Before starting a woodworking business for your own you need to ask some basic questions and get some straightforward answers. Without the certainty of those answers it is very hard to focus on your goals and to have specific aims for your woodworking business, irrespective of whether it is large scale or small scale.
Who are the customers you will target?
This is the most important question that you will be asking before starting your woodworking business. You need to know your target customers and clients as this will determine your marketing strategies, the type of advertising and even the type of workers you will have to hire. You can cater to the high class segments with expensive wood carvings and items that are very expensive and made of the highest quality wood. You can also focus on the home segment in the medium range, designing furniture of good quality which is not elaborately ornate but still attractive and of good quality. Another segment that you can cater for is institutions, where the requirement will be different, more practical and utility based.
What is your niche?
If you take a look at those who deal with woodwork you will find that very few of them deal with many different varieties of wood. Most woodworkers have a niche, either using hardwood, tropical woods, softwood or laminates. You have to find your niche and decide what kind of wood you will primarily deal with. This will influence the kind of workers you will pick and the vendors which you will deal with for raw material. You have to pick the wood and options which you are comfortable with, instead of starting out big.
Raw materials and costs?
If you have made your choice of wood (e.g. rubber wood or mahogany) you will have to deal with suppliers who can provide you with a steady supply of wood. The vendors who provide raw material have to be reliable and trustworthy because you cannot afford to turn away clients due to scarcity of wood supply. Therefore, you will need to network and socialize with as many vendors as possible and choose someone whose costs are more affordable than others. It is not a bad idea to take an expert with you to ensure that you are getting good quality wood for your woodworking business.
Hiring Skilled Labor
Although you can hire more skilled labor as you go along and get your clients, it is very important to start off with a couple of highly skilled workers who are specialized in working with the wood of your choice. You can even have them accompany you when you go out for your dealings with raw material vendors. Getting the right kind of workers is very important for your woodworking business. They have to be committed and skilled because then you can attract clients based on the artistic and difficult work that your workers and business can deliver.
￼What are your main marketing strategies?
Before launching your woodworking business you need to know how you are going to market your products. You need to have a plan on whether you will do photo presentations, exhibitions, promotional offers at reputed stores or send portfolios to corporate houses, and then you need to implement your plan properly. If your budget is small you can focus on internet marketing as well, which is not a bad idea to attract those clients who depend on the internet to find good references and reviews.
What are the prices for your items?
There are many choices that can determine this. You may or may not operate from a store. You may leave a share for your workers or use a part of the investment for buying the wood of your choice. If your woodworking business is operated from home you may be able to offer clients much better and attractive prices, which will help expand your business faster. Therefore, you will have to fix a good price for your products depending on the demand in the market and the competition. This is so that you earn sufficient profits to grow your business, do better marketing and hire more skilled workers. At the same time, the items shouldn’t be too expensive as to drive away customers, especially in the start of a business.