Want to start a woodworking business from home?
Well, put on your entrepreneurial hat, as we are going to reveal some actionable guerrilla marketing ideas that will help you start a successful woodworking business with little money.
If your friends and family members regularly praise your woodworking skills, it is time to think about starting a small woodworking business from home and make that shift from hobby to business.
Fortunately, woodworking can be a one-person business too.
There is no need to hire a team of woodworkers; you can make a very comfortable income and have a great deal of satisfaction in doing something you truly enjoy.
But starting a business isn’t only about creating woodworking projects. You have to ensure that it is well planned out, legally compliant, and actually profitable.
So keep reading to learn more about how you can go about preparing and planning for your woodworking venture.
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1 – Can Woodworking Be Profitable? | Understanding The Statistics
It certainly can be.
There are some interesting statistics coming out of the woodworking industry that hint at this being a real money-spinning side-hustle.
For example, did you know that in the U.S.A over 272,000 people work in the industry. Whats more, the median pay of a woodworker is $32,690 per year, rising to a high of over $50,000 per year.
Plus, one of the biggest growth sectors in this industry is ‘Furniture’.
This section of the industry is valued at over $114 billion, (probably because people today are always on the lookout for cheaper furniture).
2 – What Can I Build And Sell To Make Money? | Choosing The Right Niche
The success of your woodworking business depends on the right niche.
When you know the best selling products, you can create crafts that give maximum returns for your work.
Some people focus on creating wood furniture in super-targeted niches; this can be a good start, but it doesn’t really allow you to expand your business.
Creating crafts that sell well in almost any market gives you many advantages.
First, you don’t need to promote them a lot as the consumers look for them on their own. Second, you can be creative in their construction and come up with many more ideas of your own to dominate the market.
For instance, children wooden toys are immensely popular. They are sold for premium prices. Parents love to pay top dollars for them as long as they are made from quality wood.
Similarly, baby cradles are also gaining a lot of attention these days. Parents love to get special furniture for their children and custom woodworking projects definitely attract them.
Just a heads up, I have a whole blog post listing all of the 12 most popular and best selling wood craft items. You can read it by clicking here: 12 Profitable Woodworking Things To Make And Sell From Home
3 – Start A One-Person Business | Is Woodworking A Good Career Choice?
The one-person business model has proved to be successful, as it is easy to manage, establish, and run in any way you want.
The only drawback is you have to act in several capacities.
You will work as a craftsman, salesperson, admin, and accountant, all in one. However, after some initial success, you can hire people part-time when you need extra help.
Going solo with a woodworking business is definitely hard, but it will be the kind of work that you relish. And later on, you can always outsource time-consuming tasks such as accounting and general admin.
The only thing you need to do is to create a product that is truly a treasure.
4 – Plan Your Business
Planning your business gives you a clear picture of what your woodworking business can become.
It is key in allowing you to really think through and map out the specifics, helping you to stay on the track.
While planning your business, a few important things to consider are:
- What is the detailed description of your goals?
- What is the cost of getting your business started?
- What is the demand and market for the product you hope to sell?
- Who is your target market?
- What will you name your woodworking business?
Also, you need to know how much you can charge your customers, but it depends on how creatively your product is made.
5 – Marketing Your Products
Marketing products is as important as creating products.
It is good to start promoting your products close to home. Contact a local seller and sell it through a local store.
It will be one of the most convenient arrangements you can make, as the local stores already have a following and long-term customers. Plus, it will be easier for you to transport your projects too; as you will save a lot on shipping costs.
Whats more, you will also have the freedom to sell larger projects through a local store. Larger projects mean more profit.
The only downside of selling your woodworking products in a local store is the store owner will add his own profit margin to it, which means your product will become a tad more expensive.
Marketing and selling your products online is great, but it has a learning curve. It requires a bit more effort, as you have to update inventory and manage your promotional campaigns.