WoodSkills Issue 02 - Page 7

Workshop, hand tools and workbench all come together to create an environment conducive to woodworking. A peaceful, serene area in

which we can unleash our creativity and develop hand to eye skills.

EXPOSURE

EDUCATION

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However, being in business for yourself involves much more than furniture making. There are other business aspects to consider. Other concerns include: accounting, inventory control, equipment and tool maintenance, purchasing, marketing, shipping, advertising and social media. You also need a substantial enough space to perform furniture making. It is crucial to factor all this into the time and cost of doing business. These aspects of business take valuable time away from the core furniture making but are fundamental for your business to survive and grow.

Today, there is an abundance of low-priced software to help manage a business and assist with accounting and bookkeeping. Software enables you to plug in numbers where the software performs all the background calculations for you. Over time, you will learn to manage these business related tasks and revert to furniture making as your primary focus. I have not touched on the immense satisfaction derived from the independence of being a self-employed furniture maker. Speaking from personal experience, I can attest that the freedom gained is exceptional. You will no longer need to dress up and commute to a workplace that provides little satisfaction but only financial security.

Guaranteed jobs have also become a relic of the past. The often reduced and irregular income that comes with being a self-employed furniture maker is well worth it. A first step is to determine if you can survive as a furniture maker at this stage in your life. This is accomplished by weighing your fixed monthly costs which include housing, family expenses, vehicle expenses, food, utilities, etc. If you are the sole income earner, it might be challenging and stressful to survive monthly if business income is irregular and does not match your fixed monthly expenses. In this case, drawing a regular employment salary while building your new business is a more prudent approach.