All,
I read this forum practically on a daily basis, but rarely post. I’ve learned alot from you folks, just rarely feel like I have anything to contribute.
I’m in the military, and I’ve been in about 10 years now. My dream is to retire from the Air Force (10-20 years from now) and supplement my retirement with income from a small woodworking business. Actually, it would have to be the other way around as I’ll have two girls in college when I retire. My retirement will have to supplement my primary income, whatever that may be.
So, for those “in the business,” what would you advise me to do TODAY so that I can best prepare myself for success when I start my endeavor 10 years from now?
I can give my background and ideas, but I don’t want to steer this thread from the beginning. I’ll leave it wide open for now, and field your comments/questions if/when they come along.
Thanks in advance!
Scott
Replies
Hello Scott ,
Now that is what I call planning in advance , good for you, to me that shows good organization skills , and you definitely will need those along with drive determination and discipline . Well my first thought is while you are gainfully employed and have a decent income and reasonable expenses , start collecting tools and equipment or create a savings plan to help with the purchases of the things you feel you will need now and in the future . You will never lose money or value on good tooling . As long as you don't pay more than things are worth at the time . I have mainly bought used older machines over the last 30 years and I can honestly say with little or no exception I could re-sell for at least the price I paid for them . And I have been using them and making a living with them as well .So no matter you need tooling , tools and clamps and routers, shapers , table saws, blades,and any others you think you need . By spending now it may help lower your startup costs when you begin your business. Check with your cpa , or other and you will most likely be able to convert your tools purchased prior to business to actual business assets , and depreciate or write them off to help offset income tax and such .Keep records of your purchases . Also in the meanwhile you will have plenty of time to decide which segment of the market you want to tap. Learn your craft and find out what you can do to earn the most or be happy and if you are lucky you will do both . Make a plan , change it if you want but always have one .
best of luck dusty
If you have the time and means now, learn AutoCAD. In the future, it will be hard to turn a profit without having some sort of automation to cut the large panels & do repetitive machining.
With the competition from larger shops and imports, you will need to have a quick turn around time. I've already seen 'custom entertainment centers' designed specifically for each customer being imported from China.
Save money so that you won't starve until the business gets its sea legs. Starting out undercapitalized will kill you.
Be as debt free as possible when you start your furnituremaking business.
Be an outstanding craftsman and an even better businessman.
Learn how to use hand tools regardless of how mechanized your prospective operation will be. Hand tool skills will keep you from standing around scratching your head (or you as*) figuring out how complete an operation with a machine.
Urge your daughters to do very well in school so that they can get a scholarship - partial or full.
I'll have two girls in college when I retire.....
Make sure they both get a PHD so they can suport YOU!
Thanks for your service from a old Army guy!
I forgot.. See if you can get some business and woodworking classes the Old Uncle Sam will pay for... I'd at least ask your commander...
Edited 3/7/2005 12:37 am ET by Will George
All,
Thanks for the advice so far. Now it's time to shoot down my hopes and dreams:
1) Will it be possible to "find my niche" and stick to building styles that appeal to me, or should I look forward to building ugly furniture that I don't care for just to make sales? Right now I'd like to believe in the 'Field of Dreams' approach (if you build it, they will come). My philosophy is that I'll do my best work building pieces that I would like to feature in my own home. Should I give up that dream now?
2) I saw the thread about selling to friends and family. The general consensus was that it's a bad idea. My original idea was to start making a name for myself now by hawking my wares to acquaintances for near cost now, and get some "word-of-mouth" type advertising out of it. Right now that's what I do because I like the idea of furthering my craft on someone else's dime. I realize that it may backfire on me when it comes time to start trying to sell my goods for what they're worth and expanding my business. My wife cuts, paints, and sells wood craft items at craft fairs. I've considered putting together a portfolio to place in her booth at her next fair. I've built display stands for her booth (black walnut with poplar slats and mahogany-veneered plywood shelves), but she hasn't been to a fair since. They could serve as an example of my work. Good idea? Bad idea?
3) Am I going to starve as a one-man operation? Should I plan to actually start a small business from the get-go? If that's the case, should I (or my wife) get a business/accounting degree now? Should I break in as an apprentice to an established craftsman after I retire? What are the chances I could do that part-time before I retire while I hold down my "day job" in the Air Force? I'll feel kind of silly as a 40-something year old shop-boy, but if that's what it takes, I'll do it!
4) I really enjoy woodworking as a hobby, and spend half of my waking moments thinking about how to tackle my next project, and every bit of freetime I can in the shop. I'm afraid if I try to make a living of it, I'll start to hate it as much as I hate my current job (don't most people hate their jobs?) Should I worry about that? I'm sure others have "taken the leap" here. Any regrets?
5) Should I try to join a woodworking guild? Club? Should I take every class I can take? I'll be moving to Monterey, CA this summer, and there for 10 months. I do plan to get into at least one of David Marks' classes (provided he offers one while I'm there) or even popping for a private lesson ($500). I've learned alot from his show, and I'd like the opportunity to thank him in person. Aside from that, are the classes worthwhile? Why or why not?
Scott-
Finding your niche is the key to a successful business. Don't try to do everything for everybody. you'll get lost.... Finding your niche and establishing a clientle while in the military may be a challenge, to say the least. I'd recommend building peices for yourself & your portfolio to showcase later on.
I'd recommend staying away from friends & family. There's alot of work out there, so why give away your time & services? If you start setting your pricing low now, you'll have a hard time raising it later on. Its always easier to drop pricing if you need to.
