What is the cost of launching a furniture making enterprise? What are the key expenses? Is it feasible to do so on a modest budget? Which expenditures are superfluous?
This guide will provide you with essential information to assess how much it really takes to embark on this journey.
And if you need more detailed information please check our business plan for a furniture making enterprise and financial plan for a furniture making enterprise.
How much does it cost to become a furniture maker?
What is the average budget?
Starting a furniture making enterprise typically involves a budget ranging from $20,000 to $500,000 or more, depending on various factors.
Let's explore the key elements that influence this budget.
The location of your workshop significantly affects costs. Rent in industrial or urban areas tends to be higher compared to rural locations. Additionally, the size of the space required will impact the rent.
Equipment is a major expense. Basic woodworking tools and machines may cost less, but high-end, industrial-grade machinery can be quite pricey. For instance, a professional-grade CNC machine can range from $10,000 to $50,000 or more.
Per square meter, you might spend around $1,500 to $7,000 for workshop space, depending on location and amenities.
Setting up the workshop with adequate ventilation, lighting, and safety equipment can be a significant investment, ranging from a few thousand to several tens of thousands of dollars.
Obtaining licenses and permits to operate legally varies by location and business type, potentially costing from a few hundred to several thousand dollars.
Your initial inventory of materials like wood, hardware, finishes, and tools can range widely based on the types of furniture you plan to produce, potentially costing from a few thousand to several tens of thousands of dollars.
Marketing expenses, including website development, branding, and advertising, are also important. Allocate a few thousand dollars or more for these efforts.
Is it possible to start a furniture making business with minimal funds?
Yes, but it requires careful planning and a focus on simplicity. Let's consider the minimum requirements.
Starting in a home garage or a small rented space can significantly reduce rent costs. This could cost around $500 to $2,000 per month, depending on the location.
Using basic woodworking tools and machines, you might spend about $2,000 to $10,000 initially.
Minimal renovations are needed for a small workshop, potentially costing a few hundred to a few thousand dollars.
Opting for a simple product line, like small furniture pieces or custom projects, can reduce material costs.
Leveraging social media and word-of-mouth for marketing can minimize advertising expenses, possibly requiring a budget of a few hundred dollars for branding and online ads.
In this minimal scenario, the initial investment could be as low as $5,000 to $20,000.
While starting small limits production capacity and growth potential, it allows for gradual expansion and investment in better equipment and facilities as the business grows.
Finally, if you want to determine your exact starting budget, along with a comprehensive list of expenses customized to your project, you can use the financial plan for a furniture making enterprise.
What are the expenses to become a furniture maker?
Please note that you can access a detailed breakdown of all these expenses and also customize them for your own project in the financial plan for a furniture making enterprise.
The expenses related to the location of your furniture making enterprise
For a furniture making enterprise, selecting a location with sufficient space for production and storage is key. Industrial areas or outskirts of towns, where larger spaces are available at lower costs, are ideal. It's crucial to consider the ease of transport for both receiving raw materials and shipping finished products.
The facility should have access to essential utilities like electricity, water, and possibly gas, depending on the machinery used. It's also important to consider the ease of access for employees, preferably in areas with good public transport or road networks.
Proximity to suppliers of wood, metal, and other materials can significantly reduce transportation costs and improve efficiency.
If you decide to rent the space for your furniture making enterprise
Estimated budget: between $4,000 and $15,000
Leasing a space for furniture production involves initial costs such as security deposits, and possibly the first month's rent.
Most leases require a security deposit, usually equivalent to one or two months' rent. For instance, if your monthly rent is $2,000, you might need to pay $4,000 for the security deposit and the first month's rent. Budget for the next three months' rent, totaling $6,000.
Understanding the lease terms is crucial, including duration and conditions regarding rent increases. Legal fees for lease review can range from $600 to $1,200.
Real estate broker fees are typically covered by the landlord or property owner.
If you decide to buy the space for your furniture making enterprise
Estimated budget: between $150,000 and $800,000
The cost of purchasing property depends on size, location, and condition. The budget might range from $100,000 (in a less developed area) to $700,000 (in a more developed or accessible area).
Closing costs, including legal fees, title searches, and loan origination fees, usually range from $7,000 to $25,000.
