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Woodworking, Still Worth It?

xMichael

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Hello everyone! I've been lurking here for quite some time, and haven't logged on in several months.

I'd really like to establish my own business, or at the very least, earn money on my own, for now.

After a lot of thinking and hesitation, I've decided woodworking will be my first real attempt at this. I have minimal experience in woodworking, but I think it' something I'll be able to pick up with practical experience.

Within the last few months, I've invested in a jigsaw, circular saw, a router table, and a belt sander. I made a basic sword and cut out some other small pieces for minor home improvement projects. I realize my current arsenal of tools isn't nearly enough to make things efficiently, which is why within the next week, I will buy a table saw and a thickness planer.

I've jotted down a few ideas of things I would make specifically to sell for profit, things that I don't think will take very long to cut and process into a batch of products. My current business model focuses on light, easy to handle goods for both the sake of time and shipping costs.

While I'm not against doing so, I would like to avoid producing and selling things such as wood carvings, reliefs, etc.. I may test the waters and sell a few at a later date, but I can't help but to think that part of the market is heavily saturated.

Instead, my plan is to sell practical, although well designed, products. Goods such as humidors (either custom made, blank and regal, or one designed to look like you stole it from Fidel Castro, for example), two-tone bottle openers (heard about a local guy on Instagram making hundreds of these, pricing at around $10-$15, and constantly selling out. I wouldn't steal his thunder on this, just putting the idea out there), custom jewelry boxes, things like that. But that's what I would sell as B2C.

As far as B2B goes, I noticed there are some local, independently owned cafes popping up all around my region. In order to expand my customer base, I mused the idea of making wooden napkin holders, possibly wooden mugs, but I'd like to look into the best method to protecting the mugs from coffee, water, and soap, vs. keeping them safe for customers to drink from. I could also build tables, chairs, perhaps a counter/bar.

Here's why I'm a bit hesitant to even jump into this:

Getting started with this will require nearly a total of $1100 in tools. I practiced very good money-saving habits over the last year, so this $1100 is not hurting me to the point where I can't live my life as I normally would. Still, $1100 is $1100.

Search the [HASHTAG]#Woodworking[/HASHTAG] hashtag on Instagram, you'll find ~1M posts...imagine just how many of these people are cranking out high quality goods for who knows how much? Am I just paranoid and needlessly worrying, or are there really an overwhelming amount of players in this industry? Can I actually compete with these people?

This probably isn't the right question to ask, but is this something I can turn into a fastlane? I've browsed different woodworking forums and I seldom find anything that answers that question. If anyone has experience in earning an income from woodworking, please enlighten me a bit.

Thank you for everyone who took the time to read this, I greatly appreciate this and any advice you have to give.
 
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Buickestate

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if you're a craftsman, a great one, can work fast while keeping all of your fingers, then yes you might have people bidding for your services. Can it be fast lane? depends on your interpretation of the fast lane. Good luck

 

Get Right

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Please refer back to The Millionaire Fastlane book regarding "time". If you can figure out a way to remove your time from this in the future, then proceed ahead!
 

Jon L

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This will be a very difficult place to make money unless you're exceptionally talented. You're going to be competing against people in China who can produce quality work very cheaply. Furniture usually sells for about 3x cost. That dresser that costs $1200 retail will be about $400 wholesale. Looking at how much work there is to produce a dresser, I'm hard pressed to see how $400 is worth the time, especially considering that the wood will probably be half of that.

Now, if you can make a one-of-a-kind dresser for $30,000 and sell it in Santa Barbara to someone with a $30M house, that's a different story. (I ran across a guy that does that. He produces amazing works of art, and does quite well for himself.)
 
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fhs8

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I would say go for it if the research shows that it's promising. Not too many woodworkers are around. Obviously you can't compete with Chinese imports but there should be a niche that you would be able to tap into such as custom furniture or built-ins for homes. Also checking what services woodworkers in the US offer would be another start.

