It's definitely worth getting a lil set of collets, but you could also go with something like this https://www.amazon.com/dp/B091H2BGMR Haven't use it personally, but wood is pretty forgiving when it comes to bit selection
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SYT Spiral Router Bits 1/8"...
HOZLY 1/8 Inch Shank Carbide End Mills(3.175x17mm) Up & Down Cut CNC Spiral Router Bits 2 Flutes Milling Cutter for Engraving Milling 3D sculpturing Roughing Composite Multilayer Pack of 5