Renovation costs to adapt the space for furniture production and storage might be 10-25% of the purchase price, or between $15,000 and $200,000.
Professional services for property assessment can cost from $500 to $5,000.
Property taxes and insurance costs must also be considered, typically ranging from 4% to 10% of the property's value annually.
Is it better to rent or to buy a physical space for your furniture making enterprise?
Renting offers flexibility and lower upfront costs, suitable for enterprises testing the market or with limited capital. However, it may involve fluctuating long-term costs and limited customization options.
Buying a space provides stability, potential tax benefits, and full control over customization but requires significant initial investment and maintenance responsibilities.
The decision should align with your financial situation, long-term business strategy, and the local real estate market.
Here is a summary table for comparison.
| Aspect | Renting a Furniture Making Space | Buying a Furniture Making Space |
|---|---|---|
| Initial Costs | Lower upfront investment | Higher upfront cost |
| Location Flexibility | More flexible, easier to relocate | Fixed location |
| Maintenance Responsibility | Often handled by landlord | Owner's responsibility |
| Startup Speed | Faster to commence operations | May involve a lengthier setup process |
| Customization | Limited according to lease terms | Complete control over customization |
| Stability and Branding | Less stable, dependent on lease terms | Greater stability, better for long-term branding |
| Tax Benefits | Possible deductions for lease payments | More substantial tax advantages |
| Asset for Financing | No property collateral | Property can be used as collateral |
| Market Risk | More adaptable to market changes | Higher risk due to market fluctuations |
| Long-Term Investment | No equity in property | Potential equity buildup |
| Monthly Expenses | Ongoing rent payments | Mortgage payments, maintenance, and other expenses |
Equipments, furniture and interior design
Estimated Budget: at least $100,000
Starting a furniture making enterprise requires investment in high-quality woodworking machinery. This is crucial as the precision and quality of your furniture depend on it.
Key among these is a woodworking CNC router, which can cost between $10,000 to $30,000. It offers precision cutting and shaping capabilities. For more traditional or intricate work, a quality table saw, ranging from $2,000 to $10,000, is essential.
Depending on your product line, you might also need a lathe for turning wood, costing about $1,000 to $5,000. This is particularly useful for creating detailed, rounded pieces.
A planer, necessary for ensuring wood thickness uniformity, can be priced from $500 to $3,000. The price varies with capacity and features. Similarly, a jointer, critical for making wood edges straight and surfaces flat, ranges from $1,000 to $4,000.
For wood finishing, a high-quality sanding machine, ranging between $1,000 and $5,000, ensures a smooth, professional finish on your products. The price varies with the type and size of the sander.
Dust collection systems are vital for a safe and clean working environment, costing between $500 to $2,500. Investing in a good system protects both workers and machinery from dust-related hazards and maintenance issues.
Regarding storage and handling, a sturdy workbench with storage options can cost between $500 to $2,000. A set of quality hand tools and clamps is essential, with a budget of about $1,000 to $3,000.
Now, let’s discuss some optional but beneficial tools.
A wood veneer press, ranging from $2,000 to $7,000, is useful for creating fine, decorative finishes but isn’t crucial initially. An edge banding machine, costing about $1,000 to $5,000, adds a professional touch to furniture edges but can be added later as your business expands.
When allocating your budget, prioritize CNC routers and table saws as they form the foundation of your operations. Opt for high-quality and durable models to avoid frequent repairs and downtime.
For other tools like planers and sanders, mid-range options can be effective without compromising quality. However, be cautious about choosing the cheapest options as they might lead to higher maintenance and replacement costs in the long run.
Remember, setting up a furniture making business is about balancing your initial investment with the quality and capabilities of your equipment. It’s advisable to start with essential, high-quality tools and expand your inventory as your business grows.
| Item | Estimated Cost |
| Woodworking CNC Router | $10,000 - $30,000 |
| Table Saw | $2,000 - $10,000 |
| Lathe | $1,000 - $5,000 |
| Planer | $500 - $3,000 |
| Jointer | $1,000 - $4,000 |
| Sanding Machine | $1,000 - $5,000 |
| Dust Collection System | $500 - $2,500 |
| Workbench with Storage | $500 - $2,000 |
| Hand Tools and Clamps | $1,000 - $3,000 |
| Wood Veneer Press (Optional) | $2,000 - $7,000 |
| Edge Banding Machine (Optional) | $1,000 - $5,000 |
Marketing, Branding and Communication
Estimated Budget: $8,000 to $15,000 for the first months of operation
In the intricate world of furniture making, branding, marketing, and communication are essential components for carving out a niche in the market.
