cooper Disclaimer: This report is the property of Danny Cooper and may not be sold, given away, or otherwise distributed without consent from the author. Woodworking Hobby Into A Business 1 As we all know a hobby doesn’t necessarily earn you any money. But, wouldn’t it wonderful if you can turn your hobby into a full time income source. No more worrying about debts and bills, no more boss who yells at you and no more ugly political intrigue from your coworkers. And the best thing of all, there is no more work! If you enjoy what you’re doing, it won’t feel like working at all. Soon you will be able to say, “Work is more fun than fun!” Woodworking Hobby Into A Business 2 Woodworking business has a lot of potential. Especially in this economy, if you’re able to find the right niche, you can earn quite a substantial amount of money. Of course this is only works if you have at least a little interest in the woodworking craft. If you don’t then maybe this is not the right kind of business for you. Grow your passion Like I said before, a deep passion in the woodworking craft is a necessity. If you don’t have it, you will find it harder to turn it into a business. This is especially important if you are only a beginner. A high interest will make you focus and persistent. Start by reading a lot of books and magazines about woodworking techniques. You can also find it on the internet, but you have to be very selective since there’s a lot of useless information on the internet. Another thing you can do is to train your eyes and analytical capabilities. Wherever you go, analyze your surrounding areas. Is there any good furniture or sculpture? Does it interest you? Was it skillfully made? What can you learn from it? And the most important part, if you have to build the same thing how can you improve it to make it better? The more you do these things, the more your interest will grow and the more fun you will have. Once you get to that point, your skill and knowledge will improve naturally. Woodworking Hobby Into A Business 3 Find your niche The number one mistake that I see a lot of people do is to target a very broad range of customers. By trying to appeal to everybody, they end up appealing to nobody. A start-up company will never be able to compete with the big boys. You’re just shooting yourself in the foot. A better slower method is to find your niche and stick to it until you learn more about the business. Besides what we strive here is not a short-term paycheck, but to build a profitable business that will last for a long time. You can do this by analyzing your potential competitors in your area. If most of them are building furniture, than it’s not a good idea for you to do the same. You can try toys or small figurines or even fences. Find that small target that nobody hits. The less competition the better! Another thing that you can do is to talk shop with people. Get into the mind of your potential customers. What do they want? What is the latest trend? Are they complaining about your competitors? Take note! You will go a long way by addressing and incorporating these things in your business. To go specifically on how to find your niche, I recommend the Wood Profits system, which goes into specific things that you can do to find the most suitable niche for you. Woodworking Hobby Into A Business 4 The course can be downloaded and not only easy to read and understand, it’s also explains and solve many seen and unforeseen issues that are affecting your woodworking business. It’s basically a simple and effective strategy to make money using just your basic woodworking skills. You can read more about it by clicking here. Create a business plan This is the most important part of all. This is the foundation of success and failure. Decide the direction of your business and map the necessary steps to get there. Are you going to make it a side income business? Are you planning to dominate your area? Or you just want to make a $10,000 bonus income? Whatever your goal is write it down! If you can incorporate financial statements, then that’s even better. Take your time! All your future decision makings depend on this particular step. Plan your space For starter, I recommend you do this from your own house. A good alternative is to change your garage into a workshop. It’s easier and it saves money. Renting a bigger place for a workshop is not really necessary at the beginning. What you want are the experience and a deeper understanding of the business. Moving to a bigger space Woodworking Hobby Into A Business 5 is easier if you already had loyal customers, experience and the capital to back it up. Slow long lasting momentum is the best. Have the necessary tools This is also very important. Try to use the best quality tools that you can get. The quality of the product that you create will reflect heavily on the kind of tools that you use, beside your skill and knowledge. A high quality hand drill and saw will pay for themselves in the long run. Good tools make your job easier and faster. It also reduces the risk of getting hurt. Think of this as an investment. Good tools will last a lot longer than the regular ones. Of course you also have to think about your space. Small garage and heavy machineries are not a good combination. Start small but maintains quality from day one! Woodworking Hobby Into A Business 6 Advertise and promote As soon as you set up your workshop, start planning your promotion. There are a lot of things that you can do. You can advertise on the local newspapers or magazines, create fliers and posters, put up a website on the internet, be an active member on woodworking forums, and so on. But the most important and I think the best promotion tool is the “word of mouth”. Inform your friends, families and neighbors about your business. Ask them to help spread the words. This is particularly useful if you don’t have a lot of money to start with. Active in your local community also helps a lot. A very inexpensive way to get the words out there. Continuous Improvements After a few successful projects, start focusing on improving your skill. You can do this by gathering a lot of project plans and try to build them. The internet is a good source for this. With your experience now, you will be able to differentiate between the good plans and the bad ones. After a while you also try to create your own plan using your creativity. Don’t forget to copyright your work to avoid people from stealing your ideas for their own benefit. Woodworking Hobby Into A Business 7 Summing it all up There you have the 7 things to do to turn your woodworking hobby into a business. Follow each of them and you will start to see improvements in your business, which in turn will become an improvement in your overall life. Keep in mind that these are not magical formulas that will get you rich overnight, these are just directions. It still up to you to turns it into actions. A financial freedom where you don’t have to worry about money and have more choice in your life is definitely within reach as long as you are willing to put the effort to get there. I can’t really help you get there, you’ve got to do it yourself. All I can do is to show you the roadmap. The choice is still yours. Remember, although you start this business from a hobby, this is still a business. You have to treat it like a business. Create long-term goals, hire the right people, review your financial statements, learn how you can deliver a better service, how to increase your profits and lower your costs, and so on. Pay attention to each of these things. As I mentioned earlier, I recommend the Wood Profits system for in-depth information and action items that apply to every situation that you have to deal with and how to overcome almost any obstacle you’re currently facing in your woodworking business. It also includes a step-by-step guide to create a part-time woodworking business selling easy-to-build wood crafts Woodworking Hobby Into A Business 8 from home, with no capital or experience required. The author Jim, has successfully run a profitable woodworking business from home. He started out with little carpentry skills and run a business in a 20x20 feet space with zero capital. Within the first year, he managed to grow the space and earn $9000 per month as a one-person business. Click here to visit the official website and read his story. To your success! Danny Cooper Woodworking Hobby Into A Business 9
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