One thing you may find out is the work & style you enjoy most, may not pay the bills. You may need to find a secondary product line with more profitabiltiy to fill the void.
If you enjoy woodworking as a hobby, you'll find that production woodworking is far different. Work in a production shop for a few weeks, you'll understand.
Good luck on following your dreams. You have the advantage of time on your side to plan & prepare. Use what assistance/programs you can from the educational aspect of the military to help you out later.
If you make the decision to make complimentary pieces then do so for interior designers, architects, and others who have the potential to be a steady referral source. Whenever you make a complimentary piece, be sure that the recipient knows what your full price would be for the piece if they referred business to you. The best practice is to simply give the piece away, since they bloody well know you can't do that for everybody. If you knock a quarter or a third off, the danger is that they may construe this as the full price for the piece and convey that information to their colleagues - "hey, this guy does great work on the cheap."
Thanks for the tips. Your thinking absolutely makes sense!
Scott, Collect tools now and along the way. Prices always rise. As long as you can store items not being used in way that they will be protected, good tools will hold their value and usefulness down the road.Take all the classes and attend all of the seminars you can. The more styles and techniques you are exposed to, the broader your base of knowledge you will have. This could lead you to building and admiring styles of furniture you were unaware of and let you talk to clients with more confidence.Read about the masters. Study the techniques they used. Chances are the styles that appeal to you have been done successfully by someone else. See how they handled the problems and the details.A career in the military usually means moving around often. Go to museums. Look up local crafts people. Most would be more than happy to let you see their shops and talk about the work they do and problems they have gotten past or around. Learn from others' mistakes. Take notes. Start a file of goals and ideas for your workspace. Thinking about material storage and handling, tool layout, ergonomics, shop safety. Some things can be planned in advance, some things you have to do for yourself to really see what works for you. Most of all, try to do the kind of work you are passionate about. When you have your heart and soul in a piece the client will know it. When you are cranking out production stuff just to pay the bills or build up a portfolio, they will know that too. Never underestimate what you can do.Andy"It seemed like a good idea at the time"
Scott, first congrats on the military career. I'm 6 months away from 20 yrs in the Army, most in the Reserves. Most of the advice I'd give you has already been given, practice your craft, build a portfolio and references, collect tools, and become debt-free. You may struggle to only build pieces in a style you like. I build alot of pieces that I wouldn't put in my home. On the other hand once you build a core group of clients many of them will come to trust your design instinct because of input on previous projects. I have a client that I built all their cabinets for their new home. After moving in they called and wanted a custom bedroom set made. They gave me the newel post from their stair case as starting point for the design and told me I had free reign on the design from there. You need to build a reputation and trust with the clients, then you will have more freedom to design for them. Job references can come from many different places. Take every opportunity to build for others when you can. Listen to what they are looking for and make suggestions. Quite often you can help them refine their basic idea into something more than what they hoped for and something you can be proud of as well. Quite often a good project will turn into half a dozen referals or more. The best thing you have going for you right now is time. Keep planning and practicing. I am often amazed at how far my skills have developed since I have been out on my own. Good luck,
Brian
Just came across your post. I ditto the others suggestions.
I am looking at starting a side business that I hope to grow into a full time one. I read a book recently. The Woodworker's Guide to Pricing Your Work; 3rd Ed by Dan Ramsey. A very good book with a number of suggestions you might find useful.
My contribution is to find something within woodworking that you really like or even outside of it and when you find waht you like to do, look at the area you plan to live/retire/work in and see what sort of competition there is and to then look at the national and maybe even international competition depending on the niche. If it is overflowing with businesses, you chances of getting a piece of the action is reduced and if you do, the rate will likely be cutthroat. Keep looking until you can find a mix of what you like, what people want and a location where you can make and sell it profitibly. and then figure out what tools you will NEED ---- NOT ---- want to make this product - From power tools, to hand tools, to hardware to finishing tools and supplies as well as lumber. Then make a list of this (for my dream, I WANT a bandsaw and floor drill press, but I DO NOT NEED them - so they fall to the bottom of my buying list. What I NEED now is a jointer and a dust collector and filter, so they will be my next purchases)
If you have relatives with secure storage locations, start amassing your tools and supplies as time and money permit. DO NOT FORGET the safety equipment.
I was chatting with a friend the other day, and he related his experience with a course he took while pursuing his engineering degree. The prof set them up in teams, they had to do research, design a product, etc, etc. After getting all the work done and handed in, the prof handed them the real surprise, they were to grade themselves.
The real lesson? Know the value of your work and charge accordingly. That ain't easy, McGee!
Good luck, and thanks.
Hey Scott,
I started a business 27 years ago. The best advice is get off your duff and get with the program. You can have all of skills and tools in the world, but never produce a product. Do it, just don't talk about it. The world is full of talkers and a few people who actually do it.
You can fund your business as you go since you have a steady income already. If you need a router bit to complete a persons project add it to the cost of their project.
It's not rocket science making a profit. Forget the idea of keeping low profit margins to get business. IT DOESN'T WORK!
Build a good reputation based on quality and not on being the cheapest deal in town. People like dealing with sucessful people. You should strive for the upper end clients rather than the bargain basement shoppers who won't and don't spend thier dollars on a quality product.
ALWAYS project a first class image in every area of your business. From professional printed business cards to a first class sign and display at shows. When I have someone hand me a homemade business card, I always wonder if he/she is too tight to do a first class job on that end, will they do a low end job for me also? The answer is a no brainer. Magnet signs give a here today maybe gone the next day impresssion.
Good Luck!
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