Bus 210 Wk 3: Choose a Business

 

I have decided on doing DIY woodworking classes! I am what you call an overthinker... just ask my husband.  So this is an exciting breakthrough! The final decision came down to either the homemade salsa or the woodworking classes. 

I weighed my skill level for both: check. check.
I considered the time commitment for both: check. check.
I figured the investment and rofits: check. check.

Then my husband told me woodworking, definitely woodworking. No question.

So woodworking classes it is! I am excited to get going now that I have my business plan decided. I need to build the prototypes and take pictures, decide on dates and times. I need to create a digital flyer and share it on my social media pages as well as email it to friends and family. Then I get to see the signups get filled by anxious DIYers!

We have a load of wood from tearing down our fence last year, so the wood is free. I have calculated $10 upfront cost to cover the nails and screws. This cost will be recuperated when the guests pay for their projects. I have the tools required and my husband even offered to get the boards sanded in advance. My friend has done DIY sign classes for the past several years and has built quite a business out of it. I think I will follow some of her steps since they have proven successful in this area. Women love to get together and be creative with friends. They love to go home with a finished project that they made themselves. I believe there is room in this niche for beautiful and functional wood projects. And they will learn some skills while they're at it!

From this week's study, I was most impressed with the Entrepreneur PowerPoint. 

Entrepreneurial success = [Idea + (Market x Money x Management) x Passion

I feel confident in my idea and the market. The money is minimal. My passion is growing as I learn the process. I hope the management falls into place. It will take a solid portion of each of these parts to find success in this venture!

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