When woodworking, you are either a hobbyist or a professional.
With both of these areas, you have the potential to make a little cash.
However, there seems to be a big gap when it comes to the payout for woodworking.
How much money can you really make being a woodworker?
Woodworkers have the potential to make between $18,000-$60,000 a year. This gap is quite large, but the numbers are dependent on how much time you spend in the shop, the type of products you are making, and how much you are selling your products for. Your market is as vast as the internet’s reach.
There is no guaranteed profit amount for woodworkers as the money that they are able to make largely depends on their availability and product rather than their qualifications like other job salaries are typically based on.
With that said, there are three main areas that you can focus on to make your woodworking business profitable.
Continue reading to learn more.
How Do You Make Money as a Woodworker?
Woodworking is one of those things that works for almost anyone that is involved with it due to its intrinsic flexibility.
What I mean by this is that, when it comes to working, you can pretty much do with it as you please.
This means you can set your own hours, can allot the amount of time you want to focus on your craft, can create what you love, and can do as little or as much as you would like without consulting a single soul.
Freedom is the appeal of woodworking.
With that said, there are three main areas to focus on to make money as a woodworker including how you spend your time, what products you choose to make and sell, and the price range that your products fall into. Choosing to focus keenly on these will help you to become a profitable woodworker.
These three points (time, products, and pricing) are going to be what makes or breaks your woodworking hobby or business.
If you are looking to make a little or even a lot of cash, you will need to ensure that you are investing in the right products and tools and that you are marketing your products as well as your woodworking skills to your audience.
These points are universal for those of you from small to mountainous goals.
Let’s take a closer look.
How to Spend Your Time to Make Money as a Woodworker
Time is going to be the first and most important aspect in determining how much you are able to profit with your woodworking hobby or your woodworking business.
First, let’s assume that your craft is a hobby, rather than something full-time.
With it being a hobby, this means that you likely already have a full-time job that takes up the majority of your time either during the day or during the night.
Because of this, you have a limited amount of time to contribute to woodworking and creating projects to sell – the unfortunate part of your day/night job.
If you are single with no other responsibilities, then you have your nights and weekends to dedicate to woodworking, which means you have a bit more time on your hands.
Obviously, this can mean a larger profit for your woodworking business due to your ability to dedicate all of your free-time to your side-hustle.
However, if you have a family or are involved in other extra-curricular activities, it means that your free time is even more thinly spread.
Because of this, you have less time to woodwork which means a smaller profit for you due to your inability to craft as often as you may like.
Along with this, you will not have as much time to “practice” or to learn new skills that are not a direct part of your specific product creation.
This can hamper you in the long run, but it does not have to be the end of the road for you to make money as a woodworker.
Time is huge when it comes to making money as a woodworker, and if you have very little of it, it will mean that the income brought in from woodworking will likely be something that is relatively small.
It would be more like making “fun money” rather than having a business that is bringing in large amounts of profit.
Still, it can be worth it if you enjoy the trade.
In this instance, you would likely be looking at much less than $18,000 annually and could count on something more like $6,000 – $9,000 depending on how much you are able to sell and what exactly the product is.
Time equals money in the woodworking world, and there is a reason that this phrase has existed for so long.
If you have lots of time, you have the ability to make either a secondary income or even have woodworking as your primary income.
Fortunately and unfortunately, time dictates profit.
So, if you are looking to make money as a woodworker, then see what time you can carve out of your schedule to dedicate to your trade, projects, and marketing to your future customers.
How the Products You Choose to Make and Sell Affect How Much Money You Can Make as a Woodworker
Time, again, is intertwined into this section because the amount of time you have is ultimately going to dictate the products that you are able to make.
The product that you create is what is going to either propel you forward as far as profit goes, or it is going to keep you barely breaking even.
Even worse, if you are making the wrong thing for your customer demographic, you could end up in the hole financially with a ton of unsold inventory sitting around you.
Fortunately, with a woodworking business, you can choose to invest in your materials and tools as you go instead of having to stock up entirely beforehand.
Still, the woodworking product you choose to make is one that has to be practical when considering the time you have available to work on it.
Along with that, it also has to be the right type of product for the customers you plan to target (or the ones that you currently have directly around you).
If you are someone that only has around 8-12 hours a week to dedicate to woodworking, it would be absolutely foolish to take up a project that requires that much work for each individual piece.
This would take you months to produce multiple products and you would ultimately be investing more time than it would be worth once you actually sold the items.
Again, time is money.
You have to find a product that you can easily produce without having to worry about wasting the spare time that you have.
If you are someone who is trying to create a woodworking business, your products can be much more flexible.
Still, you can alternate between smaller or larger types of woodworking products as you get your start at making money as a woodworker.
Then, as you refine your skills, you will grow quicker with your responsibilities while still making beautifully intricate woodworking pieces.
On a final note on how the products you choose to make and sell affect how much money you can make as a woodworker, you also must find a product that is either needed or desired by your customer base or by the community in which you live (or ship to).
If you carve kayaks in the middle of the Sarah Desert, you will not have any type of selling ability (unless your internet marketing is extremely efficient).
This is an extreme example, but you see my point.
Create something that is desired by more than a few individuals and you will have a much better chance at successfully selling that product.
Then, use word-of-mouth marketing on social media and in your local community to help gain new customers.
How Your Woodworking Product Pricing Affects Your Overall Income
Once you have decided on the woodworking product you plan to make and sell, then you then have to decide on how you are going to price it.
Many people are under the impression that only overpriced items are what can kill a business or side-hustle.
However, you also have to take into consideration what pricing your products too low can do to your profit.
Pricing will either make or break your income goals, but it will also set the tone for how customers view your craft.
Of course, if you set your products at too high a price, they will not be competitive with other similar products out there that are more affordable.
This means that you will get plenty of foot-traffic with your woodworking, but window shopping will be where it starts and stops.
This means copious amounts of work for you with no real payout.
You are then left with a shop full of products, time invested, and no money to show for it, thus leaving you indebted to yourself.
You can also hurt yourself by pricing the product too low.
This may mean plenty of sales for you, but the margins may be too small for it to make a real difference as far as profit goes.
If you are making a high-quality item that takes time and energy for you, then it is important to price the product accordingly.
This will help to prevent you from getting burnt out by creating too many products, but also helps people to understand the craftsmanship behind woodworking.
So, be sure to price your products for what they are truly worth (including your time and effort spent making the product), and see your profits soar.
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