Before seeking out any other advice. Put your planned equipment/tool list together
Estimate about 6 months of lumber inventory and it's costs. (Maple,cherry, walnut,
quartersawn, figured and clear)
Then call you insurance agent and ask about commercial insurance rates to protect all
Be sitting down when he calls back with the price.
You homeowner's insurance will not cover the business.
For a part-time business? Six months of lumber? <G> Heck why not
buy Tom Plamann's huge lathe, just in case he needs it?
He's right about the insurance, your home owners insurance will not
cover business equipment. However, you can purchase a rider with a
large deductible to cover a major catastrophe, and you should have
liability insurance, which you'll need to work on a customer prem.
You'll probably have to self insure for smaller losses. Since your
shop is in your home, there's probably less of a chance of having the
shop cleaned out by thieves, compared to an industrial location. In
case of a fire, you'd have to meet the large deductible.
One thing to consider is zoning. You can probably do what you want,
as long as you're not making excessive noise, hanging a sign, having
customers visit the shop, or getting a lot of deliveries.
Talk to a local lawyer and accountant about getting set up as an LLC
and for sales / local / federal taxes, and maybe getting set up with
Quick Books or Peachtree to keep the books easy. The accountant will
probably suggest the same book keeping software he uses so that you
can bring the books to him at tax time. If you are simply looking to
make a few pieces of furniture or install some built-ins on a part
time basis, you _can_ do it legally and make a profit. Lots of people
do this every day.
There are several titles, depending on the nature of the woodworking biz
The Woodworkers Guide to Pricing Your work has a range of types of work for
you to get a feel for things. Go to Amazon.com and type in "Woodworking
Business" in book search and you'll find a wealth of titles.
I've collected quite a library over the years and while no one book has all
the answers, they all have good points to take to heart.
Hope this helps, and good luck! What kind of kindling do you make?
A friend of mine, Kenn Oberrecht, wrote such a book some time ago
for...jeez...had to go look at my book for them. Globe Pequot. I don't know who
owns Globe now, but you might try googling them.
But I just checked and the book isn't listed any more. Try Amazon, though. How
To Operate A Home Based Crafts Business, IIRC.
If God had wanted me to touch my toes he would have put them higher on my body.
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