Is Owning a Small Business Right for You?

This is my personal experience and opinions about going from Hobbyist, to Side Hustle, to Full Time Woodworker.

[@corillis]

I've just started a woodworking business, as a side hussle. Thank you for your insights. They're very valuable to me and I'm sure to other people considering starting a business. Best of luck on your channel. I've subscribed!

[@MaydaysCustomWoodworks]

Thanks man. I'm glad i can help you on your journey, and thanks for the sub!

[@alexreid4131]

Enjoying your content so far. Subscribed. Keep on keepin' on buddy :-)

[@MaydaysCustomWoodworks]

Welcome aboard!

[@kylieb4836]

Another brilliant video ! I feel I’m on the right path - a side hustle for now leading into full time business in a few years time. So I have time to work out the niche in the market, build social networking, work out my baseline of production vs costs etc... plus have fun and try new ideas!! I’ve completed step one of becoming debt free, so now to start saving for the next few years to have the “backup savings” to take a small amount of pressure off in the first few tough years. Your vids have given me a boost to keep pushing on ! Thankyou !

[@MaydaysCustomWoodworks]

Hey Kylie, thanks for all the comments and support watching my videos. Much appreciated. It sounds like you are on a very wise course for the launch of your business! I have 10 years of mistakes and corrections under my belt in running a small business. So if you have any questions, feel free to drop a comment at any time. And very wise to stay out of debt! Debt is risk. Risk is danger. I like to operate my business with as little danger and potential failure as possible, therefore I stay away from debt now. I've went into debt for business in the past and it was always a bad decision in the end

[@kylieb4836]

@@MaydaysCustomWoodworks Thankyou so much - I’m always open to advice, especially from those who have “been there, done that”, so I look forward to slowly making my way through your vids and learning as much as I can !! Oh, we’ve hit Chrissy Day here already, so MERRY CHRISTMAS !!

[@jamiesicard9208]

Very informative, thanks Michael. A lot of things you mentioned I didn't even really take into account. Keep it up my man!

[@MaydaysCustomWoodworks]

Any time!

[@JohnWilliamsTheBeardedWelshman]

Very helpful. Right I’m hobbyist woodworker that is being pushed into a side hustle.

[@MaydaysCustomWoodworks]

Jump on in brother! You can do it

[@JohnWilliamsTheBeardedWelshman]

@@MaydaysCustomWoodworks thank you

[@KonstantinUdalov]

keep up the great work brother !

[@MaydaysCustomWoodworks]

Thanks, will do!

[@ridgehall1612]

I love your videos! Keep it up and your views will start coming in!

[@MaydaysCustomWoodworks]

Thank you! Will do!

[@nstl440]

At the side it's great. Until you can make the leap to quit a job. But a good job can give a pension and job security. And you work in a team which makes it much more easy.

[@MaydaysCustomWoodworks]

That is true that being an employee is easier than owning your own business. You can have all the same benefits of an employee as a business owner, but it just takes some time and money. A private IRA in mutual funds can deliver much more cash than a pension, and you can pass it to your kids when you die unlike a pension. And "job security" is a tough topic and is dependant on your perspective... Honestly being an "employee" doesn't have as much security as you think. Even government employees.. look at the government shut downs, budget cuts, etc. In my opinion the most "job security" you can have is to simply have a whole bunch of employees and if your business takes a dive, then the employees get the axe before you do. And you can build a team in time as a business owner to take the things that you don't like to do as well. Really the difference between being an employee and a business owner is the fact that owning your own business is super slow to start but in the long run it can pay better, and being a business owner has more responsibility and more stress It's really a matter of perspective though.

[@nstl440]

@@MaydaysCustomWoodworks very true. Best job security is always improving your skills