Do This to Make $2K/Day with a Woodworking Business!
excited in a short period of time Paul Moorhead went from making Furniture in his backyard to now generating more than sixty thousand dollars in monthly Revenue at his Angel City Woodshop you need to start small invest in things that make you money that aren't just expenses boom that's another five grand there's probably five or six tools like once you have those you can do eighty percent of what you want to do oh wow I worked you were committed maybe 100 hour weeks how did he build his custom thriving Woodshop business keep watching to find out in this video big thanks to Taylor brands for sponsoring this video well Paul it's a pleasure to be here with you tell our audience about the location your shop kind of when you acquired it the square footage just so we know where we are what we're doing sure we're on South Broadway just south of downtown in La we just actually moved here upgraded from our old space and this is about a 6 500 square feet or so and uh yeah it's a great space it's crazy because you went you know not too long ago making Furniture the backyard to now having your own shop and really a true business generating you know 60k plus so I'm excited our viewers are give us a sneak peek and let's just dive into an interview so sounds good spot this door open wow [Music] you know this is our third shoot with a woodworking shop and I always enjoy it because it's such a unique craft tell us when you started the Angel City wood shop and what's the story behind it why well I opened the shop in 2016. in my early 20s I had flipped a house in Portland and that didn't really know what I was doing and just was like how hard can it be my dad's a contractor so it's like I'll call him and ask some questions when I need help and he would help me too and that's kind of when I learned carpentry and generally how to do stuff and move to LA actually to pursue acting but through the years really rediscovered like this is I really need to be a builder and Creator so I decided to start building furniture at 33 and just started in my backyard and kept doing it and kept doing it and then about a year and a half two years later I had a shop that's amazing how much did it cost for you to get started here break it down for us was it 20 grand to get in and get the key and start working or to move in here it was I think well over well over a hundred thousand dollars what there was almost no lighting so we spent about thirty five thousand dollars just on the electrical loan two months deposit so that was about 20 grand we also bought these two machines which are this was a hundred and fifteen thousand dollars that one's fifty five thousand and so we financed them but had to make sizable deposits and I knew it'd be tough but there's you know for anyone else out there who's thinking about doing something like this there were a lot of expenses that just creep up you're like I didn't even think about that boom another five Grands out the door even with our CNC machine it's like oh we need a really nice air compressor for this boom that's another five grand it's always like calculate your costs and then triple that that's probably what you're really looking at did you have the 100 Grand or did you finance that or already accumulated over time you were actually really fortunate to have an investor come into our company this last year just because I'm thinking about an audience if they're thinking to get started somewhere right so a they can either find an investor like you did they can go to the bank or or what started really what I'd recommend is you need to start small and keep your expenses as low as possible right at the beginning you want to invest in yourself you want Freedom you have to have margin in your life and in your own time to to be creative to learn and not always just be under pressure constantly to pay your bills that's well said I would say don't hire anyone until you have to keep your expenses low be in a space where you have the essential tools Master them and only buy new things when you absolutely need them but just don't unless you be smart yeah and they're you know there are a lot of great tools that are 20 bucks 50 bucks but if you're thinking about buying that next five thousand dollar tool you know maybe you need it buy it but if you don't like invest in things that make you money that aren't just expenses don't don't throw five grand at something you're going to use twice a month if you can sub it out have someone else who has that tool do that for you twice a month right what's the number one factor to your success at this point from getting started at the shop and now you're generating office over 60. well I would say two things come to mind no matter what industry you look into people who've succeeded will tell you there aren't really these secrets right Cuts you just have to do the work and put in the time so number one I think just having worked very hard to learn my craft and to fulfill orders and to become an expert at what I do and secondly I think you know in my specific industry to me this is my my business and my job but it is an art to me so I love the beauty that we can bring to people's lives through what we do and I actually care about that so the actually the passion for the craft itself is what drives me so I think those two things in combination have you know are really important if I could go back and do things differently there'd probably be things I chant would change but I think my strategy