As part of my plan to transition to FI, and to pursue what I want to versus working the rat race, I’ve decided to start working on my side hustles and researching to eventually move into a different field. As many folks have stated in their FIRE journey’s, its not that they want to stop working, its that they want to work in something that they love. That is what I’m going to do, and I’ll try and chart some of my progress here.
One of the areas I want to work at is in starting up and running a business, even a small, side-hustle one. My thought is to start in a small one centered around one of my favorite hobbies, woodworking. My plan would be to make items for sale at craft fairs and online. I also wanted to go through some of the thoughts and work here, including the numbers, so people could get an idea of the process (and offer advice & counsel on what I’m doing, if it fits them).
In reading through the book Street Smarts, written by two individuals who have helped guide entrepreneurs for decades, the first question they ask at the beginning of potential entrepreneurs is “why do you want to create and build this business?” Along those lines, I laid out the reasons why I wanted to start up this business:
- Learn how to work business numbers and run a business by them (P&L statements, Expenses, budgets, Capital spending, etc.)
- Improve my woodworking skills
- Learn to develop website
- Develop my marketing skills
Adding/improving these skills would help me move onto the next business I was planning on moving to (more on that at a later date). So what steps do I think I need to start with here?
- Create a list of potential items I could make and sell, both online and at craft fairs
- Determine material costs for those items
- Determine Tools/Jigs necessary to build those items
- Determine time in would take to manufacture those items
From that, I would at least have some idea of my material costs, and be better able to build a budget. My list of potential items to start is:
- Photo Holder
- Picture Frame
- Cutting Board
- Tea box
- Fast boxes
- Shaker carry box
- Campaign collapsible bookshelf
- Craftsman bookshelf
So the next step for me is to work out the other three items for each piece I want to produce. We’ll see how it goes.
Mr. 39 Months