The Tool Scout is a member of Amazon Associates. We may earn a commission from qualifying purchases. Learn more.
If woodworking is your hobby and you have already done a few projects, you might be wondering if there is any way to make money from it. You may also want to see if there is a way to turn your hobby into a full-time job. On the one hand, woodworking can be expensive if you consider the high-quality tools and the price that you have to pay for wood.
On the other hand, if you manage to get enough revenue from selling your crafts so that you can be in the positive, you can turn your hobby into a real business.
The good thing is that there are many reasons why people consider buying stuff made of wood. First of all, wood is beautiful and can be used in many ways to create unique items. There is almost no material that can provide both the look and the feel that wood can if done well.
Also, wood is timeless. Although it is one of the oldest crafting materials, it is still used to create high-quality items, like furniture. Besides, products made of high-quality wood can last for a lifetime and are very resilient. In the end, quality products made of wood will always be admired and valued more than products made from plastic or fiberboard, for example.
When starting with your woodworking business, like as with almost every other business, it is essential to start small. Don’t invest too much, and allow yourself to slowly take the first step into the world of woodworking business. You should choose a couple of inexpensive and straightforward projects and build them well.
Choose something simple, and but do your best to build and polish it so that it looks fantastic. It doesn’t matter if you can’t sell it for the same price as more complex items. It’s more important that it has a high-quality build.
It is also important to say to yourself that the business has started and that you have some sales behind you, even if they are small ones. Something like wooden guitar stands, key hangers, or cutting boards might be a great way to start.
However, no matter how unique and high-quality your project is, you will need people to hear about it. Without people knowing about your crafts, you won’t make any sales. Besides friends and family, you should also share your projects on social media, and sometimes even give a project for free, as a gift, to build trust among potential customers.
You should also consider auctions and pawnshops, which can be a great way to earn some easy, quick cash. For example, you can find various damaged items on auctions, which can easily be repaired and restored, if you have the right skills.
People usually don’t buy these items since they are damaged, so you won’t have much competition when bidding for them. However, you should always ask yourself if someone would buy this project if it were new and untouched. If you think there would be customers, go ahead, buy it, and repair it.
Rustic articles are also an excellent way to go. If you are not sure what rustic is, it includes items and products that have been made plainly and simply. It has become a trend for people to take something new and make it look old. It gives a unique, sometimes nostalgic feel to the item. It is also easier to do, since rustic furniture, for example, doesn’t require any complicated work or hours of sanding for the perfect look.
Even if you mess up, sometimes those flaws can become a part of its look and even make it look better. Also, rustic is cheaper, since its usually made of salvaged wood, so right from the start, the cost of the wood is much lower.
Custom products are a great thing to include in your business if you have the right tools and skills. Sometimes, people want to have something unique, something that can’t be found on the market. That’s where you come in, with your beautiful, handcrafted, unique products. Since the products are one-of-a-king, they can have an even higher price because those products can’t be bought anywhere.
Also, don’t forget to determine the actual profitability. No matter what you plan to build, there are a few things that you should consider.
First, calculate the time needed to create an item (or restore it). Then, the material cost and equipment cost are two crucial things to consider. Also, no matter how good your product is, an essential factor is product demand.
If people all around the world are interested in a particular product, it means that you will have a lot of potential customers and that the market is big. However, that also means more competition. So you have to stand out from the crowd with the quality of work that you provide.
The last but vital thing to consider is a possible return. No matter how many products and how good the products are that you sell, there will always be someone who will not be satisfied and who will return the product. Then, it is in your best interest to return the money, because if you have a single unsatisfied customer, the rumors of your “bad” work will spread quickly.
When you calculate everything, you should be able to create products in a decent amount of time, sell them for a reasonable price, and maximize the returns. So, when you calculate all the statistics from the past month, including the difference between profit and loss, your earnings should be above zero.
You should also pay a lot of attention to minimizing the potential loss and streamlining your production. After you sell a certain amount of products, you will notice that some products will sell much better and quicker than the other ones. Then, you should focus on these projects and start constantly making and selling similar units all the time.
If all of those items sell well, you should find a way to streamline the production and make it simple. That way, you will be able to produce a much higher amount of products in a shorter amount of time, leading to much higher revenue. For example, if you incorporate standard lumber sizes for a particular product, you will limit the need for resawing and therefore save lots of time.
As you can see, woodworking can be a pretty good business. However, you will need some good skills, since your primary goal is to be better and offer better products than the competition.
However, if you are as good as your competition, instead of having better products, you might want to have a better offer. This might include a lower price, but you can also give one product for free if two products are ordered, and so on. There are various tips and tricks that businessmen around the world use, in various fields of business.
However, be sure that you start small and don’t have big expectations right from the start. Never provide a lower quality product to make more units at the same time. And be sure to build a great “fanbase” of people who trust you and want to buy your products.