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Every business needs space. If it is a home based business, working out of your garage or basement, the next question is “How long will this amount of space be adequate?” Also, there are particular tax advantages to this situation that you need to discuss with your accountant.
If you're not using your home, then do you lease, rent, buy, or build? What is your timeline for starting? These are all important questions when opening your custom woodworking shop. Remember, regardless of where you setup shop, it is wise to check local zoning codes for your particular type of business. This may play a big factor in where your business is located.