EDIT:

After a lot of thinking and hesitation, I've decided woodworking will be my first real attempt at this. I have minimal experience in woodworking, but I think it' something I'll be able to pick up with practical experience.

Wait what do you mean by minimal experience? A neighboor on my street refurnishes antique wood furniture and sells them at the swap meet. They sell for quite a bit but I can tell that it takes a ton of skill especially with the carved wood pieces. Also where are you going to make all this furniture? Seeing that you're on a budget I hope it's not where you live because it can get quite loud.
 
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xMichael

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Thanks for the replies so far everyone!


This will be a very difficult place to make money unless you're exceptionally talented. You're going to be competing against people in China who can produce quality work very cheaply. Furniture usually sells for about 3x cost. That dresser that costs $1200 retail will be about $400 wholesale. Looking at how much work there is to produce a dresser, I'm hard pressed to see how $400 is worth the time, especially considering that the wood will probably be half of that.

Now, if you can make a one-of-a-kind dresser for $30,000 and sell it in Santa Barbara to someone with a $30M house, that's a different story. (I ran across a guy that does that. He produces amazing works of art, and does quite well for himself.)

Unfortunately I have heard that competing with the Chinese on this just simply isn't feasible. =/ But I can't kid myself, I don't yet have the skills or experience to make a $30K dresser.

I would say go for it if the research shows that it's promising. Not too many woodworkers are around. Obviously you can't compete with Chinese imports but there should be a niche that you would be able to tap into such as custom furniture or built-ins for homes. Also checking what services woodworkers in the US offer would be another start.

EDIT:



Wait what do you mean by minimal experience? A neighboor on my street refurnishes antique wood furniture and sells them at the swap meet. They sell for quite a bit but I can tell that it takes a ton of skill especially with the carved wood pieces. Also where are you going to make all this furniture? Seeing that you're on a budget I hope it's not where you live because it can get quite loud.

That's what I'm thinking. Surely I can think up some ideas that aren't terribly difficult to make, given my very limited experience, but that are innovative and look great.

And by minimal experience, I mean I've cut out, shaped, and sanded a basic toy sword. It's nothing phenomenal, but I think I did alright for my first project. I also cut out a few different pieces for minor home repairs, but nothing too extreme.

Edit: But I was thinking, even if this doesn't lead to a nice income, I'm aiming to make enough money to make my equipment pay for itself, and earn enough money to start another venture; a more streamlined, somewhat hands-off venture. But either way, I'm going to take action
 
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David Young

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I enjoy the odd bit or carpentry in my spare time, and you can make some money from it. You need to be good, you need equipment and you need time. It will therefore likely be hard work and certainly unlikely to satisfy the key elements of a fast lane business. However, as you point out there are a lot of people around the world who either enjoy woodwork as a hobby or need to do it for a job or home maintenance. You could therefore try satisfying some of the needs/ wants that this niche has. It could be a simple plastic widget, a community forum or a site where you can get access to carpentry plans. That could be a way to monetize an interest in woodworking.
 

Duane

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I don't see this as a strong business, but instead a hobby that earns some extra income in your off hours.

if you get famous in it, you can make your stuff and sell them for stupid high prices, but that's 1 in a million.
 

Buickestate

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xMichael you are going to have a learning curve, and may take you more than five years to start earning a living from your skills.

I've put some thought in this, it's not fast lane unless you are a true atisan. At that you never really can get away from your time investment, it's very hands on.

I'm going to show you a few simple things, the first is a peice of Teak Jewelry that that I made this morning, took me 45 minutes, and it was the first time I attempted to make wooden jewelry.
20160209_115247_zpstzttuzhe.jpg


20160209_115401_zpswq5ebnhu.jpg

My takeaway from this project, is that yes I can do and I'm sure that I can lower my production time to 20 minutes or less, so that would mean that I could make say 24-30 of these in an average 8 hour day, that's still slowlane/sidewalk. I could incorporate precious metals and gems into these to increase the retail price but I would still have a lot of my own time involved so not fast lane.

