business plan

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Forum topic by Steelpapa posted 01-10-2011 07:25 AM 1341 views 0 times favorited 8 replies Add to Favorites Watch
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29 posts in 3218 days

01-10-2011 07:25 AM

I live in north Texas and there are not many woodworkers, mostly turners. I think there is a large demand for custom furniture, I do stay busy but can’t commit full time because of personal issues. I am meeting with a potential investor on Thursday and do not want to sound like a hillbilly. I am going over a business plan on Wednesday with a CPA and would like some advice. In the future i will be able to go full time. I would like to have a specific shop for tax issues and central location for customers. Any advice out there would be greatly appreciated. I know there are many pitfalls in this business but I think people are starting to want quality over Wal ” of china ” Mart pressed wood. Thank you

-- Ron,Texas,

8 replies so far

View TopamaxSurvivor's profile


18379 posts in 3847 days

#1 posted 01-10-2011 10:54 AM

Keep your day job, build a reputation while finding that demand you believe is out there. When you have made a name for yourself, they will seek you out. What is in demand in the NW according to one of my acquaintances is distressed old looking plain stuff than should be in the trash pile. He says it sells as fast as he and his daughter who does the finishing can turn it out. This winter, he has been working for another contractor, I have heard, so demand may have dropped off??

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

View Colin 's profile


93 posts in 2982 days

#2 posted 01-10-2011 06:38 PM

What people want and what they are willing to pay for doesn’t always coincide. Don’t try to hide any potential negatives from the investor. That will only make you look either dishonest or naive. Instead, share with him how you plan to deal with the potential negatives.

As far as having an investor, it could help, could hurt. 50% of a lot can be better than 100% of a little. That being said, agreeing on the amount of risk and return each person is going to get is a difficult task and needs to be spelled out in detail and in writing.

You say you are already busy, are you already charging enough to pay for a shop, business insurance, health insurance, car insurance, life insurance, utilities, materials, supplies, tax preperation, occasional legal advice, tool/machine maintenance, tool/machine purchase plus pay yourself a good salary, plus put money into a contingency account, plus have money to market yourself? If not, up your prices enough to cover all these costs before you actually take them on to see if you remain busy.

Sounds like there is an opportunity in your area. Do the research and adjust your plan accordingly realizing you may not be able to do exactly what you want to do.

Look at the small business administration, they have free video classes on developing a business plan


View richgreer's profile


4541 posts in 3246 days

#3 posted 01-10-2011 06:52 PM

If you have not already, I suggest buying a copy of the software, “Business Plan Pro”. It will walk you through the steps of a good business plan and point out things you may not have thought of. It is also a resource for lots of valuable information.

-- Rich, Cedar Rapids, IA - I'm a woodworker. I don't create beauty, I reveal it.

View trainwreck's profile


43 posts in 2863 days

#4 posted 01-15-2011 04:42 AM

Does Texas have a small business administration? Minnesota does (where I live), and I can get a free packet from them with info on writing business plans from them. I’d check that out for sure!

View Puzzleman's profile


417 posts in 3116 days

#5 posted 01-17-2011 09:17 PM

How did your meeting go? I hope it turned out good.

-- Jim Beachler, Chief Puzzler,

View Steelpapa's profile


29 posts in 3218 days

#6 posted 01-19-2011 07:07 AM

The meeting went well,I think, thanks for asking, I gave her an estimate and waiting to hear from her. She didnt pick up dinner, I thought that was a bad sign. I will wait to hear from her and any thoughts she haves. Its very disconcerting dealing with investors. They listen to your ideas and then don’t get back to you. I am not a walmart woodworker

-- Ron,Texas,

View TopamaxSurvivor's profile


18379 posts in 3847 days

#7 posted 01-19-2011 07:16 AM

BEtter get used to that dealing with the public and general contracors. Too many are just shopping price ;-(( At least you got an audience. That is a lot more than most get.

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

View agallant's profile


551 posts in 3058 days

#8 posted 01-19-2011 10:05 PM

I can’t help my self, sorry :)

Phase 1: Collect Underpants
Phase 2: ?
Phase 3: Profit

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