While many consider woodworking as a hobby, it could possibly increase your income. Also, you can explore your creative nature by reshaping a block of wood into something worthy. In this case, taking your passion for woodworking to the next level can help you grow your potential business.
Let’s be honest; items such as dressers, bookcases, wine holders, and so on are highly sought after. So, why not channel that energy and your skills into good use to increase your monthly income.
However, if you don’t know where to start, then we are going to show you how to make money with woodworking since a lot of homeowners want to add character to their home with unique pieces of furniture.
Before you start with the woodworking business, you should check out the market, to get more details about the competition, and places where you can list your products. For example, here are a couple of platforms you can explore:
Many people use eBay for this type of research to inspect the sold items. Also, some of them can match your ideas, as well. Products that feature a lot of bids, watchers, not views, or sales could be an excellent indicator and show you that some piece of furniture is a hot topic at the moment.
Etsy is another great place to start your research and see what accessible on this platform. Again, it would be best if you went for the products you are interested in crafting and see whether other people are selling similar items, or not.
In this case, you can tell how the sale is going by looking at feedback. If you see that one piece of furniture has profoundly positive feedback, then you’ll know whether it’s popular or not.
There is a number of ways you could explore to sell your wood crafts. Here are some examples which can help you promote your products.
This online platform is an excellent site for crafters and artists who want to sell unique pieces of furniture, as well the woodworking enthusiasts. However, “Absolute Arts” allow you to list twenty items for free, while you can select other subscription options to showcase more products, with less commission, taken from your sales.
Artfire is an online marketplace which helps you sell your wooden crafts, by charging you only small commission for running your virtual shop. Keep in mind that fees get lesser, the more items you list.
How to set up a price for your work?
First of all, you should determine the price of overall costs in advance, before pricing your items. This includes direct costs of materials, supplies, and any other money spent on crafting your items. Later you can figure out variable costs, like shipping, packing, but be aware that more items you make and sell, your costs will be higher.
However, then you combine these two factors and divide them by the number of units built, then you will have a “break-even” figure.
Another thing to consider is the time you spent on crafting one piece of furniture. You are probably aware of the saying that time is money, and since your time is valuable, then you should put a price on that as well. So, whether the price is $30 per hour or more, this amount should be factored in when pricing the items.
On the other hand, you should evaluate the competition and how much similar products are selling locally or how much your competitors are charging for the same items. This will help you determine whether you want to beat or match their prices.