Woodworking is a craft that is always in high demand. So, it is not surprising that so many people around the world run a business either from a shop or their own homes that involves woodworking. But as with any business with high demand, there is considerable competition as well. If you are thinking about how to make money woodworking either part-time or full time, you will need to do the work necessary to maximize your chances of success.
What Can You Do?
The best place to start is by looking at the skills that you have developed over the years in creating items from wood. From those who make small toys and novelty items to furniture and large decorations, the field of woodworking is wide open. Understanding what you can do is the basis for the type of products that you will initially make.
Next is an evaluation of the tools and equipment that you have available. Keep in mind that as demand for your services grows, the more time it will take you to complete your items. This means having the right tools which may include powered devices such as table saws a must for your business. But remember that you are starting from scratch, so only purchase what you need to get going. Once your business takes off, then you can start to purchase more expensive tools and equipment.
Do the Research
Now that you know what you are good at and what tools you have at your disposal. The next step is to do the research and find out what is in demand. It does little good to spend many hours creating items that no one wants. So instead, you should go on places such as eBay, Etsy, and similar sites to see what is selling.
Look for items that get a lot of bids which indicates high demand. Conversely, if you have local shops that sell items produced from woodworking, inquire as to what items are moving off the shelves. That will be the starting point for your business.
Meet the Requirements
Running a home-based business has few requirements apart from reporting the profits you make for tax purposes. Of course, this depends on the size and production of your business, so you will want to check with the rules and regulations that govern the production of items from the home for business purposes.
If you run a business from home, you have several options to sell your items. If they are small and easily shipped, then eBay is a great place to get started. The cost is minimal to set up and the potential reach is worldwide. Many successful home-based businesses run almost exclusively on eBay, so there is where you might begin.
If you rent or purchase a shop, then you will need to get a business license. There may be other requirements as well, so you will want to check with local, state, and perhaps federal regulations when it comes to the operation of your business.
Showcase Your Skills
Now that you are set up and ready to produce your items, you will need to break into the market. The best way to do this is finding avenues that showcase your woodworking skills. A basic rule of business is that it is better to be different than to be better. While being better is subjective, being different is obvious. This allows you to set your items apart from the competition which means reaching a higher level of success.
Find ways to showcase your skills with the items that you produce. You will want to make a portfolio of the items you have created. You may want to purchase a website, but you can find places on the internet that can help you showcase your items so they will be seen.
Find Ways to Promote Your Business
There are the usual means of buying ads, using social media, and attending events that showcase woodworking such as public events or festivals where your products can be sold. You can even create a public event that helps showcase your work and promotes it to potential customers. For example, a charity fundraiser where items you create to raise money for worthy causes helps those in need. Plus, it gets your business noticed in the right way.
Another great way to promote your business is to create a series of short, instructional videos on how you created your items.
With YouTube exploding in popularity and being the second-largest search engine next to Google, many woodworkers of all types are creating informative, entertaining videos of how they make their products all while using their smartphones. The lighting and sound need to be of good quality, but if you have a smartphone that shoots good video, then the expense of making the videos is minimal.
If You Fail
Even the best of efforts may not succeed. But keep in mind that the only true failure is quitting. If your woodworking business is having difficulty gaining traction, then find out why the sales are sluggish. There may be several reasons why you are not selling items like you should.
- Poor promotional efforts
- Prices that are too high
- Items that are not in-demand
- Quality that does not meet good standards
- Not being patient enough to let your items sell properly
Identifying why your items are not selling is the first step towards re-engineering your efforts to try again and succeed. Keep in mind that many business owners try and fail several times before they become successful. So, do not be discouraged if you are not doing as well as you think you should.
There are no guarantees when it comes to being successful. But what makes woodworking such an attractive money-making craft is that you can change the type of products you make to fit the demand. Getting started means understating how to make money woodworking that is efficient, low in production cost, and high in profit margin. Plus, you can start in your own home and expand when you are ready.