Is Woodworking Profitable? (Answered!)

Many people are looking for a side hustle or a second source of income to supplement their current job. 

Others who lost their jobs due to the Covid19 pandemic are looking for new opportunities.

Is woodworking profitable?

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VIDEO: Woodworking Business – Is It Profitable?

What exactly is woodworking?

Woodworking is the activity or skill of transforming lumber into useful household and office items. 

Cabinetmaking (cabinetry and furniture making), wood carving, carpentry, joinery, and woodturning are all included.

 The Benefits and Drawbacks of Woodworking

Woodworking has numerous advantages and disadvantages, whether for pleasure or as a second source of income.

Pros

There are numerous advantages to starting a woodworking business. For example, it does not necessitate advanced skills, is a low-maintenance occupation, allows you to serve your community, and gives you control over your destiny. Additionally;

 You have the option of working from home.

Surprisingly, almost all woodworking businesses begin at home. You only need a few pieces of wood, some essential tools, and some basic woodworking skills to get started.

 You’re in charge of your destiny.

If you’ve always wanted to be your boss and make good money, you should seriously consider woodworking. Then, you’ll be in charge and make all the critical decisions that will propel your company forward.

It is easily expandable.

If you’re serious about your woodworking business, scaling it is simple. For one thing, there is always a high demand for wooden products. You can also consider different business models to reach new markets and sell more items.

It has an infinite earning potential.

The answer is unlimited if you’re wondering how much money you can make from woodworking.

Your earning potential grows as you gain experience, build industry networks, and invest in expansions and advanced tools.

Cons

On the other hand, woodworking, especially as a business, presents numerous challenges that must be carefully navigated to succeed. These are some examples:

A crowded market

Unfortunately, the woodworking market has become crowded recently as more people realize the trade’s enormous potential.

You must carefully analyze the market, narrow your niche, and build meaningful connections to stand out.

Inconsistencies in the market

It’s also worth noting that demand for wooden items fluctuates dramatically throughout the year. Indeed, you may be out of work for an entire week – or longer.

As a result, you must be highly organized and plan ahead of time for the bad days.

A significant amount of overhead

Finally, woodworkers must constantly look for ways to reduce overhead costs. Otherwise, you might see a small return on your investment.

After purchasing lumber, stain, paint, sandpaper, and other materials, you could easily be left with nothing. It’s even worse if you have a few employees to pay.

But there’s no need to despair. Millions of people earn a living from woodworking, and others earn thousands of dollars per month from woodworking side projects worldwide.

What are the Best Woodworking Business Ideas?

The first step is to learn about the various ways to make money from woodworking. The six best woodworking business ideas are listed below.

Create unique pieces

This is the most common way to earn money from woodworking. Please set up a home woodworking shop, create custom wood pieces, and sell them. You can start by selling your products in local stores.

You’ve probably seen custom wood pieces for sale online. You, too, can sell your items on online marketplaces like Amazon and eBay.

Wine bottle casings, picture frames, storage boxes, fruit bowls, and coffee cup racks are some examples of custom wood pieces to consider.

Create additional wood projects.

You can make general items for sale in local flea markets and custom wood products. For example, you could make and sell porch swings, patio swings, wall planters, and other outdoor furniture.

You can also make wooden utensils and sell them for a profit. It all comes down to being extremely creative.

The best part about general woodworking is that no prior experience or advanced woodworking skills are required.

Teach others how to woodwork.

Another great way to supplement your income with your woodworking skills is to teach others how to do it. But, again, there are numerous ways to realize this dream.

To begin, you can volunteer at a local woodworking club, which charges apprentices a small fee for mentorship programs. You could also get a part-time job at a local woodworking college.

Consider starting your classes at a famous online school or offering courses on Coursera or other online learning platforms.

Create a woodworking blog.

Almost every professional woodworker now has a website where they can share their expertise and educate the public. It would help if you thought about starting your website.

You have a variety of options for monetizing your woodworking website. To begin, you can offer tutorials on your blog for a small “enrollment” fee.

Alternatively, you can promote your woodworking project and sell some handcrafted wood items on your blog. Above all, you can collaborate with Google to profit from their advertising programs.

Create a YouTube channel for woodworking.

YouTube regularly contacts popular channels and collaborates with creators to benefit both parties.

So all you have to do is make a great video that keeps existing customers glued to their screens while attracting new potential customers. The more viewers you have, the more money you can make.

We recommend using your YouTube channel to teach viewers how to make everyday wooden objects and basic maintenance procedures. You can also use the videos to display your new wooden items.

The furniture should be flipped.

Finally, creative woodworkers can increase their earnings by purchasing old or broken wooden furniture, repairing it, and reselling it as a second-hand piece.

For example, relocating families may sell you old and broken chairs, tables, and cabinets for pennies on the dollar. You can later sell such items at local flea markets for twice or triple the purchase price.

