Do you dream of owning your own business? You’re not alone! In fact, there are 582 million entrepreneurs in the world.
If you have a passion for home building, construction, or carpentry, you might have thought of starting a lumber yard. It’s not a bad idea. A lumber business can be very profitable and rewarding for the right type of person.
However, if you’re like most people, you probably don’t know exactly how to start a lumber business. No worries! This simple guide will help you get started.
Create a Business Plan
Prior to starting any type of business, you’ll want to have a clearly thought out, written business plan in place. This will help launch your success and give you the best chances of actually making a profit.
Make sure your plan is as detailed as possible and addresses important points like:
- A description of your business
- The products and services you’ll offer
- How you’ll earn money
- Leadership and staffing plans
- Operation model
- Other details that will contribute to your success
Taking the time to think all of these things through before you start will help you avoid unpleasant surprises after you launch your businesses.
Get Your Finances in Order
As with any business, you’ll need to upfront investment capital. Make sure you have sufficient funds to cover the purchase of the property and supplies you’ll need. Other purchases may include lumber storage units, forklifts, pallet jacks, retail equipment, and supply shelving.
You’ll also need to consider the cost of professional services like bookkeeping and the various forms of insurance you’ll need. Take the time to find the best coverage so you can protect yourself and your assets while also avoiding paying more than necessary. In most cases, you’ll want to work with a professional who can guide you through this process.
Talk to a Business Broker
It’s often much easier to find established lumber yards for sale than it is to start from scratch. Sure, you could just Google “lumber yards in my area,” but you’ll have much more luck if you work with a business broker. Find a qualified one you trust and your journey will be much easier.
Consider a Lumber Yard Franchise
Another easy way to get started is to consider purchasing a lumber yard franchise. Pursuing this option will give you the chance to establish your business quickly using a format that’s already been proven to work. If you would like guidance and a recognized brand name, this is an excellent option!
Start Your Journey Today
Now that you know some of the most basic steps to starting your own lumber yard, you should have a better idea of whether it might be the right move for you.
Ready to take the next steps? Spend some time browsing through a few more of our blog posts. We’ve got information about business, marketing, finance, and more – all of which will help you succeed with your new business!