Are you lucky enough to have turned your passion of woodworking into a sustainable business? Or are you trying to figure out how you can do just that?
You're able make beautiful pieces of furniture, unique gift items and custom cabinetry for a living. Great! But it's hard work and building anything custom for a living can be a challenge business-wise.
So, If you're hoping to turn your hobby into a business, you'll need business system in place. You have to approach your passion and love as a a business first. You'll need bookeeping, time-tracking, estimating, scheduling, email, invoices, and on and on....
The hardest part for a hobbyist turned business owner is properly figuring out the price for your time. You must price your work according to the time it takes to produce, but new business owners have a hard time charging what they are worth. You need to know your costs involved in running your business. You'll have to make adjustments to your pricing and estimating often; knowing these costs and using them to price correctly is vital.
When figuring out the business costs for your custom woodworking business, you need to include everything. You'll need to rent work space, that should be covered in the price of your items. You'll need electrcity, grabage, heat, internet, etc. Budget yourself and learn the monthly costs of running your business.
If you love creating custom woodworking projects, there's no reason you can't turn that passion into a viable woodworking business. Make sure you are starting out with a solid business-first mindset and a realistic attitude about turning a profit in your new business.
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