Why Woodworking Startups Do Well in a Recession
As unlikely as it may sound, starting a business during a recession is a good idea. Most of the people who have started their woodworking business during tough 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 stable income.
Surprisingly, this is often the necessary incentive for many to ultimately do the work they have always wanted to do while making 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 companies have gotten their start during the height of a recession: Microsoft started in 1975 while the United States was experiencing a recession and has been phenomenally successful. The same goes for Walt Disney, who started his empire in 1923 during another great recession. America was going through the great depression that was when Hewlett-Packard was born.
In fact, more than half of the companies that currently represent the Dow Jones Industrial Average started in the middle of a recession.
Why Startups Do Well in a Recession
First, the competition weakens. Many companies that started in better economic conditions survived thanks to their large profit margins. When their big profits fell, they could no longer survive. When starting a home-based carpentry business, your ability to compete is better due to the low overhead incurred by working at home.
This alone is a real advantage when starting a woodworking business. If you already have tools along with a workspace, you basically have what it takes to get started. Even without tools, you can get the tools you need for less than $ 150.
Why You Should Start Your Woodworking Business Now
As mentioned above, many people start a business out of necessity. Those entering the woodworking business have a distinct advantage. They tend to be passionate about carpentry. It is always easier to develop a new business when you are doing something that you really enjoy. If it works properly, 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 make money. You can run your woodworking business from a workshop in your basement or garage and work when you have the time available. If you are starting your business to supplement your income, you can always work weekends and nights. 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 be to most people’s liking. However, if you are currently employed as a carpenter or woodworker as a hobby, you already know what you are doing and probably take the time to do it. So it makes sense to turn your time into money. There are not many opportunities to earn a good income doing something 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 case you lose your current job. If that happened, you could increase your efforts and turn your current part-time business into a full-time business. Losing your job could end up being one of the best changes in your life.
A newbie can start a woodworking business
A common misconception is that only professional carpenters and master craftsmen can start a successful woodworking business. This is not the case. Anyone who knows how to use a hammer and nail has the basic skills necessary to get started.
Literally everything you need to teach you how to build 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 in addition to being a good source of information is that you can sell your products to people from anywhere in the world. The Internet is also a great 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.