You’re a carpenter, but rather than work for someone else, you want to become your own boss and have your own set of loyal customers. Working for ourselves is the dream, and for such a profession like carpentry, it is very much an option for skilled craftspeople.
As with any business, you need to create a plan. Your plan should consider the following topics:
- What are the startup costs?
- What are the ongoing costs?
- Who are you targeting?
- How much money do you need to make to break even?
Typically, you will need to get licensed and bonded – this will protect you and your customers from any potential legal action. This is, however, state-specific. The costs can also be quite large, and although this may seem daunting, it can help your business in the long run.
However, before you even consider this, you need to first decide where your workshop will be, whether you want a business partner, and how you are going to find customers.
Your workshop
This is one of the most crucial steps to starting your carpentry business. You need a workshop that allows you to do your work properly, is big enough for your equipment, and in a location that makes sense.
You can start off by buying land, or if your back garden is big enough, build one of the many DIY steel shed kits that are affordable, reliable, and perfect for carpentry. Such buildings have vents, ideal for ventilation and keeping you cool in the summer, while also letting natural light in.
If you are already a carpenter, then you may already have the tools needed for the job. However, you may also have rented them or used your employer’s tools. Be sure to invest in the essential carpentry tools so that you can produce high-quality products.
Who is your target market?
What type of carpenter are you going to be? Are you going to be residential, or are you going to be commercial and help large companies with any building issues they may have?
The best way to find customers, regardless of who you are targeting, is to build a website, social media platforms, but also reach out to the local potential customers through flyers, local newspaper adverts, and putting out business cards in other local businesses.
Once you get customers, ask them to recommend you to their friends or family and create a referral program – this means whoever refers them can save money the next time they require your services.
Make it legal
Having a legal business entity (such as an LLC) stops you from being personally liable if your business is to be sued by a customer. You will also want to register for taxes, but in order to do this, you have to apply for an EIN – this is free to do so, though.
Obtaining the needed permits and licenses is also a must; you will need to see which state permits apply to you, which can easily be done by looking up the SBA’s website.
Get insurance
This is necessary for all business owners, especially if you are going to be hiring employees. Check your state, as workers’ compensation insurance may be a legal requirement.
