7 Things You Need to Know Before Launching Your Carpentry Business
More and more people are taking the plunge and launching their business, and if you have carpentry skills and an ability to work hard and spot an opportunity, it could be one of the smartest moves you’ll ever make. Running a business, or working for yourself, allows you to fit your working hours around your schedule and profit directly from your own work and talent. The world of business is ever more competitive, however, so careful preparation is essential if you want long term success; that’s why we’ve created this handy guide to the seven key things you have to consider before starting a carpentry business.
1. Have You Got The Talent To Succeed?
Starting a carpentry business can potentially be lucrative, and if you’re considering it then naturally you must be skilled in this area, but do you have the advanced skills and talent you need to succeed in the business arena? This should be the first thing to consider before launching your own business, so take a look at other carpenters in their area and pay close attention to what they offer customers. If you can match or exceed their services, then your business dream is worth pursuing.
2. What Are Potential Customers Looking For?
One thing that unites successful businesses of all sizes is that they understand what their customers are looking for, and then they supply it. Don’t go on your gut instinct. It’s essential that you speak to potential customers yourself. Customer research should be at the heart of any startup business, so talk to friends and acquaintances, or use a marketing company who can engage with the public and get the answers you need.
3. How Will You Finance Your Business?
Starting a business will involve an initial outlay, even if you plan to start small and work up, so you need to know how to finance your operation before money starts rolling in. Many startup entrepreneurs talk to their bank about acquiring capital, but it can be worth considering modern methods such as business crowdfunding too.
4. How Will You Grow the Business?
A business that stands still will soon be left behind, but how will your business grow and what income and profits can you expect to generate? This information should be at the heart of your business plan before launch, and if you do approach, a bank these are the figures they’ll want to see. It’s important that any projections you make are realistic, so it may be worth seeking expert advice from an accountant or business mentor.
5. What Insurance Will You Need?
Starting a carpentry business doesn’t have to involve a lot of red tape, but one thing you will need is carpenter’s insurance. Carpenter insurance by Next Insurance is tailored to meet your needs and can be a lot cheaper than you might expect. Acquiring it is a swift and simple process. Next Insurance is an expert in this field, so they’ll know what you want and need. It provides peace of mind for you, ensures that you meet the legal requirements to be a carpenter, and it can reassure potential customers too.
6. Have You Got The Time And Commitment You Need?
Running your own business or becoming self-employed allows you to work when and where you like rather than being tied to a schedule set by your bosses, in theory, at least. The truth that every startup business person knows is that whilst they can fit their work around family commitments, they also have to work longer hours than they would if they were employed by another. Be prepared to start work early and finish late, and to be on call for your customers at unsociable hours. It’s a large commitment, but if you have the dedication and self-belief required, it can be a rewarding one.
7. How Will You Get Noticed?
Being a skilled and hardworking carpenter with examples of your own high-quality work to show to prospective customers is vital, but there’s one more ingredient you’ll need: marketing skills. You have to get noticed ahead of your competitors, and one way to do this is to have a vibrant, high-quality website that reflects your business in the best possible light. You should also have a logo and corporate colors, and you can then use these on flyers and leaflets. Don’t underestimate the power of social media marketing too, so use platforms such as Facebook and Twitter to show the world your work and the carpentry services you provide.
With a realistic business plan, enthusiasm, skill, a marketing strategy, working capital, and carpenter insurance in place, you could be ready to launch your carpentry business. The list isn’t as daunting as it might sound, and with proper preparation and planning, this could be the year that you take the first steps towards building a successful and lucrative carpentry business.