Posts
1551
Joined
3/5/2011
Location
Great Falls, MT
US
Edited Date/Time
8/25/2014 6:12am
I'm hoping some of you that own and run your own businesses can help me out.
I'm looking to start a new career in the next year or two and want to go back to what my true passion is.
A little about me...........
I am looking to start my own custom furniture and cabinetry building business. I wouldn't say I am a master crafstman (Bob Villa) , but I would say I am as near as anyone could be to an expert level craftsman. So, that being said, I know the actual field very well that I would like to return to. When I was in college (about 20 years ago), I built houses and did woodworking for a shop for summer jobs. After college graduation, I continued on and worked and managed the woodshop that I used to work at. I did this for about 3 years and I then decided I wanted to get back into what I went to college for (Architecture and Engineering CAD/Drafting).
After 13 years of doing the engineering thing I have decided that I truly miss woodworking. Another important reason is that I am very unhappy with my professional life and am at wits end with my job. Many things are going wrong, but the funny thing is I keep getting raises. I really am not happy where I am at though.
So, here's my plan.............next year I will turn 40 and I already have a wife and 2 daughters. I know I will take a pay cut trying to start a new business venture, so I plan to license the 1-man company (assumed business name) ASAP and try to develop it over the next year or two and then quit my current job. I have continued to do woodworking over the past 13 years, but just for myself and on the weekends. So, I have kept my skills up and have built up quite a list of tools and resources. I completely accept the fact that even though I work a 40 hour/week job now that I should plan to double that with owning my own company
I really believe I can make this a success, but am very skeptical with the unknowns. This has always been one of my downfalls. I wish I would be more liberal and gutsy. Can any of you business owner's out there give me any advice? Do's or don'ts (not necessarily associated with the woodworking field)? Marketing strategies? Literature/books? business taxes and how they work?
Thanks for your time.
I'm looking to start a new career in the next year or two and want to go back to what my true passion is.
A little about me...........
I am looking to start my own custom furniture and cabinetry building business. I wouldn't say I am a master crafstman (Bob Villa) , but I would say I am as near as anyone could be to an expert level craftsman. So, that being said, I know the actual field very well that I would like to return to. When I was in college (about 20 years ago), I built houses and did woodworking for a shop for summer jobs. After college graduation, I continued on and worked and managed the woodshop that I used to work at. I did this for about 3 years and I then decided I wanted to get back into what I went to college for (Architecture and Engineering CAD/Drafting).
After 13 years of doing the engineering thing I have decided that I truly miss woodworking. Another important reason is that I am very unhappy with my professional life and am at wits end with my job. Many things are going wrong, but the funny thing is I keep getting raises. I really am not happy where I am at though.
So, here's my plan.............next year I will turn 40 and I already have a wife and 2 daughters. I know I will take a pay cut trying to start a new business venture, so I plan to license the 1-man company (assumed business name) ASAP and try to develop it over the next year or two and then quit my current job. I have continued to do woodworking over the past 13 years, but just for myself and on the weekends. So, I have kept my skills up and have built up quite a list of tools and resources. I completely accept the fact that even though I work a 40 hour/week job now that I should plan to double that with owning my own company
I really believe I can make this a success, but am very skeptical with the unknowns. This has always been one of my downfalls. I wish I would be more liberal and gutsy. Can any of you business owner's out there give me any advice? Do's or don'ts (not necessarily associated with the woodworking field)? Marketing strategies? Literature/books? business taxes and how they work?
Thanks for your time.
I used the 9-5 as a crutch for as long as I could, just like it sounds you plan on doing. It sucked up a ton of time, but it paid the bills and let me take more chances with the side business. It allowed me to hold out for the good jobs and not have to take *every* gig that came my way.
As far as getting motivated to pull the trigger and take it full-time, what did it for me was realizing that all I really needed to do was be better than one competitor. If I could beat someone that's already making money, then I should be able to make money too. Customers are already spending the money on the service in general, so all I need to do is be there to catch it.
I took a pay cut for the first year or two, but didn't mind since the work was more fun. Now the work is better, less stressful, I have more free time and make more money. Definitely glad I didn't wait any longer to jump in.
Not to get too cheesy, but in the service industry, I think it comes down to how hard you try. I bet you could be relatively bad at something, but if you're willing to try harder than the competition, you should be able to do just fine.
When you transition, like already mentioned try to stay out of debt and be careful with employee's , it costs lots to employ people these day's and the profits are not there.
Build yourself out of your current job, don't just walk away.
The Shop
In the end, running your own business is a lot of non-stop work, but totally worth it in my opinion. Especially if you love what you are doing.
You'll go broke building cabinets for lower end houses. Establish your business as a high end business and do something that clearly separates you from those that chaase the higher volume, lower margin work.
Folks with money typically will spend it when there is a noticeable difference is quality, craftsmanship and professionalism.
Can you build furniture like this?