was I need to be a master of this first before I can teach others and when I say master I'm not a master but you know proficient I'm confident in the quality and the techniques that I employ so once I got to that point where I feel like I've got a really good handle on this then I started bringing in others so I could really train them how many people you have working with you uh three three so we're still yeah we're still not a huge shot yeah but still you've scaled it past 60 000 with the amount of employees and people that you have that's pretty incredible you guys keep watching to hear more tips hacks from Paul it's gonna be incredible aside from Woodcraft skills itself Paul what other skills do you think I would need to have to succeed as a Woodshop business owner et cetera it's hard to narrow it down so many things you need to do but starting with the basics assuming you have a team is understanding how to utilize your team understanding the strengths and weaknesses that you have that your team has and you know a lot of the complicated nature of any industry but in woodworking especially is there's there's a thousand things that you need to master or you know you're trying to understand but again like 80 percent of them is like four things are we working efficiently we're working well together are we motivated and are we actually are we getting the results we're hoping for okay well what needs to change you know sanding is taking forever do you have the right sander maybe you're used to you doing something one way and you've been doing it so long you never stopped asking is there another way I could be doing this a lot of your intuitions are correct sometimes they're not but if you're doing something and it's taking too long you just feel like this is taking too long it doesn't feel right don't just keep going take a minute and say what else is there is there a tool I've never heard of is there a technique I haven't heard of I'd rather spend 10 minutes reevaluating than just waste three extra hours on attack so there's always something like that in almost every area of the business let's talk about some of the low points that you've experienced as a business owner post opening your business right is it acquiring new customers that was challenging and maybe you're going through something now what would your advice be to other viewers experience the same things on how to encourage them to keep going probably my lowest points had to do with lack of sleep and too much work frankly when I first started I do vaguely remember kind of some months was like I really need to bring in some some more clients but luckily you know I had a shop on a busy street people instantly thought you're here you're an expert you know what you're doing you know I had a lot of work really quick but I actually ended up living in my shop for two years oh wow I worked for the first two to three years of the business I probably took four or five days off total that's insane it just worked every day you were committed maybe 100 hour weeks you know I came in without a lot of savings it was just you know five grand a month in rent so I realized I need to make about twenty thousand dollars a month did you break even with with no employees just me to just pay the bills and the reality of like I need to make 20 grand a month I'm kind of new at this I need to bore everything I have into the business right now it's been the biggest learning experience of my life I learned that I could be a people pleaser it splits you when you're new you're trying to prove yourself maybe you take some deals that like this isn't great but I'm trying to grow my portfolio so you say yes a lot and there is value to that but I I learned for example one thing that's always stuck with me is some some deals I would do and you feel great about it you get off the phone or say yes it's a deal you're like stoked yeah other deals you know a client would be like yeah I love your work and I'd love for you to make this piece but you know my budget's here you know will you do that for me and so I remember that feeling of hanging up the phone and just not feeling good feeling defeated I think I think I've just been taken advantage of or I acquiesced and did something that was good for you bad for me that's just something you really need to pay attention to is how am I feeling and how are these things panning out for me well I'm excited because I want to ask you a lot more questions about the approach to customers and how to charge the right price right yeah how to not under price and so on so we'll dive into that later on so you've built your business with very little marketing how do customers find out about you find out about us through either referrals Instagram or even just literally Googling custom furniture maker Los Angeles we're going to be one of the top people that come up really so do you invest into Google we don't interesting and yet you're going to be at the top yeah we're we're first page on Google for like depending on what you search for we are often your number one hit on the front page of Google people not always but yeah we have reviews we're on Yelp we're just have enough of a presence you know and it's funny like I have a lot of room to grow actually in that area I would like to do more marketing I would like to get into my website and just like make sure it's 100 effective but it's it's all good everything we've done is good online can be done better is what you're saying but we're honestly already overwhelmed with