Branding in furniture making is about infusing your unique style and ethos into every piece you create. It extends beyond just a logo or a catchy name. It's about the craftsmanship in each joint, the choice of materials, and the design philosophy that speaks through every furniture piece. Whether you're aiming for minimalist elegance or rustic charm, your branding needs to reflect in the designs, the showroom layout, and even the uniforms of your sales staff.
Marketing for a furniture enterprise is your showcase to the world, highlighting the quality and design of your creations. Relying solely on foot traffic or word-of-mouth in today's competitive market is a myth. Marketing is what positions your furniture brand in the minds of customers, differentiating you from countless other furniture stores and online retailers.
Effective marketing strategies could include stunning visual content on Pinterest and Instagram, showcasing your unique furniture designs, or informative blog posts on interior design trends featuring your products. Local SEO is vital as well, ensuring you're the first choice when someone searches for "custom furniture near me".
However, it's important to target your advertising effectively. Instead of broad, expensive national campaigns, focus on reaching the local market and specific demographics interested in custom, quality furniture.
Communication in a furniture enterprise is about building lasting relationships. It's the consultation you provide to a customer looking for the perfect living room set, or the follow-up service after a sale. Excellent communication forges a bond with customers, turning them into advocates for your brand.
Now, regarding your marketing budget. For a furniture making enterprise, this could typically be around 3% to 12% of your revenue. Starting modestly as a new business is advisable.
Your budget needs to be allocated strategically. Investing in high-quality photography for your products, an engaging website, and some local community involvement like sponsoring a home decor event or partnering with local interior designers could be wise moves.
As your business grows, adjust your budget accordingly. Initially, you might invest more in a launch event or showroom setup, then gradually shift to maintaining a consistent marketing strategy. Pay attention to what works best - if your audience engages more with online content, direct more resources there.
Staffing and Management
Estimated Budget: $15,000 - $25,000 for the first month
When opening a furniture making enterprise, budgeting for staffing and management is a critical aspect. The budget varies depending on the enterprise's scale, the diversity of furniture products, and operating hours.
Starting with the essentials:
Running a furniture making enterprise solo is feasible, but it's a hefty challenge. This business requires skill in woodworking, design, customer service, and management. Balancing these tasks alone is strenuous, so hiring a team is often the more practical approach for operational efficiency and personal well-being.
Essential roles include skilled carpenters, a design consultant (especially if you're offering custom furniture), and a sales representative for customer interactions. These positions are vital from the outset to ensure the quality of your products and customer satisfaction. Depending on the scale of your operation, you might also need a finishing specialist or a logistics coordinator for deliveries.
As your enterprise expands, consider hiring additional staff such as a dedicated business manager, marketing experts, or more specialized designers and artisans. These roles can be filled a few months after establishment, once you have a better grasp of your specific needs.
Regarding wages, it's important to compensate your employees from the start of their employment. Delaying wages can lead to dissatisfaction and high turnover rates.
Besides salaries, factor in additional expenses like taxes, insurance, and employee benefits, which can increase your staffing costs by an additional 25-35%.
Training and skill development are also crucial in the furniture making industry. Initially, you might need to budget for training your staff in craftsmanship, safety protocols, customer service, and design software. This investment improves the quality of your furniture and service, aiding in the long-term success of your business. Allocate a budget of several hundred to a few thousand dollars for training, depending on the extent required.
| Job Position | Average Salary Range (USD) |
|---|---|
| Furniture Designer | $40,000 - $60,000 |
| Carpenter | $30,000 - $50,000 |
| Woodworker | $35,000 - $55,000 |
| Finishing Specialist | $35,000 - $50,000 |
| Production Supervisor | $45,000 - $70,000 |
| Sales Representative | $30,000 - $60,000 |
| Quality Control Inspector | $35,000 - $55,000 |
Please note that you can access a detailed breakdown of all these expenses and also customize them for your own project in the financial plan for a furniture making enterprise.