In the same time it took me to make that ring, I can crank out these closet door shelf units that I make with scraps of MDF, and they would sell for more than the ring.
20151006_132353_zpswwqsfx07.jpg


20151006_165027_zpsm7pqfwfm.jpg


Here is a double sided entertainment/storage unit room divider that I built for a customer this past fall.

20150721_105426_zpssgecythd.jpg

20150812_172457_zps2aqehklp.jpg

20150812_172411_zpswh0tjehw.jpg

20151029_112443_zpstv3sdvgl.jpg



aside from the fact that their teenager now thinks they need a bigger tv, my take away is that I got a lot of personal satisfaction, since it's custom work it was labour intensive so again a lot of my own time was invested, so it's not fast lane.

Like many I read MFL and came here looking for a way to develop a business for myself that can generate income independent of my time. I would say that those in the fast lane who do woodworking do so as a side or hobby and not as their main income.
 
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Dwight Schrute

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Hey Michael!


Have a quick look at this thread:

https://www.thefastlaneforum.com/co...ey-for-dummies-and-in-a-crowded-market.63123/

ICK doesn't make carpets, he cleans them.


Another one:

https://www.thefastlaneforum.com/community/threads/getting-started-is-this-simple.63602/

RHL doesn't build cars, he paints them.



I really don't wanna distract you from your original idea, but if you
  • learn how to restore and repair wooden furniture surfaces
  • become good at it
  • get your offer in front of the right people (almost every household with kids, LEGOs, ...)
then yeah, it should be "worth it".

Assuming you provide a worthy service ;)

Just a thought.
 
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xMichael

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Nice pieces you've got there Buickestate, it would definitely take some time for me to learn how to make things like that, and do a quality job as such. But I think you guys are right, it seems like I'd be putting in far too much time for what the outcome would/could be. In general, it does sound like this can definitely be monetized, but isn't suitable for a long term business or fastlane.

I do make fairly decent money as a server (relatively speaking), and I do have a fair amount of free time, so I wouldn't mind learning a skill I'm interested while at least earning some money.

Hey Michael!


Have a quick look at this thread:

https://www.thefastlaneforum.com/co...ey-for-dummies-and-in-a-crowded-market.63123/

ICK doesn't make carpets, he cleans them.


Another one:

https://www.thefastlaneforum.com/community/threads/getting-started-is-this-simple.63602/

RHL doesn't build cars, he paints them.



I really don't wanna distract you from your original idea, but if you
  • learn how to restore and repair wooden furniture surfaces
  • become good at it
  • get your offer in front of the right people (almost every household with kids, LEGOs, ...)
then yeah, it should be "worth it".

Assuming you provide a worthy service ;)

Just a thought.

Thanks Dwight! Oddly enough I spend a lot of time lurking here, and here I thought I had a great idea, only to learn I'm being far too broad while risking too much time and money trying to get something going :wacky:

I've got to simplify and specialize, but that's the difficult part. I know I've got to be overthinking it. I'll give those threads a good read and muse on them.

I suppose if all else fails, I can process the wood into paper and sell it, no? :D

Edit: But I'm still interested in woodworking as a whole and I'd like to make a hobby out of it at the very least. I can at least sell the things I produce while learning, provided I put out a quality product
 
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luniac

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Woodworking seems like a craft that takes years and patience to master.

It surely involves the combination of various industries such as:
different kinds of wood, tools, chemicals, designs, techniques, etc etc etc

Certainly with your years of woodworking experience you can discover and tend to a need in one of these related industries? ;)
 
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RHL

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Just want to jump in and say that painting cars is a grim way to make money too. Yeah, I've made a lot, but it's mostly just for the odd touch-ups where 10 hours of my time can add $2,000+ to the value of a car. It's not a great final option, for the same reason some mention here-Physicality and time. Sure, if you're not an MD or a PE or a JD or something, it might unlock earning potential you never had before (low six figures/year vs what someone with an HS or low-value BA degree usually makes) but it is brutal work and ultimately more "slow-lane +" than fastlane. You'll need to pivot to opening a chain of shops if you want to go truly fastlane.

