There are a lot of woodworking projects that sell well. That is why it is not difficult to make money woodworking.
Though much like any skill. The craft of woodworking requires commitment and passion.
It is a general perception that woodworking is a guy’s thing. The big logs and savage chisels do seem like difficult to handle. But with practice, you can learn to handle both of them irrespective of your gender.
There are a lot of female woodworking professionals who excel in woodworking. It is interesting to note that a few of them picked up the craft as their second profession. Thus, they serve as an inspiration to anyone who wishes to indulge in wood crafts.
Working with crafts is a satisfying indulgence. Moreover, it is one of the hobbies that have the potential to bring in the moolah as well.
The products created with woods have the potential to bring in good ROI. The addition of remarkable woodworking skills brings in huge profits and work satisfaction.
You can learn woodworking with specific books and courses. But you cannot expect to make profits without a strategic plan in place. Much like any business, you need an organized step-by-step woodworking business plan. You can read further to know more about it.
Know How to Make Money Woodworking
As mentioned before, a successful woodworking business requires a plan.
A well laid out plan that chalks out all the aspects of running a business. That plan must include the workflow from niche selection to creating the first sales.
The business plan is as follows:
1. Select a niche
This is the most important aspect because it has the greatest impact on your bottom line.
Niche selection is akin to deciding how you position your brand in the minds of your customers.
Also, when you have the right niche. Then, it is easy to connect with your target audience and convert them into paying customers.
To make a selection of your niche, think of —->
WHO will you serve with WHAT
Few examples for the above could be:
- Wooden Hand turned Pens for Gentlemen
- Wooden Knitting and Crochet Tools for Crafting Ladies
- Reclaimed Furniture for Luxury Conscious People
- Christmas Gifts for Women
- Sport Accessories for Left-Handed People
If you decode the above sentences, then you can move ahead to
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2. Collect Resources – Expertise, Materials, Tools
What you pick up in Step – 1 helps you decide on this one. So, you can build up your resources as per what you intend to sell.
For instance, if you choose to stick to the niche – High End Reclaimed Furniture. Then, you can serve that audience with bar decor products.
When you get that logic of creating products as per your niche. Then, the product creation process will become easier for you.
If you have prior experience in woodworking. Then, you would know what materials and tools to fetch.
But if you are starting from scratch, then you can start with learning resources. If you cannot find a local woodworking school. Then, you can use the best available online resources.
3. Decide on Pricing
Pricing has a direct bearing on sales and profit margins. Thus, it is crucial to get your pricing right.
Your niche selection affects Pricing too.
Thus, the price of your offerings will depend on your Niche Category. The 2 important questions that you must answer before you set a Price are:
How are your competitors priced?
Does your Pricing justify your expenses?
Once you answer both the questions with confidence. Then, pricing your products will become an easy job.
4. Open a Shop
This one is obvious. For making money off of woodworking projects you need to sell your wooden creations.
You can do them through both offline and online medium.
There are several options under both to reach your potential customers.
The popular ones are:
- Your Studio-cum-Boutique
- A display booth at a Craft Market
- Your own Shopify Store
- A shop on Etsy
- Sell through Amazon Handmade
All these options have their learning curves. You can try each one of them as per your liking.
Irrespective of where you sell your handmade wooden creations. You will need to up your marketing game by ——->
5. Developing Marketing Assets
Most businesses struggle with Marketing. But if you nail the Step 1. Then, this one gets much easier to tackle.
Digital marketing is the best means to communicate with your potential audience.
The tools to build your marketing assets start with a self-hosted blog. With that, you can create the content assets that attract the buyers. Once the visiting audience begins to stick to your message. Then, you can guide them to your shop(s).
Good marketing requires brand building. To create a memorable brand, your image must be unique and authentic.
Your branding principles must stay consistent across all platforms. That includes your Logo, Tag line, Branding colors, Tone and the Delivery of your message.
Every aspect of your brand should empathize with the audience in your niche.
6. Build and Serve a Strong Clientele
If you got no experience of making a sale of wooden products. Then, the prospect of creating products would seem daunting.
That is why you can start with projects from wood slices. Such small woodworking project ideas are easy to begin. Moreover, you can create them to cater to a wide range of niches.
The other option is to make a decision based on top-selling woodworking items.
Since these products have a good conversion rate. So, you can create them to increase your chances to make money woodworking.
From there you can advance your portfolio by including specific customers’ requests.
7. Repeat from Steps 2-6
For a business enterprise, a niche category remains static. But the ways to reach and serve that category will keep evolving.
For instance, a few years ago television/newspaper ads dominated the marketing scene. But now internet marketing is at the forefront.
Though no matter how the means to communicate change. You must keep the pace of creating handmade wood products that sell. Then, couple that with reaching out to your loyal set of audience.
That means you would need to do Steps from 2-6 on a regular basis.
A lot of wooden products like birdhouses are expensive to buy. But that does not mean it is easy to make money by focussing on expensive things to make and sell.
Rather, becoming a successful woodworking entrepreneur is dependent on selecting the right niche. As long as you keep building a craft that resonates with your audience. You will be able to sell well.
You should keep honing your woodworking craft. Also, you must keep improving your marketing to bring your audience closer to your craft.
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