work so we have about a six month lead time right now for projects we typically have 15 to 18 clients who've already given us deposits so if I got to a point where we're like we really need to bring in business I would probably focus on it more but we're like we're we're doing okay with that but as of today you don't have a designated person for Google for Yelp for Instagram it's just kind of on the fly yeah we're busy enough six months out yeah we can't handle anything more I mean it's a good spot to be in when you started this official shop or your business right what was the difficult part of getting going anything that comes to mind like how did you get through that difficult point when you start something like this like you need a lot of tools so when you're starting out unless you have Deep Pockets at the beginning every job I was buying the tool to finish that job oh wow but eventually you have more and more tools and all sudden you have everything you need the biggest first challenge was actually having a shot being in your garage your backyard is fine for a while but only goes without your neighbors and it's it's not a great long-term setup so the financial burden's there right the tools but it's amazing that you basically do a job to then pay for the tools that will allow you to do the next job is that sort of Snowball Effect one way to do it versus going to the bank but you know there's probably five or six tools like once you have those you can do eighty percent of what you want to do okay but then the other twenty percent of tools there's about ten thousand of those that you want so slowly you just accumulate what you need and you know there's periods where you know you're good for a year like you don't really need any new major tools so just getting started is the biggest hurdle and then obviously if you're good with your finances or you know you're successful with bringing in Revenue it's not as painful to take that next little step and you can build on what you already know okay well I can't wait to find out what the five tools are that you said if you have them you could do eighty percent of the job I made that number up but I can probably work yeah okay no no I no I don't have a logo no I I don't have a website no I I don't have an LLC set up hello hello you need an LLC to separate your personal assets from your business assets you'll then be able to open up a bank account enjoy tax benefits and overall look more professional I just did it hassle free with Taylor brands starting your business in the right way can be incredibly easy and fast easy as registering your domain getting your trademark done creating your own logo having a business email and a website and getting all legal documents and permits while educating yourself on what each one means and why you need them all done in a very short period of time allowing you to focus back on the creative side at uplip we want you to start your own business and show it in every episode with every single entrepreneur that we cover more so we want you to do it without having to go through the hoops and the extreme sacrifices that a lot of them had to go through that's why we choose Partners such as Taylor brands that find a unique and comfortable angle to solve multiple problems with their One-Stop shop that tackles creating your Brand LLC and identity from the ground up in just a few clicks check out Taylor brands with the link below so that you can start your much needed LLC today what are some steps that you've taken on day one to bring in more customers there's what you should do and what I did which may not be great for us but I you know I've never really advertised almost all my work comes from either return clients or just word of mouth and over the years you know if you do good work people just start to know who you are and we work for a lot of design firms and they know each other so you're getting referrals a lot and also you know documenting your work so you know things like Instagram have been amazing I couldn't imagine not having Instagram just being able to finish a piece take photos that you love and publish them most of the work we do is very high-end custom residential Furniture so we've done restaurants and stuff like that so obviously people see that kind of stuff in public and they just find out who built the pieces do you shine every piece with Angel City Workshop we talk about that almost every week that we don't have we don't have a brand yet or anything when you have like a box that's like like no one will ever see this we'll like draw on it and sign it and stuff on the insides but we actually just leave everything pristine interesting I'm probably going to change that though you should I just need to get it start that Legacy of your furniture imagine somebody 100 years ago or in the future buys this piece of furniture and then there's this beautiful stamp that says made by Paul I'll do it I think that's pretty cool just Paul yeah made by Paul you get started at this location when do you feel like you become profitable after one job 10 jobs no it's definitely not one job in in the custom furniture business you have high seasons and low Seasons it's kind of month by month and project by project each project we hope to be profitable and we we track that you know we've had hundred thousand dollar months sixty thousand dollar months we've also had ten thousand dollar months oh wow so sometimes they actually offset each other and you should expect that it's not always going to be