Artisan creations can absolutely be fastlane, but from what I know it is most often a straight magnitude play. There's a lot of one-paycheck-from-broke painters and cabinet makers and sculptors who are quite good at their craft. That's not good enough though. The trick is to be that one-in-a-thousand whose 1000 hours of work are worth $3,000,000 and not $15,000. Otherwise, you need to find some way to mass produce your lower-value creations.

ICK's thread is a lot better if you're looking for a destination and not an intermediate step-Although he worked in the trenches himself, he was employing others as well, starting to decouple his time and make it a true fastlane.
 

IceCreamKid

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The trick is to be that one-in-a-thousand whose 1000 hours of work are worth $3,000,000 and not $15,000. Otherwise, you need to find some way to mass produce your lower-value creations.
There are many ways to undress your mistress. Just gotta get the creative juices flowing.

My very first successful biz was in the furniture niche. I spoke about it for my forum meetup presentation in Texas back in 2014. Rustic farmhouse style furniture was(and still is) very trendy at the time, but was outrageously expensive in retail stores. A dining table from Restoration Hardware would easily run for $2k, but cost only a few hundred dollars in materials to build.

Here's the neat thing about farmhouse furniture....PEOPLE LIKE THE IMPERFECTIONS. They don't want the perfect look that results from machine-made furniture. You know how people buy jeans with holes in them for $300 at Nordstrom? It's the exact same idea. People pay a premium for furniture that looks messed up and worn. We did all sorts of weird stuff to make the furniture look crappy...poured vinegar on the finish, hit it in random places with hammers and crowbars, put a hot iron to the wood to simulate burn marks...

Jump on YouTube and start searching for farmhouse table tutorials. Check out Ana White's site too. She has some really good tutorials made specifically for newbies. It's easier than most think.

The biz started out as B2C then eventually morphed into a B2B thing after I realized that there was a lot more profit and less hassles when dealing with businesses. The big boost came when I teamed up with a girl who was an interior designer for startups throughout the Bay Area and she funneled the majority of her clients to me. She found me by sheer luck when I was selling some furniture on Craigslist. As things scaled, I hired college students to do the building then later started hiring guys from a local non-profit that would connect employers with people looking for work.

Just jump in and build something. I can promise you one thing: you will get a ton of fastlane ideas from being in the trenches of the furniture building process. I got A TON of fastlane ideas from being in the trenches for that biz. There's no way that the ideas would have magically came to me if I was just sitting in my room trying to brainstorm.

Just jump in and try not to plan too much. Enjoy the process. Be present to the moment.

A lot of the newbies will spend months or even years devising the perfect plan. Let's spend forever creating the smoothest plan with the least resistance and THEN we can finally begin our journey to the DeMarco land of Lambos.

I don't care how much you plan and strategize because once you finally start, random things that you never expected WILL pop up. And those random things will pop up on a damn near weekly basis. That's the entrepreneur life. Any guru who tells you otherwise is a fraud.
 

halmerej

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Hello everyone! I've been lurking here for quite some time, and haven't logged on in several months.

I'd really like to establish my own business, or at the very least, earn money on my own, for now.

After a lot of thinking and hesitation, I've decided woodworking will be my first real attempt at this. I have minimal experience in woodworking, but I think it' something I'll be able to pick up with practical experience.

Within the last few months, I've invested in a jigsaw, circular saw, a router table, and a belt sander. I made a basic sword and cut out some other small pieces for minor home improvement projects. I realize my current arsenal of tools isn't nearly enough to make things efficiently, which is why within the next week, I will buy a table saw and a thickness planer.

I've jotted down a few ideas of things I would make specifically to sell for profit, things that I don't think will take very long to cut and process into a batch of products. My current business model focuses on light, easy to handle goods for both the sake of time and shipping costs.

While I'm not against doing so, I would like to avoid producing and selling things such as wood carvings, reliefs, etc.. I may test the waters and sell a few at a later date, but I can't help but to think that part of the market is heavily saturated.

