We explain some of the Most Profitable Woodworking Projects to Build and Sell from the comfort of your own home. Before you go racing into this venture all gun ho, there are a few things that you need to address.
Most Profitable Woodworking Projects To Build and Sell –
Starting your own small business can be an extremely rewarding experience if done correctly. The feeling of being your own boss and selling something you have created gives you an amazing buzz. There are 4 main aspects to consider when identifying, manufacturing and selling wood projects that make money.
Products To Sell: Things To Consider
- Setting Budget
When identifying products to manufacture it’s important to first set a starting budget. How much do you plan on spending on materials, tools and advertising to get started? I suggest starting with smaller items to minimise capital outlay and risk. Smaller items such as jewelry boxes, chairs and bed side tables are items that are a good size for handling and shipping that wont break the bank.
- Finding A Supplier
When you first start out building wood projects that sell at home, a wood supplier is not overly crucial. But as your business grows and you will have an increased demand for larger quantities. Setting up a trade account with a local supplier will ensure you are getting the best prices that will improve your profit margins.
- Cater To Your Skill Level
If you are experienced or a newby it is important to only make products that are within your skill level. If you try and tackle a rather complex design you may risk wasting materials and producing a poor quality end result that customers wont be interested in purchasing. As your skill set improves you can make more complex products to further grow your product range.
Maintaining the quality of your products will be fundamental to the long term success of your small business. If you have inconsistent quality you will find it hard to generate any repeat customers. If you manage to get some of your products into a retail outlet those clients will expect consistent quality.
- Develop A Quality Checklist
The best way to maintain quality is by creating a checklist that can be completed upon final completion. The checklist could include things such as: are all edges square, does the product sit level, are all surfaces smooth, is the stain or finish even, are the joins all mm perfect etc. Sticking to a checklist is a great way to keep your quality on par and will even make you take extra care in each step of the manufacturing process.
- Get A Second Opinion
A second pair of eyes can sometimes notice something you may have missed. It is not crucial but a good habit to get into if you have someone willing to help the cause.
Build From A Plan
Why You Should Build From A Plan:
If you are reasonably new to the woodworking arena its important you build from a plan. Building from a plan will ensure consistency and give you all the detail required and will improve build times. If you are more experienced and have your own plans, then thats great but you can always extend your product range buy purchasing other plans. Purchasing plans is also a great time saver as the design work, dimensions and methods are all explained, leaving nothing to guess work. There are literally thousands of plans available for download on the net.
To get started Check Out These 50 Free Designs 50 Free Designs
OR You could invest some money and purchase an online book called Teds Woodworking. Ted’s woodworking has over 16,000 woodworking plans available with detailed instructions and materials list.
How To Sell Your Finished Product
- Plan To Market
After you have produced a product that has passed your quality check with flying colors, it needs to be sold. So where do you Start? Well there are a number of different approaches that can work if executed correctly. When putting together a plan, you will need to set your pricing and brainstorm a point of difference. Having a point of difference will allow you to set yourself apart from your competitors. Your point of difference could be that you only use recycled organic timber with eco friendly food grade stains etc. No matter what the difference is, make sure to have it evident on your marketing materials.Once you have established your price point and point of difference give some thought to who would purchase your product? e.g middle aged new home buyers, the budget conscious or high affluence consumers. If your woodwork product is situated in the middle of the road that opens op a few different opportunities. If you are targeting high end customers then you need to determine where they shop. Then approach that retail outlet with your range and see if you can set them up as a reseller. If you are targeting the middle of the road then the below traditional methods will work just fine.
- Local Markets
Local Markets can be a great way to put your new products on display and generate immediate sales. Things like chairs and tables usually need to be visually inspected by potential customers. Therefore having them on display at a local market with passing traffic is perfect. You also get the opportunity to chat directly with the customer and mention the materials, sealers and points of difference in your range.You can even provide a delivering service for a small fee once you sell the product to add value to the sale. Local Markets are also a great way to determine the local demand for certain items. What we mean is passing customers will see your range and soetimes ask if you sell a certain item thats currently not on display. This is a great indicator of an item you should consider making and selling. Knowing the Most Profitable Woodworking Projects to Build and Sell is one of the hardest parts to this exercise.
- Online Classifieds
After attending a market you should have a good idea on wood projects that make money. Now that you have a core number of products that you are consistently selling its time to branch out and sell via online classifieds. Simply google online classifieds followed by your suburb and your relevant online classified will be top 3. Online classifieds such as craigslist, gumtree and buy/swap/sell are very effective. When selling your product via online classifieds always make sure you have a detailed description and high quality images. Having great pictures will entice your potential clients to click on your advertisement and book a time to view the product.
- Sell On Ebay
Ebay is one of the biggest online stores in the world that allow thousands of merchants sell their products online. You will be charged by ebay for the privelidge of selling on their marketplace, which is fairly minimal. When selling on ebayits crucial to have high quality images and detailed descriptions. Set your price point and clearly market your point of difference. Be very careful when calculating your shipping costs, if you get the rate rong and it costs you more than anticipated that eats into your margin. Not ideal. Always provide excellent customer service and answer questions in a prompt and professional manner.
- Facebook Marketplace
Selling on Facebook Marketplace is Free and can be very effective. You can target localised potential clients and reach your target audience. Again its very important to have great images.
We hope you have found something of use in our Most Profitable Woodworking Projects to Build and Sell article.