The Woodworking Series: Is Woodworking Profitable?
The concept of working more than one job is no longer a foreign one. Many people are seeking opportunity for secondary income or new ways to earn after unforeseen job changes. Is woodworking something worth getting into?
The answer is yes! Woodworking can be incredibly profitable if you’re skilled, confident in your work and know where to sell your products. Woodworking is a hobby to many but a fantastic income stream to others as well.
You can make money woodworking at any skill level: whether a beginner or advanced. Woodworking can be considered a low maintenance occupation that allows you to be in the drivers seat.
You can start it easily at home - woodworking doesn’t require too much to begin other than some wood, recommended tools and a few fundamental skills.
You are your own boss - woodworking is not just your trade but also your business.
Who wouldn’t want schedule flexibility and business ownership?
It is a business that can easily scale - woodworking is a business that will scale solely on how serious you are. Demand for wood products is always high and you can constantly break into new markets with new product variations.
The earning potential has no limit - how much you earn when woodworking is entirely up to you. Your income will increase as you become more experienced, build your network and expand your tool collection to include a variety of advanced tools.
A crowded industry - the woodworking market is rapidly growing as more and more people realize the potential of the industry. It is important to find your niche in order to hone in on a profitable audience.
High Overhead - purchasing the materials and tools can start to add up - especially when you decide to bring on other employees. Be sure to keep an eye on those costs and make sure that your prices allow for a good return on investment.
Market inconsistencies - woodworking demand is not consistent throughout the year; in fact, it tends to swing to extremes. You will begin to see which seasons are more profitable than others and be able to plan ahead for the quieter periods.
What Woodworking Ideas Are Most Profitable?
Consign and Design - purchasing old furniture and turning it into new can be very lucrative for a woodworker. Sell the new items to consignment shops or on your own platform. Redesign old items for friends and family and earn money that way.
Go Custom - building custom pieces for interior designers, contractors or home owners has high earning potential.
Build other projects - making general items that people will impulse buy at markets is a great way to create consistent income.
Teach - teaching others about woodworking is a great way to make money. Many clubs or schools will provide a small pay for mentoring. Creating your own online classes is also a great way to bring in extra income.
Start a social platform - whether it be a blog, youtube, instagram, or facebook - building an audience through your work, teachings and inspiration is a great way to not only sell your pieces but also become a sponsor for other brands that will pay you to promote their products.
Here are the top 10 woodworking products currently according to the public:
1. Custom cutting boards
2. Custom furniture
3. Planter boxes
4. Coffee tables
5. Adirondack chairs
6. Picnic Tables
10. Picture Frames
Lastly, it is important to look at your woodworking journey as a business, which means it needs to be run like a business:
1. have a clear plan for your costs, marketing and labor. Determine your target market and focus solely on that
2. have a distinct financial structure for all legal and financial commitments as a sole proprietorship
3. eliminate the hobbyist mentality - you are a business owner
4. do you market research - your products will not sell if you do not know whom you’re selling them to
5. build a workshop that provides visibility and ample space
6. be sure to obtain the necessary business licenses - especially if you are wanting to claim certain government services
7. get appropriate insurance to cover any accidents and physical harm
8. purchase the appropriate PPE to ensure that you are kept safe while you woodwork
How Much Do Woodworkers Make?
The median annual salary for many woodworkers is $34,750 according to data released in June 2022. The top 10% make $55,000 on average, while the lower 10% make around $23,200. Clearly there is money to earn if you focus
Most selling woodworking will make $2000 a month on average, with a 70% profit margin.
Find your niche, advance your skills, and turn your woodworking into a profitable business.