Banks, Bank Managers and Your Personal Account Manager May Not be Able to Answer Your Future
I recently wrote on my FaceBook page that “He who frames the issue determines the outcome.”. I think that that is true. I have had dealings with banks and other enterprises handling business issues and money and for the main part always came away feeling like the apple I bit into looked good on the outside but was rotten inside. Banks have of course shown their true colours here in Britain over the past decade or so and that didn’t happen without some deep-rooted badness in the core essential at the heart of banking. If you are in the business of making money without actually making anything we should ask how can the outcome be any different? When someone starts to think about starting to own their own business it’s usually because they want is to take a measure of control in how their lives work into the future. For woodworkers and other crafting artisans they generally want to make things beautiful to grace their and others homes, give lovely hand made gifts, be creative with their children and friends and then make some income or a way of making a living in the future. I have a friend in Texas who paddles his own canoe, literally, around the shores of a massive lake to pick up driftwood of ashe juniper surrounding the shore line of the lake. He reshapes them into ducks and carves shaped toys from them and sells them at craft shows and he’s done that for 30 years. he also makes trains and trucks from other woods too, but the point is he framed his life, became a lifestyle woodworker and got off the corporate ladder early enough to carve out a life he liked to live. Now he’s retired and he still continues his work but now he has the control he wants and does what he does because he wants to.
Try to imagine walking into the bank ad asking for £20,000 to buy a canoe, some machines and have say 6 months working capital for such a project. They’d send you away first of all and say come up with a business plan, jump through a few hoops and see of you can rely on some other social media things, family money and work out an online marketing strategy like a website design and such. All stuff you could have manage without their input but you feel better because these are the experts in money matters. Well, woodworking is good DIY and so too are these things I speak of. It’s surprising how little it can really take to start your own woodworking business if you have a little vision for it.
There are many ways of starting a business, but they all take a little forethought and planning to ensure startup success as early as possible. Planning such things is both part of the process and, dare I say, very ENJOYABLE! Remember that success is measured by how much money you make only by other people. Don’t use that as the benchmark. Yes, you want to be financially responsible, but measure the success by more important things. Your sense of being in control. Your sense of wellbeing by spending carefully without money excess rather than borrowed excess you will be paying back for decades is payment enough. All too often I hear of people applying for some kind of funding to ‘get going‘ and especially do I see banks somehow declaring whether a model will work or not. Try to remember that banks don’t like risk and especially backing something they don’t understand. Banks do not understand crafting artisans and they can be demoralising when you have an idea that you might like working with your hands and making beautiful things. Banks do however understand that crafting artisans are rarely good business people if they, they banks, define what good business is. Remember banks are ONLY in the business of making money and they ALWAYS make money off people who actually have ideas, who work hard and need a way of exchanging money for goods they need and goods they are selling.
Can a Bank Understand This?
If you can finance your business yourself by continuing in income-producing work then that becomes a better business model until you have proven your income earning capacity by selling what you make. By then you won’t need a cash injection and in many cases I have seen people borrow money for equipment that will make more goods cheaper thinking making more for less is good business. That usually was not the goal in the beginning. they wanted to work for themselves and ended up working for the bank and the staff they feel obliged to care for. I don’t think that that’s what you were looking for. Be true to your original vision. If that’s not what you want, pick up a copy of Financial Times and read no further. Remember that, for some of us at least, making money is or at least can be secondary to the lifestyle we want to carve out for ourselves. Banks don’t understand that you will gladly work 80 hours a week over seven days making £10 an hour rather than £20 and hour for 40 if it’s the lifestyle you are working for first. I have often worked such long days and weeks to make my life happen the way I want it to and have no regrets at all because my workshop was important to my home life and I could be with my family.
This week I made some beautiful hand made picture frames and although I am not going to make this a business plan for me, it certainly could be for some of you. Hand made frames like this cannot be made by mass makers. Mass makers need to buy in stock, stamp out the goods and sell in mass quantities. Even custom framers rely on machine moulds and finishes and their skills might rest more in combining frames and mounts and sizing borders than actually creating the whole from from raw stock. That’s where you come in; to fill the niche for truly hand made, beautiful frames. There is a demand for the combined work of framers and the images and artwork installed in the frames. Creating frames as I have here means you can configure dozens of components to make highly desirable and distinctive frames for customers looking for the kind of quality money generally cannot find to buy. Exclusive work doesn’t necessarily mean exclusivity. You can make all kinds of frames using hand methods ranging from using paint to finish the wood and the actual wood itself. In the frames here I have used no machines at all. I have used standard moulds available in moulding planes and the grain I have planed and shaped has awkward wiry grain. In some cases I have used a scratch stock because of the awkward grain, but, regardless, all nine frames are made without any machine methods.
I have used basically one wood to make the frames from; sapele. One of the frames I inlaid with some figured maple and there are a dozens of other configurations I could use just for a change or to compliment my offering. Soon, in a matter of a few weeks, I will be showing all of the techniques I used to make these frames in a video series. I have chosen the unplugged methods because I feel that they give me a way of life that is quiet and gentle, peacefully manageable, clean and healthy and they give me peace of mind in my work. By now you will hopefully see that it’s the way I work I strive for and not merely money. This for me is wellbeing. You can learn to make frames like this in a few hours. You may already have the skills but have never used them for this application of the tools. Regardless, start working on a business plan that excludes your banker and borrowing is a great place to start. Read this blog post to your spouse, partner, parents, children and friends. Consider it. Go to a craft show. Host a party and invite family and friends to see your framing options. There is no comparison between a mass made frame and one you designed and made by hand. Frame the issue and take control of the outcome.