|Forum topic by Monte Pittman||posted 01-01-2015 12:45 PM||1620 views||0 times favorited||33 replies|
01-01-2015 12:45 PM
One year ago I was coming from what I considered to be a rough year. But I felt that the future looked bright. Well of course January 20th a bright future seemed lost with the loss of my shop.
My goal going into the year was to have a 50% increase in my business. At that point, it seemed not only impossible, but could I have the stomach to basically start again from scratch. Actually, with my family heritage, quitting really wasn’t an option. But because of financial complications from my recent divorce, I got none of the insurance money from the fire. So everything was just scraping enough together to buy a few tools to work with. Make a few projects to earn some money to buy a few more tools.
One thing I did have in my favor was customers. Although I had to turn down a few projects, I had as much work as I was capable of handling. Through the course of the year, I got a new tablesaw and found some deals on many other tools. There are a couple other things that I want, but I am pretty much fully functional now. My plan is to start building a new shop in the spring.
Right now my focus is on my biggest show of the year. I had to miss it last year. I believe that was the main reason for not reaching my goal. It’s a 10 day show from the end of January through the 1st week of February. I am putting together my best display ever (as I see it).
Business wise, I feel I had a fantastic year. Of course on the tax forms you figure your profit/loss statement and all of the other forms. But sometimes it is good personally to see the basic information. How much did I make versus how much I spent. I personally was thrilled that after buying many tools and a pickup (only $3500 for the truck), I only fell short $147 of breaking even. I did have my biggest sales year ever.
My goals for this year? It will be helped by the fact of having help for the first time ever.
My 1st goal is to generate my biggest year ever. With the winter show coming and being able to have 3 stores displaying my products, I believe it’s a real possibility.
My 2nd goal is to rebuild the shop. Small attached garage is very limiting.
The 3rd goal is to finish replacing my tools that are needed for maximum efficiency. Successful small businesses many times have to work smarter as well as harder than corporations.
Today I mark my 3rd year of being on Lumberjocks. As I say on my website, I am a very proud member of this community. The knowledge I have gained here is priceless. I only hope that I can help others here as well.
For all of those who read this, please share your woodworking goals for the year. Whether it’s your first project, or maybe you finally make the Maloof rocking chair that you want (hint…Andy).
Best wishes to everyone, I hope 2015 will be great for woodworkers everywhere.
Thanks for reading.
-- Mother Nature created it, I just assemble it.