As unlikely as it may seem starting a business during a recession is a good idea. Most people who have started their woodworking business during hard economic times have done so because it was necessary. The most common reason for them has been the loss of their job combined with the need to maintain a steady income.
Surprisingly, this is often the incentive necessary for many to ultimately do the work that they have always wanted to do, and make a good living at the same time. With the right approach, starting your woodworking business in a recession is a good move that can yield some very positive results.
Many well-known businesses have had their start during the height of a recession: Microsoft began in 1975 while the U.S. was experiencing a recession and has had phenomenal success. The same is true for Walt Disney, who started his empire in 1923 during another major recession. The United States was going through the great depression was when Hewlett-Packard came into existence.
As a matter of fact, more than half of the companies that currently represent the Industrial Average of Dow Jones began in the midst of a recession.
Why Business Start-Ups Do Well in a Recession
First off, the competition is weakened. Many businesses that began in better economic climates survived because of big profit margins. When their large profits dropped they could no longer survive. When starting a home-based woodworking business your ability to compete is better because of the low overhead that comes from working at home.
This alone is a real advantage when starting a woodworking business. If you already have tools along with a work space, you basically have what’s needed to start. Even without tools, you can get the tools you need for under $150.
Why You Should Start Your Woodworking Business Now
As mentioned earlier, many people start a business out of necessity. Those who get into the woodworking business have a distinct advantage. They are usually passionate about woodworking. It is always easier to develop a new business when you are doing something that you truly enjoy. Properly run, your woodworking business will be very profitable and enjoyable.
Here are some reasons why you should act now:
The most obvious reason to start a business is to earn money. You can run your woodworking business form a workshop in your basement or garage and work when you have the available time. If you are starting your business to supplement your income, you can always work weekends and evenings. If this is going to be your only source of income, you will obviously be working full-time
The idea of working nights or weekends may not appeal to most people. However, if you’re currently employed as a carpenter or do woodworking as a hobby, you already know what you’re doing and probably spend time doing this already. So, it makes sense to turn your time into money. There are not many opportunities to earn a good income doing something that you love.
Nobody’s job is safe these days. Having a second income from a woodworking business is a good way to stay protected in the event that you should lose your current job. If that should happen, you could increase your efforts and turn your existing part-time business into a full-time enterprise. Losing your job could end up being one the better changes in your life.
A Novice Can Start A Woodworking Business
A common misconception is that only professional carpenters and master craftsman can start a successful woodworking business. This just isn’t the case. Anyone that knows how to use a hammer and nail has the basic skills necessary to get started.
Literally everything that you need to teach you how to building simple woodworking products, what tools to use and even how to start a woodworking business as a beginner can be found online.
Customers Are Everywhere
One of the great benefits of the internet besides being a good source of information is that you can sell your products to people anywhere in the world. The internet is also a good way to give your woodworking business visibility that may not be possible as a home-based operation.
Another simple fact is that during a recession there is always that segment of the population that is not affected. These are the people who have disposable income regardless of the economy. These are the people who would love to buy your products, and one of the best ways to get them as customers is online.