Can one run a woodworking business by themselves?
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The one-person business model has proved to be successful for many woodworkers. In spite of the fact that one person has to act in several capacities like being a craftsman, sales person, admin and accountant all in one, a one-person woodworking business can actually be the easiest to manage, establish and run.
Training, management and compliance issues
There can be several reason for this. For example, one woodworker realised that managing the extra hands, training them to get the results he wanted, supervising, inspecting, re-doing things, took so much of his time and effort that he felt going solo was more productive.
Some people work around this by hiring people part-time when they need extra help. Although this kind of arrangement works on availability of work force when you need it. If you think you can produce and sell more with hired help by all means go for it.
Another aspect is that hiring people will immediately make business accounting other compliance issues more complicated. You will need the help of professionals to set you up properly. This is means more expenditure.
The taxation gets a LOT more complicated if you have someone working for you full-time and you are definitely going to need a CPA to do the job for your at the end of every financial year.
Personal pace and space
A lot of woodworkers work solo because they want that space for themselves. And because the very efficient woodworking power tools have, to a large extent, mitigated the need for manual help. The powered saws and routers can accomplish the job in minutes that it would take a few hours to do by hand, which, actually, is the beauty of working with hand tools. I think many woodworkers will still tell you that the quality of finish one can achieve with hand tools is not possible with their powered counterparts. A hand plane is one such example of a hand tool.
However, you must bear in mind that going solo with a woodworking business is also hard work. Your success depends on your willingness to learn and execute all aspects of the business. Fortunately it is going to be the kind of hard work that you enjoy.
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The love of woodworking, and building a business doing something that you love makes all this worth while. There are many of you who are woodworking hobbyists and would like to stay that way. This is perfectly desirable. However, there are others who are keenly interested in monetising their woodworking skill and talent. Since you are reading this blog it is safe to assume that you are one of the latter.
We want you to know that as long as you are willing to learn, you can not only just make money but also have a satisfying way of life following your passion.
“While one person and self run woodworking business is not going to make you extremely rich, it will enrich your way of life and make you comfortably financially off.”
There are of course other more extensive business models that you can pursue if expansion is on your mind. We will touch on that subject our future posts.
But mostly we are all about running and getting successful at running the show by yourself. It is going to be an exciting journey so buckle up. Get ready to learn new and interesting things that will help cement your financial freedom using your woodworking skills.
Here are some posts to get you to kick start your solo business.
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