Woodshop Beneficial Financial Paths are our topic today. What do we mean by financial paths ? Are we talking about our shops expenditures each month ? What things cost us ? No of course not, we’re talking about the different ways to plug your own shop into making money. The life blood of all business. I’ll share with you all the steps I’ve taken to keep our Shop’s doors open.
Woodshop Beneficial Financial Paths
In order to make our financial paths we must first know the steps in which to take. Simply put, the correct steps make you money and the wrongs ones cost you money. We’ve all made bad financial decisions at one point in our lives, hopefully we learn from them. This is no different in the business world. Let us discuss below the things you’ll need for a successful business.
Web Presence or your website
This is the first place to start in my opinion. There’s no better way to be discovered today then with a website. This will highlight your business and the services you offer. Your website will have all the pertinent information, about you page, portfolio to showcase your work and a contact us page. This is the very basics and more can be added later.
Perhaps you want your own store to sell your items? A website that allows e commerce is beneficial to you. There’s no reason to pay someone else a commision to host your goods. Creating your own store elevates this but there’s a learning curve to building websites and stores. We’ll discuss this more below.
Premium or Free websites?
Do I go with a free website or a premium one ? What’s the difference ? Is there an advantage to one over the other ? Choosing either one requires a name for your new business. For this example we’ll use a fictitious first name. Let’s call our new business john’s woodworking. A free website with have the hosts name in it like john’s woodworking/wix.com or john’s woodworking/wordpress.com.
Premium websites don’t have the host name in them but your business title “john’s woodshop” needs to be purchased. Then there will be hosting or the company that’s going to keep your company’s new website live and active online. Premium sites also have more options to them. Built in e-commerce, SEO optimizers, social icons, mailing list and so on. Personally, spend the money and give yourself a professional look.
Premium or Free blog
Woodshop Beneficial Financial Paths include writing to a Blog. Why would we do this in the first place ? A blog creates a chronological event of your business through writing. Not to be confused with a website, a blog you will continually write to. Once your website is built it’s good to go but a blog is always a work in process.
Blogging also creates another audience of niche individuals. Some people really enjoy reading and if they share your interest you’ll end up with a subscriber. Your followers and subscribers ultimately become your potential clients and advertisers. These individuals share your content which helps to promote your goods and services. Again, premium blogs offer more over free ones like websites.
Free or Premium Email
Your appearance and impression is everything online. The more professional you look the better your results are going to be. Individuals take you more seriously if you have a professional look. Your email is no different. Nothing says career professional like the look of your own website, blog and dedicated email address. A dedicated email is needed to for the next conversation we’re about to have.
Woodshop Beneficial Financial Paths definitely include Google Adsense. Talk about a passive money maker, this is it. So what is Adsense ? How do I get it ? Where does it go ? These were all questions I had when I first looked at it. Adsense is an advertising service done through Google.
Offers or advertisements are placed from Google onto your website, blog or video channel. When someone opts in for their offer you get a commision from that advertiser. Now the money isn’t massive but when Adsense is spread over many resources it adds up. You also need a dedicated email address to install Adsense on your sites.
The ads placed on your website, blog or video channel will have relevance to what you’re promoting. We’re a wood fabrication and engraving business, you’ll see advertisements that relate to what we do. You won’t see ads for Po-go sticks or hairspray.
No business in my opinion regardless of what it is survives without content. Woodshop Beneficial Financial Paths always include good content fir your audience. To set up a YouTube business account all you need is a Google account. The process is quick and cost nothing.
This platform allows for the off site storage of videos you make for your audience. As your followers and subscribers grow content gets shared. This creates an even larger audience and circle of potential clients and customers. This doesn’t happen overnight but with perseverance your audience will grow.
Now let’s attach Google Adsense to your YouTube channel and start making money from it. If you’re going through the effort of producing video you may as well be paid for it. Make the best content you’re capable of and watch your followers and subscribers add up. You’ll need dedicated sites for a business account.
Hosted Store or Private
What do we mean by a hosted store or a private one ? Is there an advantage to one over the other ? Are they difficult to set up and get operational ? What are the costs associated with an online store ? This was a big question I had and I hope the answers below help to make your understanding of it all a little easier.
When I think of a private store it’s just that, mine. It’s attached to either my website or blog, carries my goods and/or affiliate goods. When a potential customer opts in to a sale and purchases something, I make money. Since I already own the store there’s only a couple of financial responsibilities to keep in mind. I’ll have to pay my merchant services for processing the payment. The other is the cost to ship the item to the client. Most premium websites have e-commerce built in or a plugin is available.