consistent but you should be keeping track of hey know what your seasons are know when you have a busy season when you have a slow season and you want to prepare for that but in terms of our own profitability everything we profit we pretty much reinvest back into the business especially at this stage in time yeah so we we have projects where might be five thousand dollars we might only make fifteen hundred dollar profit a thousand dollar profit larger projects you know they're more profitable so we really prefer those but you know we have sixty thousand dollar projects eighty thousand dollars project could be 60k yeah wow yeah in terms of your online presence what I recall you mentioned you have Instagram and the website walk us through how you're using those two tools right now to further your business grow revenue and continue the brand awareness and reputation Etc uh well Instagram to me is kind of our online business card and portfolio so I really enjoy you know posting our latest projects and it keeps people engaged and seeing what we're doing and what we're doing next and our website you know really is your true business card online and the place where you want people to end up do you engage with customers on those two platforms website Instagram do you get business from them yeah we get a fair amount of business because of Instagram either through you know the actual tools it has or they say hey we saw you on Instagram and we love your work but they always end up at your website you really want especially if you're in an industry where Aesthetics and design are what people are hoping you're good at your website needs to be beautiful people are going to get an immediate impression about you from your website what is the aesthetic do I like their taste would I trust them with something I'm going to spend a lot of money on so keep it simple keep it clean but ideally it's beautiful and it's easy to use let's check out this corner I see you've got these bits and pieces all kinds of things yeah what do you want to highlight here I mean there's a lot of things obviously little things well I know this isn't a Festool commercial but we love our Festool stuff so these are our Prime most important small kind of powered hand tools like jigsaws and it's a big name in The Woodworking Industry Home Depot it's very expensive but once you use it you're like oh I get it I love it so you can tell the difference I love it so you know again we just moved here this is not our final resting place for everything but we got router bits and everyone calls these spatulas but they're really pretty knives these are putty knives a lot of our good stuff is in here so huge huge squares and these sorts of measuring tools man last time I used this year in high school but like I mentioned earlier like 80 of your work is done with just 10 tools you know and everything else you just need every now and then so show us the number one tool beautiful chisels number one tool yeah is that even possible for me to ask that question no uh right I mean if I could if I was only allowed to have one tool it would be a table saw okay yeah and that's right there right there so you can you just still make some things happen with just that one tool absolutely I'm gonna go check out some of the finished uh cabinets or furniture that you've designed and I remember I saw them in the in the showroom that you're still setting up yeah as we're getting there what kind of systems and tools do you use to prioritize workflow tasks jobs Etc I remember a specific day when I had all these note cards and I was like okay I think I need project management software and I love that stuff I love systems so I tried several but the one I've really been happy with is monday.com monday.com yeah it's not made for woodworking necessarily but it's very you can modify it and make it whatever you want it to be well tell us what we're looking at here this looks pretty cool this is called a flat file so this is going to go under the client's uh bed I believe and I see this is meant to store or prints and you know delicate pieces of Art and stuff like that so enormous drawers I love the shocks soft clothes what would something like this cost me if I would show up at the door and say Paul I need something this like this made probably around three grand three grand yeah and what you would what would you profit margin be on this thing uh probably about 1200 on this one actually yeah it's paired yeah and these are three coffee tables it's kind of a single coffee table concept but it's three blocks they're not joined oh so that's what I was looking at no they're independent so this has mitered edges so it kind of looks like a panel that's been folded there's just you don't really see a seam there and it's kind of cool to see them all thank you disappear close at the same time you'd never tell if no one ever pointed it out and what are we looking at cost wise for all these three pieces I'm embarrassed to say that I don't always know the right numbers I believe this was 6800 69 for these three yeah okay all right you guys Blitz time with Paul thank you to our viewers for submitting these questions so Angel Pine would like to hear how you got your first client and how your pricing and pricing strategy has changed over time first client I think was a friend from church I made a Douglas fir table for them that they still have that's also big challenges how do I price my work I mean we can talk about that for an hour yeah let's skip it okay for the later