It’s a simple way to start your own business with little money. You only need a little raw material to start the furniture flipping business.

What Do You Need to Begin Making Money from Home Woodworking?

If you’re ready to start, the next step is to gather the tools and materials you’ll need to start making money with woodworking. In general, you’ll need six items to get started:

• A circle saw: is required to cut your wooden pieces to the correct sizes. Make sure to choose the correct size.
• Sandpaper: Of course, if you want to start a long-term woodworking business, you can invest in a sanding machine. On the other hand, regular woodworking projects require only individual sandpaper sheets.
• Jigsaw: For some woodworking projects, greater agility when cutting wood is required; this is where the jigsaw comes in handy. Jig saws are more flexible than cut saws and can cut cleaner curves and corners.
• Power Drill: You can always drill holes with a hand chisel instead of a power drill. It does, however, take a long time. We recommend purchasing a power drill to drill holes faster, allowing you to complete projects more quickly and earn more money.
• Clamps: You’ll need a few clamps to join wood pieces. Clamps can also bind multiple pieces together during gluing for a stronger bond.
• Paint or stain: You can only start a woodworking business with stain and paint. To protect wood surfaces from direct sunlight and water, you’ll need one or both during the finishing process. Painting and staining improve the appearance and value of a product.

Of course, a workstation is required. However, your garage should suffice until you decide whether to find a commercial space.

11 Best Woodworking Projects for Beginners

You can get started as soon as you have the tools and materials listed above. But first, look at some of the items you can easily make to start your art or profitable wooddworking project.

Photo frames

Wooden picture frames are one of the most specific items to create and sell for a profit. A picture frame does not even require the use of power tools.

All you need is a miter box and handsaw, picture frame molding (available at Home Depot), clamps, a hammer, and a piece of cardboard.

You can quickly sell your wooden picture frames to neighbors, local markets, and art or craft shops.

Personalized cutting board

Custom cutting boards are also easily made and sold. The most crucial step in this process is selecting high-quality wood product for cutting boards. Naturally, natural wood will command a higher price.

However, feel free to use leftover scraps if the wood craft is hardwood. Softwood is not recommended for chopping boards. Although mahogany is an excellent choice, maple works well as a cutting board.

A miter saw table saw, sander, planer, clamps, router, and a round-over bit are also required. When you’re done, make sure to oil the cutting board.

Clocks made of wood

Making a wooden clock is more complex than the first two projects. However, once you’ve mastered the requirements, it’s only an hour’s work for this wooden craft.

Scrap plywood and MDF plywood are required. But, more importantly, you’ll need a few different colors of wood stain to give your clock the necessary aesthetic appeal.

Finally, a clock mechanism kit is required. One is easily obtained online. Choose a shaft length that will comfortably go through your plywood.

Furniture made to order

Because of the high demand for custom wood items, most people who start woodworking start with custom furniture making.

Rocking chairs, chests of drawers, glass wall cabinets, dovetailed step stools, and handcrafted wooden pencil box cases are just a few ideas.

To carve a niche in custom furniture making, you must be very confident in your woodworking skills. In addition, it would help if you also understood how to price your items. Otherwise, you may face numerous difficulties along the way.

Boxes for plants

Planter boxes, which hold plants outside and inside the home, are common in modern and traditional homes.

Wall planters are trendy when many grow house plants for decoration in the spring. So, if you have several waiting in the period immediately following winter, you can make a killing.

However, choose suitable wood for your wall planters to avoid common problems like rotting and splintering. Some of the best options are redwood and cedar.

Tables for coffee

Coffee tables are among the most expensive wood items on the market today, with some costing as much as $1,500 per piece and others costing much more.

However, you only need about $300 in raw materials to make a magnificent coffee table. You can make a lot of money by building and selling tables as a side hustle.

The most important consideration is the type of wood used for the coffee table. Solid wood, preferably hardwood, makes the best coffee tables. Additionally, make sure to create one-of-a-kind custom pieces that stand out.

Adirondack furniture

Armchairs for use outside the house, usually on the porch, to while away the evening is typical in the United States. Everyone with a porch has one.

Adirondack chairs are the most common type of outdoor armchair. As a result, it’s yet another excellent option for woodworkers looking for popular wood pieces that sell quickly.

Remember that most people want their Adirondack chairs to be sturdy and one-of-a-kind. So you must seek out the best hardwoods and consistently display your best work.

Picnic benches

Making picnic tables is simple and can be a game changer, especially now that people are having more picnics at home due to the Covid-19 pandemic.

The best part is that you can build any picnic table and sell it for a profit. Traditional picnic tables, octagon models, hexagon tables, and round models are all popular choices. You can also make foldable picnic tables.

Wooden workstations

Making wooden desks is another excellent project to consider. Again, the large market for desks is a significant advantage.

Wooden desks can be found in various settings, including homes, offices, churches, and hospitals. As a result, you’re guaranteed a good market. Just keep in mind that many other woodworkers create desks.

