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Starting a new woodworking business #2: new business

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Blog entry by Wayne posted 1679 days ago 878 reads 0 times favorited 5 comments Add to Favorites Watch
« Part 1: new business Part 2 of Starting a new woodworking business series no next part

Thanks to all who responded. Just in case you’re interested, my business plan is beginning to take shape. I have a web site up and running now (WAYNEWERKS.COM). I have displayed several of my products there, but haven’t done any pricing yet. I’ve also set up an account on ETSY.COM, but haven’t much luck there yet. I’m sure I’ll need to add more products in order to reach a larger demographic and increase the likelyhood of making sales. I’ve also set up a PAYPAL account for the time when I actually sell something.
Since I’m retiring in January, I’m not relying on my business for my sole income. That takes a lot of the pressure off. My father once told me that if I make my hobby (woodworking) a business, then I won’t have a hobby. His advise was sage, but didn’t take into account that my love for woodworking goes way beyond hobby status. It is my passion.
From a business perspective, that passion can be a two-edged sword. My passion drives me to create the very best product I can…and that’s a good thing. The down side is I can spend so much time on a project that at some point it just isn’t cost effective.
So it becomes a matter of priorities. Which is more important? Making a profit (which is highly desirable), or creating a quality product. I think it’s possible to do both, though I may need to compromise and re-assess my position as time goes on.
Anyway… I got my domain name and have my business registered with the state. I’ve also looked into selling my products locally. Lots of potential there, though it involves lots more time than selling strictly on the internet. I’m also spending more time blogging. I’ve already seen good results here. I’ve already gotten responses and am overjoyed that people are actually interested in what I’m trying to do.
Keep an eye on things as they develop. This is an exciting time for me. I hope to share this excitement with you.

-- Wayne, Utah,www.waynewerk.com



5 comments so far

View TheDovetailJoint's profile

TheDovetailJoint

36 posts in 2270 days


#1 posted 1679 days ago

Wayne,
Just a quick note. Your post says “I have a web site up and running now (WAYNEWERKS.COM) but the correct URL is www.waynewerk.com, as shown in the bottom of your post. It looks like a nice start. Good luck!

-- http://shopsmith-tool-hunter.blogspot.com http://gilliom-gil-bilt-tool-hunter.blogspot.com

View griff's profile

griff

1206 posts in 2358 days


#2 posted 1679 days ago

I am happy for you Wayne. Thanks for sharing your excitement with us.

-- Mike, Bruce Mississippi = Jack of many trades master of none

View OhValleyWoodandWool's profile

OhValleyWoodandWool

969 posts in 1717 days


#3 posted 1678 days ago

Good luck. I wish you the best success – however YOU define success

-- "All you need in this life is ignorance and confidence, and then Success is sure." Mark Twain

View CottageWorkshop's profile

CottageWorkshop

12 posts in 1697 days


#4 posted 1678 days ago

Good job! I’ll look for updates as I’ve been thinking about the possibilities for myself. I’ve always heard, “a good way to ruin a hobby is to make it a business!” I have a long time to make a decision so I’ll just watch others like you!

-- Visit me in the Cottage Workshop! www.richardmagbanua.blogspot.com

View TopamaxSurvivor's profile

TopamaxSurvivor

14584 posts in 2272 days


#5 posted 1678 days ago

Must be a pleasure going into business not wondering where your next meal is coming from ;-)) Good luck, hope it works out for you.

-- "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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