While the recession brought with it a well-documented squeeze on small business lending from banks, there are a number of alternative funding sources available to those who are starting or expanding their small business. Loans and/or equity investments can be sourced from multiple sources, including credit unions, savings and loans, and private financial companies. Family members, friends, and colleagues are also potential avenues to explore.
In general, a table saw requires at least eight feet in front and behind to accommodate standard sheet goods and four feet side to side. A work table should provide four feet clearance on all sides, and pathways between tables, benches and storage units should be three feet wide. Proper clearance will allow you to move about with ease while you work.
However, while this product might draw the customer through the door, it will not, on its own, make your business a success. A strong small business has to be resilient to the challenges the world can throw at it, whether that means an economic recession, sudden fluctuations in commodity prices, or problematic suppliers. And a big part of resilience comes in the form of diversification.
As Kizer & Bender always tell retailers: Put it on paper. If you haven’t settled on your store layout—or even if you have—the first thing you need to do is work your plan out on paper before you start moving things around in your store. Putting it on paper helps give you a clearer picture of the desired result and any potential issues before getting started. Remember, many small retailers find that a mix of floor plan and layout styles works best.
I used to coat my metal table saw and planer bed with auto wax because it makes the wood slide nicely across the metal. But then I saw an expert cabinetmaker use wax paper, and now I do the same. I keep a roll in my shop drawer and rub a sheet of it over the metal beds on my table saw, router, planer and disc sander. The wax coating doesn’t last as long as a good paste wax, but boy, is it a lot easier and quicker. — R.J. Hayes. Plus: 22 clever new uses for your tools.
Make sure to run ground wires wrapped around all lengths of flexible exhaust hose to prevent static build up, which can spark and potentially ignite. I chose the King 1.5 HP dust collector, with a 115 volt motor, so I did not need special wiring for it. A shop vac is a must, as well, used to vacuum out machinery, and to remove dust from furniture prior to finishing. Finally, an air filtration system was installed to clear the air of tiny airborne particles. The King KAC 650 unit I installed does a nice job, has a remote control, and a programmable delay – I usually have the air cleaner run for a timed two hours when I leave the shop.
Ultimate Small Shop is a complete guide to setting up your own workshop, from the planning phase to optimizing it for business. You’ll learn how to put together a complete and functional workshop for less than you expect. Ralph aims to get your shop set up for less than $1,000. Ultimate small Shop includes suggestions on where you can get the tools and equipment needed at the most affordable prices and how to optimize space to get the most out of the little room you have.
Another option to consider is an expensive but efficient Festool dust extractor. These dust extractors are designed to work with other Festool tools, but they also match up with most other brands' compact power tools as well. A nice thing about Festool's vacs is that the hoses dock neatly inside the units. There's almost nothing I value more for a compact shop than self-contained storage.
I have different toolboxes for different jobs around the house. Occasionally I’d grab a tool out of one box and then put it away in another. Eventually all my flat-head screwdrivers would end up in one toolbox. To solve the problem, I now mark the handles of the tools and the corresponding toolbox with a band of colored electrical tape. Now all the tools are in the box where they belong. — Kim Litkenhaus Marino
Can you outfit your shop with all the necessary hand tools for just $100? Christopher Schwarz says you can, and he’ll show you how to do it in this article. Take Christopher’s shopping list to the flea market and come back with everything you need for less than you’d spend on one new hand plane. You can do all your woodworking with hand tools, and this article from Popular Woodworking will equip you with everything you need.
In an indoor or basement shop with industrial carpeting, lay down inexpensive laminate flooring to make your life a bit easier at the end of the day. Be sure to anchor the panels or place a large rubber mat beneath to keep them from sliding over the carpet. (Covering up your carpet is even more critical if you want to go beyond wood and work with a material such as aluminum in your indoor shop; metal shavings dig into any kind of carpeting and are incredibly frustrating to clean up.)
As a retailer, it's possible to use furniture, displays, racks, and other tools to create a clear path for your customers through your store. This will vary greatly depending on the size and your general store layout. However, you know that most North American customers will naturally turn right — so, your next job is to make sure that as they do, they also continue walking throughout your store to gain the maximum exposure to your products. This not only increases the chances of them making a purchase, but a well-thought-out path can be a great way to strategically control the ebb and flow of foot traffic in your store.
I bought an energy-saving outlet strip for my TV and its components. One outlet controls several other outlets on the strip, so when I turn off my TV, the adjacent controlled outlets for my VCR, DVD player and receiver sense that no current is going to the TV anymore, and those outlets shut off. Then I decided to try it out in the shop. I use it with my router table, disc sander and orbital sanders, so when I flip one of them on, my shop vacuum also starts up to take care of dust collection. It also has two outlets that are independent for other accessories you’d like on all the time. You can buy the outlet strips at amazon.com. One choice is the Belkin Conserve Socket with Energy Saving Outlet (about $30). — D. Linley. Plus: 30 more smart tips for working in your home shop.
You might be thinking your business aspirations are too ‘early-stage’ to merit investigating the permits required to run your small business. You’d be wrong. The costs and requirements of staying on the right side of the law should be factored into your initial business plan and ongoing projections. In the long run, this will save you time, money and heartache.
They say nobody ever started a small business out of a love for numbers, but if you really want to stay the course, you’re going to want to fall in love fast. It’s only by keeping detailed accounts and tracking your business’ numbers over time, (net sales, cost of goods sold, and average transaction size) that you’ll start to gather the actionable insights you need to make intelligent business decisions.