segments because I think it's not more of a blitz question but thank you Angel for submitting your questions science actually answer it we'll save it so keep watching Keith is asking if you were to start from scratch tomorrow what are the top three tools you'd get first major tools would be a table saw a planner and a jointer Sergio's asking you know about advice that you can give to those who are passionate about woodworking but are afraid to take the lead because they see some Woodworkers just struggling financially yeah there is a joke about if you want to get into woodworking the best advice is don't do it but it's half a joke it's hard but if you really love it and you're confident like of course you can do it if other people have done it you can do it just know it's going to be difficult but prepare for it keep your expenses low and uh if you're passionate about it you can do it keep at it all right thank you Sergio and last question here is motostatic is asking what is the best way to build relationships in business without having to undercharge to get jobs My Philosophy is like I deal with customers on a very just human level I tell jokes if I'm feeling silly like I try to create just a really real honest keep the line of communication but it just literally explain it this is this is really difficult work this is what I'm about to do this is how long it's going to take the craftsmanship I'm going to offer you is so far beyond what you're going to buy you know find at Target even high-end stores your work's going to be better and just be really friendly and say hey if it's not in your budget you know what I'm sorry I'd love to build something for you in the future if things change but you know this is my price all right just just be firm do you do commercial and residential yeah you do yeah what are the pros and cons for one versus the other the pros of commercial work is typically budget like they they're it's a legitimate business that knows this is a cost we want to have a beautiful restaurant we need to hire a great company and we we expect to pay for that but I love residential too that's mostly what we do a lot of our work is direct to client but a lot of it's through design firms as well so the design firms are also great because again they understand what pricing is look is going to look like beforehand right and it's also if there's a design firm involved there is someone who has a budget to hire a design firm that kind of clientele typically isn't going to be is is price conscious what can you say that's important for our viewers regarding the design firms like how important is that relationship for you very you know you might have a great client but like they're probably going to buy one dining table and maybe next year they might buy a sideboard but design firms are working with clientele all the time so developing and maintaining those relationships is really important that they know they can count on you you can you produce quality work on time those are those that's a really strong asset to have as a part of your business how many do you work with across La there are three or four that we work with a lot over over years you know projects almost every month or every few months but total probably 40. 40 design firms yeah oh wow okay I thought you'd say like you know I can count on one of my two hands but 40 That's yeah that's a good 40 relationships to have and create a recession-proof business anyway yeah I want to quickly recap all the machines the major ones that you have here so let's start with this guy uh briefly tell us what it is what it costs and what it does this is a jet 20 inch helical head planer so a planer basically is think of it as a thicknesser so if you put a bowed piece of wood through this it will come out still mode but a consistent thickness so ideally you come to the planer after coming from the jointer so the Joiner this plane is slightly below this plane I see the wood travels through this way and these helical head Cutters you would be able to tell are the same height as this so whether it's one passes or four passes however many it takes you you slide the wood through this way and it will give you a dead flat surface so once you have one flat surface let's say you are planting a board then you can go to the to the planer and it will make the top parallel to the surface that's against the the bed of the planer what's the cost on this ball probably I think about four grand okay something like that yeah this is about I think 6800 or so something like that okay and you mentioned earlier on that if there's one tool that you can just keep this would be it yeah you can do so much with the table saw so yeah this is a sauce stop it's an amazing tool when the saw is running if this contacts your skin the blade will immediately drop I told you I didn't want to run it because I'm scared of it and then you said oh don't worry because you can touch the blade and it won't cut my finger yeah they do these hot dog tests I finally you see and it just they'll they'll demonstrate they'll have a hot dog and it'll just and it just drops right down so I'm glad they have their safety feature so what would this thing cost they have different models but this is about eight thousand dollar setup this is their industrial model most power tools have you know basically reference planes so the two main reference planes on a table saw are uh the main saw table surface here and your fence so every time you're doing a good cut you want to make sure you're