There are plenty of side-hustle ideas that can earn you big dollars over time. Starting a woodworking business may not seem like the first option, as one that can generate cash especially with all the hype of internet business recently. However, learning how to start a woodworking business may be the best thing you ever do.
If you have the skills, woodworking can be a crazy-profitable niche in the short term. You don’t have to be a genius to realise that it will take a little longer if you don’t have the skills.
In which case, woodworking is still an incredible hobby.
But in regards to a business, over the New Year, my mother sold her old furniture to a woodworker. The woodworker refurbished it, and added a few little bits and pieces and made over $1000 profit, re-selling it in a week. Literally. Mum sold it Sunday on a Facebook marketplace and by Thursday it was back on the same marketplace and sold for 5x the price!
But, how do you go from a general backyard handyman to starting a woodworking business?
Don’t worry. I have you covered with this quick guide.
From hobby to starting a woodworking business
Woodworking is an art/craft, depending on how you look at it, that can see you earn quite substantial amounts. Some people love woodworking, but just do it as a hobby.
The good news is that if you have an interest in the subject than transforming it from a hobby to business is quite easy and this article is just going to show you how.
The right tools
They say a handyman is only as good as his tools, but then again, they also say a tool is only as good as the handyman. Regardless, you need to have tools for your woodworking.
The kind of tools that you will need for your projects will depend on the vastness of your business. If you want to start small, then having simple hand tools will prove to be adequate – You can get away with having a hand drill, a timber saw, measurement tools and the basics.
On the other hand, if you want to have large-scale production, then you will need bulky types of machinery like a power saw and more. Make sure that the space that you plan to use is adequate.
You need to have clearly marked out your niche. Woodworking is a broad subject that can see you produce anything from a simple birdhouse all the way to production of office and home furniture.
Starting a woodworking business and focussing on the general is always tricky. Take the handyman who worked with my mum for example; his niche was restoring old bedroom furniture.
Three things woodworkers can build to make profits
As I told you earlier, it is important to niche down. In any business. For instance, if you are making toys, then your target market should be the parents who have young children. You would be greatly misplaced if you make the toys in an area where the larger population that exists is middle-aged and the elderly.
You would also not make much money by making garden benches in an area where people hardly have gardens in their compound. With this in mind, it is very important that you find the right projects to build that will see you make good money. Here are some of the great projects that you can get to do to earn a good amount of profit.
Toys are simple projects that will not demand that you have a lot of resources. With the simple hand tools, you will comfortably be able to make excellent toys. The other good news is that you can begin the project right from your garage to save on the cost that you would pay in rent. Know that the toy projects would not take much of your space and thus you will be able to work from a small area comfortably.
You can never go wrong with the toy projects especially if you are in the urban area or when your target population is in the downtown area for you will always find young families and children.
Just take a brief survey of most homes that you get to. Did you notice that they have most of their furniture made of wood? Right from the coffee table all the way to the seats, you will realize that many people love wood to be used on their furniture.
The reasons for the wide preference for wood are many, but one that stands out is that it is an inexpensive doing. With this in mind, as a woodworker, you need to research and find the particular furniture projects that people would not do without and engage in the building of the same.
Many people have their fences in wood. It makes the home get the more natural look and it is easy to set up. You will always find people who want their fence to be repaired while others will need a new fence. Because the fence acts as a form of security, you will obviously get an order to put up the same.
Use woodworking plans to build projects faster
Woodworking will require you to be very creative and innovative. Nonetheless, you will also need to have plans that will help you build your woodworking plans in a fast and better manner. There are many plans that you can get on the internet. Some of these plans are free and others will need you to pay some money to get access.
Some plans will also offer you with tips that you can use to customize your products.
The truth is that with a good plan then you will be able to build your woodwork not just fast, but also in a better and easy way than you would have done without one. Many people especially beginner woodworkers will have a problem with the materials to buy and even the right tools to own. A good plan will have all these in focus. In fact, if you are interested in making something like a cabinet, a good plan will tell you of the right kind of materials and even the best tools to use. With these in mind, it is important that you choose your plan very carefully.
Don’t just use any woodworking plan, use the best woodworking plans
Some people just make a mistake of picking any kind of plan that they find online. As much as there are good plans online, you cannot rule out the fact that you will come across bad ones. You need to make sure that the plan you take is from a well-established and professional woodworker.
Personally, the best free plans are from this book with fifty plans to get you started on your woodworking business. And if you want to pay a little bit extra, here are 16,000 awesome woodworking plans.
A good plan will also tell you the kind of space that you will need for your project. Some projects will need a larger space than others. Read the suggestions and make up your mind. It is important for you to have a budget so that you can compare the prices to be able to know if the project is oaky for you or not.
Advertise your work
Make sure you advertise. Know that you are no longer doing your woodworking for the fun of it. There are many ways that you can promote your products. You can use the internet.
Using the internet will need you to put up a website, or start a social media page in the beginning. You can have a variety of sample pictures on the website. You also need to know all the ways of putting up a good site if you want to get enough traffic.
Furthermore, you need to use the internet not only to advertise but also to sell. With the website, you will be able to tap into a potential market that cuts across country boundaries.
The importance of a business plan
If you are going out on a long journey, then it is essential for you to have a roadmap that will see you safely reach your destination. With this in mind, it is important for you also to consider having a plan which is more or less like the roadmap that will get you to achieve the business goals that you set right from the start.
With a good business plan, you can describe and identify your business goals in a precise manner. Many business plans will have the income statement, the cash flow analysis and the current balance sheet. With the project, you are at a better chance of allocating resources more appropriately. Keep in mind that good business plans will carry all the information regarding your business.
Where to find a business plan
There are many places where you will need to have your business plan. For instance, if you are seeking a loan from the financial institutions for business purpose, you will always need to have a business plan for you. The lender takes their time to go through the procedure to see if what you are planning to do is viable and if it is, are the returns worth the loan? They will check the goals and objectives, the money needed, the location, and more. With the plan then they can comfortably give you the money if they find your plan to be a great idea. Remember that this is just an example of where you may need to use your business plan.
On a more personal note, you need to have a plan that will help you know where you are from and where you are heading. You need to time and again review the idea to be able to know what you have achieved and where you are still lagging.
Make sure you review
Some people will discuss their plans quarterly while others may do so annually. It is important that you always set time to review your business. If you have a defined strategy that you have been using, you need to review it so that you can be able to tell if it is working or not.
You can discard the strategies that are not working and embrace the ones that work. It is the comparisons between the milestones achieved and those not achieved that will determine if your business is on the right path or not. Know that the business plan is your foundation in business and thus you need to have the right one.
What a woodworking plan can show you
A woodworking plan will make everything to be easy for you. For instance, a good plan will be able to show you everything from the startup process until the end. As said earlier, a good plan will also give you some space for your own original ideas to make the woodwork to be authentic.
With good woodworking plans you will be able to complete your projects within time and thus it will increase your speed of production. If you are a beginning woodworker then you can make use of the free plans and as time goes on, you can order for more professional plans.
Side Hustle Rating: 4/5
If you’re the type who is already good with their hands, then you can make a lot of money. Whilst hard to scale, you can charge premium prices for your work and earn up to (and over) $90k a year on the side. Check out the guide to maximising your woodworking profits here.