Instead, my plan is to sell practical, although well designed, products. Goods such as humidors (either custom made, blank and regal, or one designed to look like you stole it from Fidel Castro, for example), two-tone bottle openers (heard about a local guy on Instagram making hundreds of these, pricing at around $10-$15, and constantly selling out. I wouldn't steal his thunder on this, just putting the idea out there), custom jewelry boxes, things like that. But that's what I would sell as B2C.

As far as B2B goes, I noticed there are some local, independently owned cafes popping up all around my region. In order to expand my customer base, I mused the idea of making wooden napkin holders, possibly wooden mugs, but I'd like to look into the best method to protecting the mugs from coffee, water, and soap, vs. keeping them safe for customers to drink from. I could also build tables, chairs, perhaps a counter/bar.

Here's why I'm a bit hesitant to even jump into this:

Getting started with this will require nearly a total of $1100 in tools. I practiced very good money-saving habits over the last year, so this $1100 is not hurting me to the point where I can't live my life as I normally would. Still, $1100 is $1100.

Search the [HASHTAG]#Woodworking[/HASHTAG] hashtag on Instagram, you'll find ~1M posts...imagine just how many of these people are cranking out high quality goods for who knows how much? Am I just paranoid and needlessly worrying, or are there really an overwhelming amount of players in this industry? Can I actually compete with these people?

This probably isn't the right question to ask, but is this something I can turn into a fastlane? I've browsed different woodworking forums and I seldom find anything that answers that question. If anyone has experience in earning an income from woodworking, please enlighten me a bit.

Thank you for everyone who took the time to read this, I greatly appreciate this and any advice you have to give.

http://www.smartpassiveincome.com/two-woodworkers-with-a-full-time-income/
 
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QDF

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People pay a premium for furniture that looks messed up and worn. We did all sorts of weird stuff to make the furniture look crappy...poured vinegar on the finish, hit it in random places with hammers and crowbars, put a hot iron to the wood to simulate burn marks...

Right now I've got a couple projects I'm working on aside from my business. I'm taking a bunch of old, beat-up barn doors and antique doors I came across and building tables and stuff out of them. I've seen similar ones sell online for $500+.

I'm going to try to sell them when I'm finished here soon, but I honestly don't care if they sell or not. If so, great...another possible income source - hire some employees and get a sales strategy down, and maybe even a small fastlane income source. Maybe. If nothing else, it gets the ideas flowing.

If they don't sell, who cares...it's fun to build the stuff.
 

Buickestate

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Hold up here, I just looked up wood rings on Etsy, I'm just dumbfounded at what wood rings are actually selling for, I was thinking like 10-15 bucks as a novelty, hell am I way off! It's hard to believe what 60 cents of glue and wood are selling for. It may not be fastlane but it could fund a future fastlane business.
 

Buickestate

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Just jump in and try not to plan too much. Enjoy the process. Be present to the moment.

A lot of the newbies will spend months or even years devising the perfect plan. Let's spend forever creating the smoothest plan with the least resistance and THEN we can finally begin our journey to the DeMarco land of Lambos.

I don't care how much you plan and strategize because once you finally start, random things that you never expected WILL pop up. And those random things will pop up on a damn near weekly basis. That's the entrepreneur life. Any guru who tells you otherwise is a fraud.

I'm jumping in. thanks Kid
 
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Ganglion

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I was thinking about getting into woodwork too, but in a different way, where I design and make a working wooden prototype that solves a problem, put it up on Amazon, send PPC traffic to it, and see if it sells (do market research first of course, to see if there's any demand).

If it sells, then approach manufacturers in China and get then to manufacture it in mass.
 

bmarketguy

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You can be profitably with wood working. You just have to figure out what you can make that is easy and people will pay for. follow some woodworking fb pages and people will pop up with what they are making and how much they are selling them for. A few items I see a lot that people seem to be making a killing with are flags and squirrel picnic tables.

Another one that I am thinking about starting is making raised garden beds.

But there is definitely space to make a killing with wood working.
 

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