Now hosted stores are another option for you to think about. What is a hosted store ? What do they cost ? Are they difficult to set up and stock ? A hosted store is just that, a company that lists your goods for a monthly fee or commision on each item sold.
The monthly cost is from a few dollars each month to hundreds depending on what you need. A basic plan allows you to put up to say 100 items in your store but a more pricey one allows for hundreds of items. The support you have will range from online live to phone support, choose the plan that’s best for you.
Some of the hosted stores I’ve used are below. My results varied due to my products but I feel that individual results come down to what you’re making. Please look at the links below but please do your own research to make sure these will be a good fit for you.
Social Media Platforms
Woodshop Beneficial Financial Paths aren’t possible without social media today. These places allow you to explore and investigate niche topics today like no other. Each social media platform offers a little something different with its own feel. I compare these platforms to automobiles, some like something flashy while others like a more comfortable ride.
People from all ages, countries and walks of life flock to social media like a watering hole. These places are where photos, memories and moments are captured and shared. If you are a part of this then you’ve personally seen what I’m talking about. Everybody sharing everything about anything.
Tie your endeavours into these platforms and build a list of followers. Each one of these platforms has a terms and policy to read and understand. You don’t want to do something that’s prohibited and get banned. Imagine having thousands of followers and suddenly your account gets pulled. Know the rules to each of these websites, don’t do anything to jeopardize your account.
What is affiliate marketing ? Is it for me ? What’s involved with it ? Woodshop Beneficial Financial Paths including affiliate marketing. Affiliate marketing in a nutshell is one individual or company teaming up with another to promote their products or services. In return the individual is paid a commision for those items sold. There’s no stocking of inventory, shipping of items or paying taxes on inventory you don’t carry.
In our own shop we carry products that are not ours but other company’s. We’ve looked into their reputation to make sure there a good match. Their products are loaded into our shop’s store and instantly it looks as though I carry stock. When a customer purchases an item the other company packages, ships and handles the returns. We as the seller collect a commision based on that sale in a percentage.
Affiliate marketing websites are everywhere so look carefully but I would recommend shareasale. Their merchants have been friendly to work with, payments arrive promptly and things run smoothly. These affiliate marketing groups may require a background check on you to confirm your legitimacy. These groups are exciting to work with and offer many things you alone as a small business owner can not.
With everything mentioned above there’s still a few ideas up our sleeve for you to make money on. I’ve touched base on some of these topics before in a previous blog. I’ll go into greater detail below of these ideas and let you decide for yourself if it’s worth looking into for yourself.
You know the ins and outs of your career field. You’re a master of your trade and can answer any question asked of you. Technical to troubleshooting, repair to replacement. Design to fabrication, your knowledge is worth a lot to someone else. Put a price tag on it .
This is done easily today with the use of technology. One on one online instruction is capable today and should be taken advantage of. Working with individuals struggling in this career field makes their comprehension better as well as your financials.
Do a video capture of a defective piece of equipment and troubleshoot the problem and repair for your client. How about programming for another company or business. Not everyone is in the market to hire a full time programmer, this is a great opportunity.
Conducting CNC Course
Woodshop Beneficial Financial Paths are capable by teaching a course. The curriculum is designed around one of many tutorials. Create a basic, intermediate and professional course. Do the research to make sure you don’t under or overcharge clients. Look at advice from others on developing this course who have been in the career field a while.
In a slow time you can teach a student body. Be it at a school, your own shop or online. Set up your own curriculum and charge individuals to learn your skillset. This fills in financial gaps and expedites one knowledge about a specific career field. A win win in my book.
Publish an EBook
Put all that knowledge into a book. Individuals who can’t afford consulting or a class will be able to purchase a book. This will be within their financial means. There’s work that has to go into your publication. A lot of research and study is necessary to make this happen. Once complete there’s no more work to do, creating a financial stream that’s passive.
There are many Woodshop Beneficial Financial Paths to take but choose wisely. The above ideas are the ones I personally use and have varying positive results from. Creating the best content in my opinion is what has to be done to survive in such a career field. Giving individuals the knowledge they need to complete what they’re looking to do is key. Knowledge is power, find yours and make the money you deserve.
Thank You for taking the time to read
~An Engraver In The Woods