The money you’ll need to start a woodworking business question , is something you’ll find in your path to make the woodworking a profitable job and live from it .
The money “issue” is always a theme when you want to transform your passionate hobby , into a profession to gain money and live from it .
The prices are constantly changing for the woodworking machinery , the country’s taxes , insurance and for your wood’s store bills , the wood prices , the money for rent depending the territory , the advertizing and marketing money .
So it isn’t a “wise” thing to name exact prices to you , in order to start your business , but for sure you’ll need a couple of thousand dollars around to 10.000$ – 15.000$ , to start a woodworking business .
You’ll need the exact money to supply the best and appropriate equipment and pay the rest required bills , in order to start a wood store and be the best woodworker you can be .
So in here as you see the mentality and exact money that you’ll need to start a woodworking job , is “liquid” so you have to be flexible and check for the right prices , the exact moment you’re about to open the business .
For starters , you should need between a 1000$ and 2000$ for your first hand tools and a nice workbench to work with .
Your hand saws , backsaws , some planes , a nice set of chisels , some sharpening equipment ( stones , et.c) , a caliper , a level tool , your marking and measuring equipment , a hand drill , and the rest of your hand tools will need this amount of money .
Next you should proceed to the power tools and i here you’ll need the most money , to the limit of the 10.000$ – 15.000$ and maybe a little more .
Of course a dust collector system should be your first buy and next a table saw , a drill press , a thickness planer and a power jointer to flatten and square your boards , a hollow chisel mortiser would be nice , a small lathe , a router , a miter saw for your angle cuttings , a circural saw to be be portable , an orbital sander , are necessity for a woodworking business .
The auxiliary tools( vices , pliers , scewdrivers , et.c) and the finishing ones( oils , waxes , paints , sandpapers , et.c ) are the ones which you can have without spending much .
The same applies for your straightedges , your winding sticks , your dowels , the wood glue , your feeler gauges , some dovetail makers , et.c . These aren’t expensive equipment .
Of course you’ll need to spend some money for your safety equipment , except your dust collector system . A very good face mask with filters and some mask without filters , a couple of gloves and eyeglasses with some ear protectin , are needed and there aren’t expensive .
You won’t need more than 100$ – 150$ bucks . A first aid kit is also necessary .
What tools – equipment , approach will help me ?
If you want to create a woodworking business , don’t be satisfied buying the cheaper or the medium range woodworking tools and equipment , but buy the best possible .
In my opinion , it’s better to wait a little time more and collect some money more and then start your business , than start with very lower quality equipment . This equipment will give you problems very often , especially working in professional rythms .
The lower quality equipment is more possible to “betray” you in tough situations , than a better quality’s one . This is an “unwritten law” and every professional or not respects it .
No matter how much money you have and can give , nobody wants to lose money from wrong choices and wrong approach .
My detailed step by step approach and suggestions , for the money you’ll need to start a woodworking business is this :
1) Find a place to rent for your store .
2) Begin buying the best possible dust collector system and safety equipment ( gloves , ear – eyes protection , a first aid kit , et.c ) .
3) Continue with your woodworking bench .
I’ve picked some of the best workbench choices in the markets , see them in HERE .
4) Start buying the hand tools and it’s ok if they aren’t the best in that moment . You’ll make adjustments during time .
5) Start buying – collecting the best professional power machinery . I’ve written a post for the power tools complete list and their importance , read it in HERE .
6) Buy your “secondary” auxiliary tools and equipment .
6) Start getting your wood supplies . Basic and not big quantities at first . Remember you have zero clients .
7) Start advertizing yourself and your new woodworking store , in the physical and in the web world . Make some nice advertizing leaflets and some cards and begin to promote your store . All alone at your beginning .
A not too expensive laptop to connect you with the web is needed , around to 500$ is needed of course .
8) Keep some money for your first months , concerning your rent the other bills , your personal insurance and the goverment taxes and of course a good accountant .
This can rise a little bit the ammount above the 10.000$ – 15.000$ , i mentioned before and maybe a little more to the 20.000$ , but if you start selling wood crafts , things will be easier .
Some extra mentality tips :
Except the typical and practical moves you should do , i suggest you have the “be the best” mentality and combine it with your money mentality .
If you decide deep inside you that you want to act in a specific area , the woodworking or whatever else , try to be the best possible professional and be very strict with it .
Not just the best in your neighborhood , or your city , or your country , but in the whole world .
The same approach applies in here concerning the amount of money you need to start a woodworking job and make it a profitable job .
If you want to make your woodworking in to a business , you should “reset” your “wooden hard – disc” and go to a different level .
If you have money to buy only cheaper Equipment , what Priorities you should have ?
If you cannot have the amount of money( it’s a common issue) to get good or medium range equipment to start your woodworking business and you have only very few ( 5.000$ – 8.000$ ) , you should adapt , be flexible and set priorities .
If you cannot have the money to start your new job , this doesn’t mean that you should stop .
The woodworker never stops , in front of obstacles . He/she adapts and tries to do the best he can , with the money inside his pockets .
If you don’t have enough money set priorities and do these :
Start buying the heavy- duty woodworking tools Firstly and then “climb down” .
In here the buying mentality changes and you should start your carpentry business different , if the money are very few and limited .
Start buying the biggest and more “heavy duty” wood machinery and spend the more money you can afford and then continue buying the more “light” woodworking tools , as the hand tools and the auxiliary ones .
Start buying and speding the biggest amount of money to buy a nice table saw , a bandsaw , jigsaws , circular saws , drill presses , et.c , some basic power tools and then “climb down” to the more “lighter” tools as the hammers , chisels , hand drills , hand planes , mallets , et.c .
Of course some hand tools as the panel saws , a backsaw , a miterbox , chisels , planes , et.c , are important and you’ll supply them , together with the power tools .
You cannot start a business having only power tools .
If you don’t have the money to buy the best quality chisels , do the job with a lower quality ones and later when you’ll find the money , escalate to the more elite ones .
I have an article about how many hand tools you can buy with less than 100$ , read it in HERE .
The quite expensive heavy – duty woodworking machinery , worth 100% to invest on it , the biggest amount of money you can .
The above mentality for your first money spending , concerning your expenses will save you a lot of money and help you the first months of your business start .
** Extra tip to save money and invest it to your business :
If you are careful while you’re using your equipment and you follow the exact maintenance actions the manufacturer suggests , you’ll “enjoy” your tools for many decades .
This means that you’ll save money and believe me in your first woodworking business period , you’ll need to save money in the maximum available grade .
Some money you’ll save from the tool’s maintenance , you can invest them in your wood supplies and have very “attractive” product prices , for your clients .
The biggest part of those money will go to your rent , your heavy – duty machinery , the supplies of the “lighter” woodworking tools and some wood supplies to create your first orders .
Always keep some money for your first months to pay your electricity bills , your insurance needs , your obligations concerning your country’s/state taxes , your professional accountant and some for the “last minutes” totally random expenses .
The businessman/woman , who wants to survive and become the best in the area he acts , always thinks seriously , plans seriously , acts seriously and waits prepared for the “bad moment” .
Keep Woodworking and your happiness is certain .