[url=http://www.bausmanandcompany.com/]
"Your customers want meat and potatoes. Where can they get meat and potatoes? Well they could go to McDonalds and get a burger and fries for $5, or they could go to O'Charleys and pay 3 times as much for a steak and baked potato. Both are meat and potatoes, so why would anyone pay more? Because there's a lot more to it than meat and potatoes. You want to be the O'Charleys, not the shitty McDonalds. Who makes more money in this scenario; a guy that does 4 jobs at $25/ea, or a guy who only does 2 jobs but charges $50/ea? Both made $100, right? Nope, the guy charging $50 made more, because the guy doing 4 jobs has twice as much time/equipment invested."
Here's the way I see it. Guy puts a fancy guarantee on a box cause he wants you to feel on warm and toasty inside.
You figure you put that little box under your pillow at night, the Guarantee fairy might come by and leave you a quarter, am I right?
The point is, how do you know the fairy isn't a crazy glue sniffer? 'Building model airplanes' says the fairy; well, we're not buying it. He sneaks into your house once, and that's all it takes. The next thing you know, there's money missing off the dresser, and your daughter's knocked up. I've seen it a hundred times.
They put the guarantee on the box because they know they sold you a guaranteed piece of shit. That's all it is, isn't it? Hey, if you want me to take a dump in a box and mark it guaranteed, I will. I got spare time.
But for now, for your customer's sake, for your daughter's sake, you might wanna think about buying a quality product from me.
Cheers,Pat
Pit Row
You will need that money for cash flow.
Know your limits to how big of jobs you can do.
A $250,000 job sounds good in the beginning but always plan for hiccups, slow pay, material shortage, machine failure, hell I even had a customer go into the hospital halfway through a job.
Custom work is good, but require alot of hand holding and mock ups, I call that trophy work, I have done my share of trophy work and find commercial work to be the best.
I agree on the cnc machine.
I have a small table, fittings that takes an hour to layout by hand, takes minutes on the table.
be aware the software can get expensive. but when your set up your done. Except for consumables and maintenance.
- Set goals - its amazing how we achieve them. Even when they are outside our comfort range. Put all desires in, including growth.
- Start off with simple offerings.
- Don't be afraid of success. Embrace it. (I can't do that) YES You can! Customers believe in you.
- Don't be afraid to say no - taking a job for the sake of work may obscure an opportunity for a better paying project.
- No freebies (Unless they give you a huge contract with it.)
- No work starts without a signature and deposit. Verbal means shit.
- Success/failure can change daily. Everyday brings new potential.
Again: Stay motivated.
My suggestion of a good sales tool:
How to become a Rainmaker. $12.00 It's a little hokey, but the core values work. Its really simple rules to follow.
http://www.barnesandnoble.com/w/how-to-become-a-rainmaker-jeffrey-j-fox…
I am 22 years old and "official" started my business last October. I am a paint protection film installer for high-end cars (vehicle wraps).
There was two reasons I started my business. First, I calculated how much I was making my employer vs my pay and saw the huge potential. Second, I saw the flaws at my past jobs and thought I could do it better.
First thing I did was calculate a business plan. I did two price list. One of the bare minimum needed to start the business and the other with the maximum needed to run the best business. Calculated price lists for charging clients.
While still working for my employer. I built a website and started social media. Slowing I bought all the bare minimum tools/supplies. Save up enough to last 6 month without making a dime.
When I was ready to go. I didn't just quit my job and tell my boss fuck you.
No I told him I was going to become a sub-contractor (1099). I gave him a price list for my services for just labor. He will provide the film and clients car.
Well it worked great. I was consistently busy at least 3 days a week just from him for months. I was making 3-4 times the amount he was paying me before. lol
So I went to all the shops near by and offered my 1099 services to them. I got 3 accounts, that keep my busy at least 4 times a week. I slowing started getting my own customers and turning down the 1099 work if they overlap.
Started selling the film and tools online on my free time. Ebay, amazon, and just built a second site just for selling. Making a decent money to supplant for slow months..
Well that's where I am out now. Just a one man team installing mobile. Waiting for my customer base to increase enough for me to get a shop and start hiring employee's.
Last three words of advice:
-Go after high-end clients. They have money to spend and they have a lot of rich friends. You do good work, they will recommend you to their friends.
-Don't hate you competition. Work with them! (1099 sub-contracting).
-Sell online!
Here's my websites for ideals: (Built using weebly)
Installations: http://www.pacificautofilms.com/
Selling: http://www.bulkclearbra.com/
-Evan
Try to look at it realistically of what can you produce a week, will people buy it, and will that be enough to give you your expected income. Don't go just by your emotions, that you want to do it so bad.
Social Security taxes is the one that surprised me and many self employed friends. Instead of paying about 7.25 % you pay the companies and yours, double that. When we first started making money my tax bill caught me off guard.
It would be nice if you have your own garage to start in. You don't have to be in business like that for it to get old of people wanting to come by after hours or weekends, though. You could always move later, though.
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