What can I make and sell for profit? – Starting A Woodworking Business Podcast

You can make money selling something you have. It is called a “business venture”. But don’t confuse a sale with business.

Making money out of something that is already here in your own land is not a business. It’s a form of investment like buying and selling real estate.

This is where a few things should be thought out. Not so long ago, it made more sense to ask for money to build the infrastructure needed to support a business such as an operating room. But now, I understand the logic behind going for cash upfront. It’s because we are in the era in which we can sell assets that are already here in land for profit.

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For instance, the most popular method is to use land as collateral to secure a loan for a commercial property. A property lender can usually obtain a loan for a low monthly payment from a landowner.

You will have to pay a minimum of 10 per cent interest from the first moneys earned to the lender, and a maximum of 20 per cent interest during the term of the loan. But the repayment of this loan will always be greater than that of your initial investment. So you will always be making a profit.

What if your business fails?

What if your property fails? You lose money on the loan, but you still won’t have had to incur any risk.

There are several other ways that a borrower can get a loan for capital goods such as buildings and land. One important method is by making an assessment of the value of land in question. By this, you get a price quote from an appraiser, which will help in determining the interest you pay on your loan.

But for this method, you will likely not have the expertise of an appraiser. Therefore, don’t go for it without professional help from the local or state government. I recommend checking out the advice I have given on the value of land.

If you are not comfortable enough with a financial institution’s financial services, you may have to approach your local government and request them to make a land appraisal. If you are unable to get an estimate of land value through your local government, you can always hire some professional services to complete your appraisal.

And what if you have a problem with the appraisal? You are free to decline to pay the fees, but if you believe you have a valid case against the appraisal, you should bring forth an appeal within four weeks.

The bottom line

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What can I make and sell for profit? – Starting A Woodworking Business Podcast
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