really nicely registered on the table saw itself and on the fence so you have two references to move with yeah what happens in the office usually on a day-to-day basis I mean you you're probably in the shop more than the office am I right uh it varies there are periods where I'm in here 90 of the day for two months for two weeks and there are also periods where I'm in the shop ninety percent of the time so it really does change but I do I do a lot of 3D modeling and planning and dealing you know clients and doing quotes and doing the financials so I could literally I could be in here 100 of the time and be busy as you mentioned software 3D so let's show our audience kind of what you use and how important is it for a Woodworking Shop is this where it begins it is so I started with SketchUp and I did that for years and I switched to Fusion 360 about five years ago and I love it I couldn't imagine my business without it this is something we kind of call The Wave sideboard if you haven't heard of a sideboard it's a credenza so a piece of furniture that goes against the wall but the doors are oh wow and uh there's drawers on the bottom on the interior there and that is stained black on the interior on net and natural white oak on the outside and so nothing happens in the shop until it's finalized in the computer am I correct or almost nothing yeah if we're making a cutting board or something like that may maybe not but yeah we 3D model every single job we do and I this is not common but actually I make a 3D model instead of drawings even for every quote I do so if you come to me and say hey like a table we work on the design process whether it's already designed or I design it and I create a 3D model a set of drawings and a 3D model link that'll come with your quote so you get an email with a link you can see the table in 3D in your web browser and it has this you know set drawings already and it also it comes from Fusion the link it comes from Fusion at which point in time did you hire your first employee and what was what was the role for that hire I think it was about a year or so in I never wanted to work alone forever and I mean frankly when you're building Furniture some things are just quite frankly very large and heavy so it's very difficult to do woodworking on your own long term so at the beginning it was kind of felt a bit more like I was the surgeon and he was my helper and but over time you're also throwing okay you do it this time let me watch you and then you start to understand what they're really good at and my first employee was actually my brother will who's awesome and there were things that he did and got really good at that I thought you're better than me at that now that's your thing and so just throwing them in the mix and trying to learn what their their greatest skills are what they're good at and really you know how many students to grow how many people do you have right now total uh three plus you three and me so there's four total got it okay when it comes to a custom job right you have a sixty thousand dollar project you mentioned and you have a five thousand dollar project are the margins staying the same and how do you determine costs across such a spectrum of pricing the margins are are similar but we tend to have higher margins on the bigger projects we prefer them they can be overwhelming and they're they're also harder to accurately predict how much time you'll spend sometimes it's hundreds of hours oh wow so on a five thousand dollar project you're not going to be 40 hours off on your projections but on a project that takes you a month you might be 40 hours off and you're going to face challenges so you have to build that in at the front knowing I'm going to have problems but when you when you do something three times versus you're gonna do it 60 times even the smallest amount of error in your predictions is you know exasperated over a long period of time there's often a lot more materials involved you know again every project has some unique thing about it that's uniquely challenging you don't always know what that's going to be and until you face it so you want to build enough margin in your projects that that's you can absorb that what's a good month what's a bad month on average I know in the beginning we mentioned you know 60 000. is that
about the average or that's that's like a reasonable good month that we have often 60 70 000. well we did margins on that roughly probably about 15 to 20 percent okay you know and every project is different you know you might build something that you could put 50 hours into that's small and your material cost might only be a hundred dollars but you charge three thousand dollars for it I see but a larger project oftentimes your material costs are around 25 of the total price but again you can charge whatever you want but that ends up being kind of a sweet spot for what we do but a lot of it goes into overhead and paying our team and everything else that's involved in running a business so if I make 15 to 20 profit on a on a job that's I'm pretty happy with that what skills or traits do you look for like let's say I walk in your office and say Paul I want to work with you obviously this is something that's teachable if I like it but besides those aspects anything specific you look for first and foremost that they love Woodworking and that this is something that they're passionate about I would rather hire someone who has one year experience but they just they love it and they're excited about it and