As a result, you may face stiff competition. As a result, you must find ways to distinguish yourself. Making one-of-a-kind desks in your style can help you gain customers’ trust.

Toys for kids

You’ve found a winner if you’re looking for some great simple wood projects for kids.

Wooden toys are an excellent choice for young children. For starters, wood toys are environmentally friendly. Unlike plastic and some metal toys, which are harmful to the environment, wooden toys can be safely discarded.

Furthermore, wooden toys have a classic appearance and a tactile feel. Above all, wood toys are completely safe for your children. They rarely have sharp edges that could injure your children.

The best part is that you can make any wooden toy, from airplanes to frogs and cars.

Birdhouses

Many people keep birds as pets. As a result, you can carve a niche for yourself by making wooden birdhouses. But first, it is critical to understand your customers’ tastes and preferences.

Many people, for example, adore brightly colored birdhouses. If this is the case, you should paint your items bright colors. The design should also reflect the purpose.

Otherwise, only make birdhouses on demand. Advertise in local magazines and on the street for anyone interested in purchasing a birdhouse to contact you.

Finally, starting woodworking projects to make home decor can help you save money in the long run. For example, build and sell a coat rack now and then or use pallet wood to make floating shelves and casters.

You can also make and sell fruit bowls, wine racks, bottles, bedside boxes, candle holders, beer caddies, coffee cup racks, jewelry boxes, and coat racks. Racks, such as a wine bottle rack and a coat rack, are simple to construct and typically sell quickly.

Profitable Woodworking Strategies

Now that you’ve got some excellent woodworking business ideas let’s talk about some tips for starting and running a profitable woodworking business.

Make a detailed plan.

The best woodworking plans for business idea address three major topics: costs, marketing, and labor/management. Make a budget. Then consider your market options for a great project.

What is your target market’s location, and how can you reach it? Finally, decide whether you prefer DIY projects or require the assistance of a few employees.

Define your company’s structure.

Defining your business structure for tax purposes and legal obligations is critical. Therefore, we recommend starting a sole proprietorship business because it is easier to manage.

Partnerships are standard. Another excellent option is a limited liability company (LLC).

Acquaint yourself with the costs.

Woodworking projects are expensive. Purchasing the tools alone can cost more than $10,000, with items such as a drill press costing more than $1,000.

And that’s before you consider materials, which can be expensive. So consider your options and look for ways to cut costs.

Get rid of the hobbyist mindset.

Engaging in woodworking projects as a hobby is ideal when you start or intend to avoid making money from the projects.

However, once you turn it into a profitable business, you must abandon your hobbyist mindset.

Investigate the market.

Understanding the market will assist you in making informed decisions. For example, you’ll know what sells in your area and what doesn’t.

Furthermore, the research may reveal profitable marketing channels, such as opportunities to supply distributors rather than retailers.

Find a market niche.

Trying to be good at everything is a common mistake aspiring woodworkers make. Make sure to avoid the same mistake. It drains your energy and deprives you of the opportunity to excel at one thing. Instead, carve out a niche for yourself and stick to it.

Create a workshop.

Yes, there are better locations than your garage for profitable woodworking projects. For starters, you require more storage space for power tools and lumber. More importantly, you require visibility to market your products. Unfortunately, the garage provides no visibility.

Obtain a license

Licensing is essential for a variety of reasons. For starters, it establishes your company as a legal entity. Second, loans can only be obtained against a licensed business.

Finally, certain government services can only be claimed if you are licensed. Licensing takes between 30 and 90 days.

Obtain insurance.

The most profitable woodworking projects are also covered by insurance. Why? Because someone could be injured in your woodworking shop. Alternatively, thieves may break into the premises. In such cases, insurance policies protect you and your small woodworking business.

FAQ on Is Woodworking Profitable

Is it possible to earn a living through woodworking?

People who enjoy working with their hands and who have a strong desire to create beautiful works of art would make excellent candidates for taking up woodworking as a hobby. The art of woodworking may bring in a lot of money, and there are a lot of different methods to make money using your skills.

Are woodworkers in high demand?

It is anticipated that the number of people employed as woodworkers will increase by 3 percent from 2021 to 2031, which is lower than the average growth projection for all occupations.

Can I make a living woodworking?

In various online communities and on social media, I frequently come across people asking, “Can I make a living from woodworking?” The obvious response is that we should. Every day, millions of people all throughout the world engage in this activity. That does not mean that it will be simple.

Is there expansion in the field of woodworking?

In the year 2023, it is anticipated that the market size of the Woodworking Machinery Manufacturing industry will show a fall of -2.8%.

How much would it set you back to launch your own woodworking company?

The initial investment required to launch a woodworking company is large but not insurmountable. It is reasonable for owners of businesses to anticipate spending approximately $6,500 in total, which may be broken down as follows: Two thousand dollars for wood and various other supplies. $500 for the purchase of woodworking tools and supplies.