“Choose a job you love, and you will never have to work a day in your life.” Sure, it definitely rings true. Until… the proverbial pie drops off from the sky and you’re head on face to face with bills to pay and a host of other adult woes.
Woodworking let you live comfortably if you play your cards right. It’s true that only a few earn 6-figure incomes from woodworking but if you develop your own aesthetic and brand, it’s possible. However, a more realistic amount is around $20,000 to 40,000 per year.
If you love to create cool ideas with woodworking projects and want to make it your bread and butter, cheer up! With a lot of hard work, business sense and some inside information, woodworking might just give you that elusive job that “you love and gives you a fair amount of moolah.”
Here’s how.
Step 1. Just like any other business, identify a specific target market. Will you zero in on children’s gifts, furniture, or home decor?
Step 2. Come up with zany but practical ideas to offer to your market. Put your thinking cap on. Add some panache by featuring splashes of bright colors, fancy-schmancy packages like burlap bags or big bows for home decors, and whimsical what-nots like a one-of-a-kind swing set or a green storybook tree. Let your imagination run wild. Tug the heartstrings of your target market.
Step 3. Find your suppliers. Where will you source your materials? Do your homework. Scour the woodworking industry, ask the experts, check out the lumberyards – to find something less pricey and with good quality. Remember that the raw materials are the backbone of the woodworking business.
Step 4. Pricing is key in business. If you charge more than what the target consumer is willing to pay, it won’t sell. If you charge less, you’ll lose money. You need to determine the costs for materials, labor, overhead expenses, profit and selling expenses. For example, let’s price a square top table. Put into consideration the following: the number of hours it took to make one, the actual parts used to make the table, including the cost of the wood and other mechanical parts like hinges etc. Don’t forget to factor in the shop costs – electricity and materials, and the selling costs – booth rental or the cost to advertise the item on a magazine or a webpage.
Step 5. Determine where you will sell your woodworking projects. Will you sell them online, on a brick and mortar store, on an outdoor weekend market? Deciding where to sell will also help you in giving the right price. Next, know what sells well and where. For instance, large items like tables are more likely to sell better to people in the neighborhood weekend market. It’s easier for them to pick the item up rather than pay a hefty shipping charge. If you plan to sell online, check out the wood products on popular online stores and compare your items vis-à-vis their products.
Step 6. Show them off! If you’re looking to sell online, create eye-popping photos. Don’t be a cheapskate here. Great photos sell well. Learn how take and make great ones. Should you opt to sell in a physical store, make a head-turning, jaw-dropping kind of a showcase. It’s all about marketing, baby. Which, by the way, brings us to the next step.
Step 7. Marketing, marketing! To strategize, ask yourself the following: Why will your client want to buy your items? Is it because it’s sturdy, aesthetic, or stylish? What kind of problem are you trying to solve? What is your item for? How does it improve their lives? Why is it worth their money? Don’t just say it, show it!
Start cranking up those woodworking projects, get inspired and work hard! Best of luck!
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