they want to do it long term then someone who has 10 years of experience but you can kind of tell they're not that into this this is just a job for them so first it'd be passion and then obviously skills you want people that you don't have to babysit all the time that's a big deal too is especially if you're building high quality projects you can't just throw anyone in there and say can you build this twenty thousand dollar piece for me yeah so we really work as a team that is a difficult thing is not micromanaging but also you know making sure that things are going the way you want and guys are doing a good job so you gotta you want to hire people who who themselves care that their work is very good that comes personal to them and you can trust that their intent is Excellence question I have is like when you have a project and you're deciding on a piece of furniture yeah how do you decide on what kind of wood to use there's so much well oftentimes your your client will know if they're not familiar with what species I often ask them you know just look up photos or send me what you have in mind and I'll know what that is got it but 90 probably at least 90 percent of our our work is in either white oak or walnut black walnut so white oak is incredibly dense it's it's it's just an amazing species to work with it's durable it's hard and it's beautiful and black walnut is similar it's a little softer than white oak but it's gorgeous so if you're looking for a darker wood project we gravitate towards Walnut and if you're thinking lighter we gravitate towards White Oak what do we got here these are these are black walnut slabs for Morgan actually my buddies and arborist and cut these down himself so we we use these periodically but most of the time you know we get our material from a lumber you know hardwood lumber yard teach me the terminology you call this raw Edge furniture and then that stuff is just basically so this Live Edge I mean everyone's probably heard of a Live Edge table so this this is obviously this was the full width of the tree yeah and this is just the natural shape the tree has in this slice so that's called a Live Edge and you don't mess with it as far as foreign nice nice to the touch and all that but you're trying to preserve the natural shape that it had to begin with at this point in time you have three employees how do you delegate work let's take a project what things do you take on yourself and what things do you delegate to others and why we typically have a project lead for each project so we do work as a team but we typically are working on between one and three projects at once if it's a very large project there might be like a week or two period where that's all we're doing but let's say we have you know two tables and a coffee table we're working on each project will have a guy like this this is your project we know that there's going to be hours at a time where it's like hey you know you you two guys work together on getting this panel made but then the other guy will go back to his project so we work together but it helps them to have their own deadlines even though this is my business and in the end it's my deadline we might sit down together and say these are the drawings this is the plans I'm here to support I'm involved but this is your your deadlines Friday we know that's possible that also helps your team members to have their own kind of of you know sense of responsibility and ownership over each project makes sense yeah why do you think a lot of wood shops close up and fail give us two three things that you think is a reason and how one can avoid it hey it's just very difficult it's hard work and I think a lot of shops they might even close because they just aren't enjoying it anymore or it's too stressful but the most practical thing I can say is again invest your money and time wisely like we talked about not buying the tools you don't need I heard a story about a guy who I think was already pretty wealthy started wood shop and he spent 500 000 on shipping crates to ship his unpurchased furniture that no one had ordered yet so he's preparing for the future I'm going to need these how am I going to fulfill orders but it doesn't have the business the cart way before the horse and you went out of business so just make small wise decisions as you go buy the tool you need but buy it when you need it don't spend your money in time focusing on crazy ideas or wild possibilities about what may or may not happen focus on what's practical makes you money and is going to move your business forward okay well any last words to our viewers in terms of entrepreneurial thoughts business thoughts advice tips whatever's on your heart and mind I say in the end go for it it's wise to be a planner but if you have a passion for a business you want to start something you want to pursue sure do your research and then just start like taking that step onto the invisible Bridge you know there will be ground for your feet so move forward walk forward and take the risk go for it awesome Paul it's been a pleasure thank you so much to meet you thank you thank you well that's a wrap you guys with Paul the owner of Angel City Woodshop I really hope you are inspired that you learned a lot we would love for you to execute on that so you can grow and succeed in anything you do so take a second to like subscribe and hit that Bell so that you don't miss any of our videos and stay tuned for a lot more fun content thank you for watching thank you [Music]
2022-12-30 15:30