Professional Services
Starting with a lawyer, for a furniture making enterprise, this is not just about general business setup.
A lawyer can help you understand and comply with regulations specific to furniture manufacturing, such as safety standards for products and environmental regulations for sourcing materials. They can also assist in drafting contracts with suppliers and distributors, which is vital in this industry for securing raw materials and market access. The cost for these legal services might range from $3,000 to $6,000 initially, depending on the lawyer's expertise and location.
Consultants for a furniture making enterprise are particularly valuable for those new to the industry.
They can provide insights on efficient workshop layouts, machinery procurement, and even guide on sustainable practices in sourcing and production. This could include advice on the latest trends in eco-friendly materials or techniques to reduce waste. The fees for such specialized consultants might be between $100 to $300 per hour.
Bank services for a furniture making enterprise are essential not just for business accounts or loans, but also for handling large transactions and international payments, especially if you're sourcing materials from abroad or exporting your products. The costs for these services will depend on the bank and the specific needs of your enterprise.
Insurance for a furniture making enterprise needs to cover risks specific to manufacturing, like workplace accidents, machinery breakdowns, and property damage. Product liability insurance is also crucial, considering the potential hazards of faulty furniture. The cost for these insurance policies can vary widely, but it's not uncommon to spend between $1,500 to $6,000 annually, depending on the scale of operations and the coverage required.
Additionally, for a furniture making enterprise, there are certifications related to quality and safety standards. These are not just one-time expenses. Regular audits, compliance checks, and potential equipment upgrades to meet evolving standards are necessary. These recurring costs are essential for maintaining the legality, reputation, and quality assurance of your furniture making enterprise.
| Service | Description | Estimated Cost |
|---|---|---|
| Legal Services | Compliance with manufacturing regulations, drafting contracts with suppliers and distributors. | $3,000 - $6,000 initially |
| Consulting Services | Advice on workshop layouts, machinery procurement, sustainable practices, and market trends. | $100 - $300 per hour |
| Bank Services | Handling large and international transactions, business accounts, loans. | Varies |
| Insurance | Covering manufacturing risks, workplace accidents, machinery, property damage, product liability. | $1,500 - $6,000 annually |
| Certifications | Quality and safety standard compliance, regular audits, equipment upgrades. | Recurring costs |
Ongoing Emergency Funds
Estimated Budget: $20,000 to $100,000
When you're establishing a furniture making enterprise, having an emergency fund is absolutely crucial.
It's like having a safety net as you venture into the world of crafting furniture; you hope you won't need it, but it's essential for your peace of mind and the security of your woodworking operations.
The amount you should set aside can vary, but a common rule of thumb is to have enough to cover at least 3 to 6 months of your operating expenses. This typically translates into a range of $20,000 to $100,000, depending on the size and scale of your furniture making business.
Remember, these figures can fluctuate based on your location, workshop rent, utilities, employee salaries, and the cost of materials and tools.
One of the main reasons you need this fund is the unpredictability of cash flow in the furniture making industry. For example, you might face unexpected price increases for quality wood, specialized tools, or finishes. Or, there might be unforeseen repair or maintenance costs for your equipment and machinery, which can be quite expensive. These situations can significantly impact your cash flow if you're not prepared.
To avoid these potential challenges, it's wise to not only have an emergency fund but also to manage your inventory and production efficiently.
Overstocking can lead to unnecessary storage costs and deterioration of materials, while understocking can disrupt your production schedule and lead to lost sales. Regularly reviewing and adjusting your inventory based on market trends and customer demand can help you avoid these pitfalls.
Additionally, building strong relationships with your suppliers is crucial. Sometimes, they might offer favorable payment terms, discounts, or bulk purchase options, which can ease cash flow challenges and enhance your profitability.
Another key aspect is to keep a close eye on your finances. Regularly reviewing your financial statements, tracking expenses, and managing your budget effectively helps you spot trends and address issues before they become major problems, ensuring the financial health of your furniture making enterprise.
It's also a good idea to diversify your product offerings. For instance, if you're primarily crafting tables and chairs, consider expanding into custom cabinetry, home decor, or restoration services to broaden your revenue streams.
Lastly, never underestimate the power of excellent craftsmanship, customer service, and community engagement. Satisfied customers are more likely to recommend your services, leading to repeat business and positive word-of-mouth referrals that can provide a stable source of revenue for your furniture making business.
