There are benefits to either approach. Sharing a common wall with your house can require some careful soundproofing but can reduce heat loss and exterior finishing costs like siding. A shop located in an addition is more likely to be allowed to have living space or storage space above it, and it may be easier to make use of the existing plumbing and electrical and heating systems of your home to service your shop space. Another advantage of an addition is not having to run to an outbuilding in minus-30-degree weather or a summer downpour.
Tip: Save money on specialty displays! Many manufacturers offer retailers low-cost or free specialty display fixtures designed to highlight their branded lines, like the one pictured below. These make great speed bump or outpost display units on a tight budget. Your product line reps can tell you if they’re available, plus provide merchandising and display advice.
I wouldn’t give up on Craigslist or garage sales.. For around $1K or less, you can pretty easily find the four big ticket items (TS, BS, Jointer and Planer) and have the extra $2K to spend on accessories, material, DC, other goodies, etc. The key is patience and persistence, and if applied correctly, you can have a fantastic setup for very little compared to purchasing new. If you are setting up a business, you don’t usually have the time to scour for good deals, but for a personal shop, there is no pressing need other than that itch to get something done.
Plus, taking the time to put pen to paper should benefit you as the small business owner as much as any potential new employee. Creating this kind of central resource about best operating practices will force yourself to formulate your thoughts and be clear about exactly what you want. Whether that means codifying sales procedures or deciding who can take cash from the cash drawer, you’ll have a clear and consistent company policy, something to which most employees will respond favorably.
Up until about ten years ago, if you were in the process of starting a small business and wanted to use all of the technologies listed at the start of this section, you would have needed to take out a second mortgage to cover the bill. Investing in retail technology has historically involved expensive hardware (including an in-house server), large upfront software costs, and hefty ongoing bills for customer support or repairs when things went wrong. Innovators were targeting large-scale enterprises like Coca-Cola, not local mom and pops, so the packages and price points were designed to match.
It’s no accident that some of the best marketers in the tech startup industry are known as “growth hackers.” Think about your target demographic (e.g. students, local mothers, teenagers) and find any way you can to get the word out to them. Email mommy bloggers, hand out free samples at the local college, or write your website on all the napkins you hand out with your food. There is no substitute for action.
By setting up a separate legal entity, you limit the financial fallout from a failed business, you shield yourself from legal risks (such as someone injuring themselves in your store), and you potentially put yourself in a more advantageous tax situation. Equally, if you are working with partners, ensuring you are set up with the appropriate partnership will give all parties reassurance about their legal standing, obligations to, and expectations from the business in question.
Congratulations !! I think 62 days is quick ! thats a big project. Now that its done and you got to get everything else set up it kinda sucks that you will also need to start making the payments, yuck. However I think it will be a good investment as your show continues to grow . I certainly love it ! I look forward to what you have in store. Thanks
I got extra batteries for my cordless tools, but I could never remember which battery was newly charged and which was run down. Now I can easily tell them apart because I painted a number on each battery with my kid’s white nail polish. It dries fast and is— you got it—“tough as nails.” — Tom Baker. Plus: Learn how to double the life of your car battery.
Non-Standard Miter Slots - This one is a downer. One of the primary advantages of having a table saw is access to jigs that expand the saws functionality. This is a major issue if you plan on buying after market jigs. Given that we are limiting the cost of this buildout to $500, I am guessing that after market jigs are probably low on the priority list. Your going to want jigs once you start researching what they enable you to do, my advice is to build your own - there are plenty of plans online.