Depending on your situation, you may need to upgrade to 200 amp electrical service in order to meet the needs of your house and your shop. It may also be in your interests to add in a separate electrical service meter on your shop so that you can clearly write off electrical use for your business, or in future rent the space out and clearly separate out the utilities for billing your tenant. Generally, you don’t want to skimp on the power to your shop or on the lighting you include.
The first step in choosing a business location has little to do with site evaluation. It’s about understanding who your customers are. What kind of people are they? When and where do they work? How do they spend their free time and extra capital? Get to know your potential customers and you’ll have a far better chance of finding both a site and a property that they’ll want to frequent. Once you know who they are, you need to ask yourself if there are enough members of this target demographic near your intended storefront location. If so, what time of day they are most likely to be near your storefront? And, will it be quick and convenient for them to stop in?
When starting your small business, the easiest way to go about choosing a business name is to approach the task the same way you approach building new relationships. Did we lose you for a second? Here’s what we mean. It takes just one-tenth of a second for us to judge someone based on a first impression. There are endless relationships that instantly blossom or never get off the ground based off of this one simple fact. Most of us, even if it is on a subconscious level, understand this. Which is why when we meet someone that we are trying to impress, we make an attempt to adjust our appearance, body language, even the way we talk, to ensure we are putting our best foot forward.
We did our best to keep costs down, but there was only so much we could do. We needed the shop to go up quickly, which eliminated the prospect of me doing some of the work myself. Additionally, we live in a neighborhood with a homeowner’s association. This means we have very specific restrictions for what we can and can’t do on our property. So the shop must have all of the same finishing touches as our house.
A great product line will also reflect a range of price points. For a business that is working hard to convey a sophisticated and elite vibe, it might be a useful strategy to set a high minimum price, but for the vast majority of small businesses, your pricing should be guided by one key thought: I want every single person who comes through my door to be able to find something that fits their budget.
Starting to see a trend here? Notice how each of these questions begins with the customer in mind. As with all things related to your store, it’s critical to put your customer at the core of your decision making. At first glance, little things like cold drinks that aren’t quite cold enough, can seem insignificant, but it’s often the little things that hurt the customer experience and can turn a customer off to your business forever.
Many small business owners start on a shoestring budget, intertwining their personal and business finances, supporting the business with their personal credit cards, accepting payments into their personal checking account, and even submitting tax returns that mix up personal and business finances. While this is common, it can create tax headaches, make bookkeeping more time consuming, and, most importantly, can also interfere with the proper evaluation of your business.
I could not consider a 12" jointer, given that the equipment had to be moved down the stairs to my basement, and the cost would blow my budget. What I wanted in an 8" jointer was true tables, a fence that is solid and easy to adjust, a cut depth gauge that is reliable, and long tables that aid in flattening longer bowed planks. I have found that the Taiwanese tools have come a long way in the past 20 years. I purchased the King KC-80FX 8-inch jointer, with lever adjust parallelogram tables. The system arrived in a good state of tune, and the well-written manual includes a full parts list and exploded parts diagrams. The tables were extremely heavy; more about getting things down the stairs later. The jointer is reasonably priced, it runs smoothly and it is well made.
Great video Marc. I know I’m not the first to bring up the reverb in the shop. However I don’t think addition of rubber floor and cabinets will change this much. Furthermore, sound panels look very clunky in my opinion too, but may be necessary above some machines? Materials like drapes and carpet strategically placed can also do wonders, but I don’t know how practical that would be in a wood shop.
Tight control of inventory, while not a particularly glamorous part of owning a small business, is therefore one of the most important ways you can impact profitability. The good news now is that there is an array of technology available that can make this whole process much smoother, including sophisticated forecasting tools that will help you predict your required inventory levels for each day based on past sales, weather records, and many other factors.
In a small space, there's not much room for one-trick ponies: You need gear that can do many different things, and that goes for your work space and stands, too. You can add a wood clamp to a multifunction workbench, but you probably need compact work or tool-holding stands to make up for the lack of a large work surface. Occasionally you may need to take your work to another room or even outside, in which case portability is also important.
That headline struck me as discouraging. As an entry fee, $5,000 seems high enough to exclude a number of potential woodworkers, myself included. Christiana softened the blow by saying that used tools could cut the cost roughly in half. That figure seemed much closer to my experience, which involved buying a mix of new and used tools. Having said that, buying the right used tools is much more difficult than buying from a catalog or dealer who stocks everything needed to build a great shop. It requires a bit of guile and a good plan, but the payoff is worth it. Through careful choices and good fortune, I was able to outfit my shop with a blend of new and used tools for around $2,000.
It can become very difficult and time-consuming to constantly track the amount and purchase price of all your inventory, but it is hugely important to your bottom line. Every time you catch yourself saying, “Sorry, we don’t have that in right now,” you are leading your business in a very unhealthy direction. Not only does being out of something represent a lost sale opportunity, but in a world where consumers place a huge premium on their time, it could mean that you lose that customer forever while hurting your brand reputation in the process.
If you choose to hire a draftsperson or architect, they may charge you based on the square footage of the area you are proposing, by an hourly rate for their time or as a percentage of the cost of the structure. Costs of building permits will be a percentage of the estimated cost of the structure you are proposing (e.g., $15 permit fee per $1000 or 1.5 percent), or a cost-per-square foot depending on your municipality (e.g., $1.20 per square foot). Design work and permits will both differ depending on the part of the country in which you will be building, so ask the questions as you move ahead. One of the costs that is often overlooked in planning is the increase in annual property tax you will pay once your improved property has been reassessed.
First, as most eager but hesitant potential hobbyists realize, you have to be much more thoughtful about tool selection. A 14-inch band saw? In your dreams. In a small space, you're going to have to rely on bench-top or handheld tools. (It is possible to forgo power tools entirely in favor of hand tools, but that's a discussion better left for another time.)
According to store design experts, this is the part of the process where store owners tend to put the cart before the horse. Once the floor plan is sketched out, store owners are quick to purchase and install fixtures, then fill them with product. Far too often, the fixtures chosen aren’t ideal for displaying a range of products in a particular space. Or worse, they don’t offer flexibility needed in valuable display areas that are constantly changing to house featured and seasonal products.
This project may look a little overwhelming and I do consider myself pretty handy. However, I think just about anyone could complete this project. This was my first real experience building a solid floor, framing walls and sheathing/ shingling a roof. I spent a lot of time researching and educating myself on proper construction techniques. I have not come across any glaring mistakes along the way, but I welcome comments about the construction from more experienced builders.
I save all my back issues of The Family Handyman magazine and love the projects and repair tips. The trouble is, I’m not always ready to do the project when the issue arrives. To make my favorite articles easy to find at a later date, I put a stick-on label on the cover and then add notes for easy reference when the time comes to do the job. — Willie Schreiber. Plus: Check out this small workshop storage solution. Small woodshop workshop on a budget