Please note that you can access a detailed breakdown of all these expenses and also customize them for your own project in the financial plan for a furniture making enterprise.
What costs can be eliminated for a furniture making enterprise?
Managing expenses wisely is crucial for the long-term success of your furniture making enterprise.
Some costs can be unnecessary, others may be overspent on, and certain expenses can be delayed until your enterprise is more established.
First and foremost, let's talk about unnecessary costs.
A common mistake in furniture making is investing too much in high-end machinery and exotic materials from the start. While quality is key, remember that your initial customers will primarily be interested in the functionality and design of your furniture, not the rarity of the materials. Start with standard, reliable equipment and materials, focusing on craftsmanship and customer satisfaction.
Another area to cut unnecessary costs is in showroom space. In the digital age, showcasing your furniture online can be as effective as a physical showroom. Instead of renting or buying a large space, consider a smaller showroom combined with a strong online presence.
Now, let's discuss expenses that furniture makers often overspend on.
One common pitfall is overstocking raw materials. It's important to find the right balance to avoid overinvestment and storage costs. Start with a basic range of materials and expand as you understand market demand. This approach also helps in managing working capital more efficiently.
Additionally, be cautious with hiring too many staff members initially. While skilled labor is essential, overstaffing can lead to higher labor costs, particularly during slow periods. Begin with a core team and hire additional craftsmen as your enterprise's order book grows.
When it comes to delaying expenses, one area to consider is expansion and large-scale customization options. It's tempting to offer a wide range of customization from the start, but it's wiser to wait until your business has a stable income stream. Premature expansion in offerings can complicate operations and strain finances.
Another cost that can be delayed is the purchase of advanced machinery. Start with essential tools and gradually invest in specialized equipment as your operations grow. This strategy allows you to allocate funds more efficiently and adapt to changing market trends and customer preferences.
Examples of startup budgets for furniture making enterprises
To provide a clearer picture, let's break down the budget for three different types of furniture making enterprises: a small workshop in a rural area using second-hand tools, a standard furniture shop offering a variety of products, and a high-end custom furniture studio with top-tier equipment.
Small Workshop in a Rural Area with Second-Hand Tools
Total Budget Estimate: $20,000 - $40,000
| Category | Budget Allocation | Example of Expenses |
|---|---|---|
| Equipment (Second-Hand) | $5,000 - $10,000 | Used woodworking tools, basic machinery, hand tools |
| Workspace Lease and Setup | $3,000 - $7,000 | Rent deposit, minimal renovations, utility setup |
| Materials and Supplies | $4,000 - $8,000 | Wood, hardware, finishes, initial stock of supplies |
| Permits and Licenses | $1,000 - $2,000 | Business license, safety certifications |
| Marketing and Advertising | $1,000 - $3,000 | Local ads, business cards, basic website |
| Miscellaneous/Contingency | $6,000 - $10,000 | Unforeseen expenses, small equipment, emergency funds |
Standard Furniture Shop
Total Budget Estimate: $40,000 - $80,000
| Category | Budget Allocation | Example of Expenses |
|---|---|---|
| Equipment (New and Efficient) | $15,000 - $25,000 | Quality woodworking machinery, power tools, dust collection system |
| Lease and Renovation | $10,000 - $20,000 | Good location lease, showroom setup, storage area |
| Materials and Varied Supplies | $8,000 - $15,000 | Diverse wood types, specialized hardware, advanced finishes |
| Permits, Licenses, and Insurance | $2,000 - $5,000 | Comprehensive business insurance, trade permits |
| Marketing and Branding | $3,000 - $7,000 | Enhanced website, social media campaigns, branding materials |
| Staffing and Training | $7,000 - $13,000 | Skilled carpenters, sales staff, training programs |
| Miscellaneous/Contingency | $5,000 - $10,000 | Emergency funds, additional small tools, utility deposits |
High-End Custom Furniture Studio
Total Budget Estimate: $70,000 - $150,000
| Category | Budget Allocation | Example of Expenses |
|---|---|---|
| Equipment (Top-Tier) | $25,000 - $50,000 | High-end machinery, precision tools, advanced technology |
| Premium Lease and Luxury Renovation | $20,000 - $40,000 | Prestigious location, custom interior design, luxury showroom |
| Exclusive Materials and Supplies | $10,000 - $20,000 | Exotic woods, premium hardware, designer finishes |
| Permits, Licenses, and Comprehensive Insurance | $5,000 - $10,000 | Specialized trade permits, extensive insurance coverage |
| Premium Marketing and Branding | $7,000 - $15,000 | Professional marketing agency, high-end branding, elite clientele targeting |
| Expert Staffing and Specialized Training | $10,000 - $20,000 | Master craftsmen, design consultants, specialized training workshops |
| Miscellaneous/Contingency | $8,000 - $15,000 | Contingency for high-end projects, additional luxury accessories, unforeseen costs |
How to secure enough funding to become a furniture maker?
Securing sufficient funding for a furniture making enterprise involves a strategic mix of financial sources. Typically, these businesses rely on personal savings, bank loans, and sometimes contributions from family and friends.
The nature of a furniture making enterprise, often being a small to medium-sized operation, may not attract larger investors like venture capitalists. These investors usually seek high-growth, scalable businesses. Furniture making, being more artisanal and potentially less scalable, might not fit their criteria.
Grants for furniture making enterprises are also less common, as grant programs often focus on sectors like technology, health, or education. However, there might be specific grants for artisanal crafts or small manufacturing businesses, but these are not the norm.
When seeking a loan from a bank or attracting an investor, a comprehensive business plan is essential. This plan should include detailed financial projections, market analysis, your unique selling proposition (what sets your furniture apart, such as design, craftsmanship, sustainability), and an operations plan.
Showing a deep understanding of the market, the cost of materials and production, and a clear route to profitability is crucial. Banks and investors want to see a solid grasp of the finances, including projected revenues, expenses, and cash flow. They also value evidence of your commitment and capability to successfully manage the business. This can be demonstrated through your experience in furniture making or woodworking, or partnerships with experienced business managers.
Regarding the percentage of the total startup budget you should contribute, it's often favorable to have some personal investment, typically around 20-30%. This shows your commitment to the enterprise. However, this is not a strict requirement. If your business plan is compelling and shows a clear path to repaying a loan, you may secure funding without significant personal financial involvement.
Securing your funds well before opening is important, with a good benchmark being around 6 months prior. This timeframe allows for setting up the workshop, purchasing equipment, sourcing materials, and other preparatory tasks. It also provides a buffer for unexpected challenges.
Expecting to be cash flow positive from the first month is optimistic for most new businesses. Furniture making enterprises, in particular, may take time to build a customer base and become profitable. Therefore, it's advisable to allocate about 20-25% of your total startup budget as working capital to sustain the business during the initial months until it becomes self-supporting.
You might also want to read our dedicated article related to the profitability of a furniture making enterprise.
How to use the financial plan for your furniture making enterprise?
Many entrepreneurs in the furniture making industry face challenges when seeking funding due to disorganized presentations and financial plans that fail to effectively communicate their business potential.
If you're looking to turn your vision of starting a furniture making enterprise into reality, securing the necessary funding is a critical step. To achieve this, it's essential to gain the trust and confidence of prospective investors or lenders with a clear and professional approach.
Our solution is a meticulously crafted business and financial plan, specifically designed for furniture making enterprises. This plan offers financial projections for a three-year period, ensuring you have a long-term perspective of your business's financial trajectory.
The plan includes all vital financial tables and ratios such as the income statement, cash flow statement, break-even analysis, and provisional balance sheet. It comes pre-filled with a comprehensive list of expenses typical in the furniture making industry, from material costs to labor and marketing expenses. You can easily adjust these figures to align precisely with your specific project needs.
Designed with both loan applications and beginners in mind, our financial plan is user-friendly and requires no prior financial expertise. The automation within the plan means there's no need for complex calculations or spreadsheet modifications. You simply input your data into designated fields and make selections as needed. We've simplified the process to ensure it's accessible to everyone, including those who may not be familiar with financial software like Excel.
In the event you encounter any difficulties or have questions, our support team is readily available to provide assistance at no additional cost. We're committed to supporting entrepreneurs in bringing their furniture making dreams to fruition.
The content provided here is for informational purposes only and does not imply endorsement. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the advice or strategies presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.