Woodworking Projects That Make MONEY!

woodworking-projects-that-make-moneyPurchasing a chainsaw might be expensive and if you add up the cost of all the accessories needed, the cost may pile up and now costs as much as an arm and a leg. You will also need to properly maintain and store these tools to ensure that it will be able to function to its full capacity. However, regular households only use their chainsaw sparingly and it may seem underutilized for the price that you have shelled out.

However, have you thought about using your chainsaw to augment your income? This way, your chainsaw won’t rot in the garage and it can bring in cash inflows, too. You can start off slowly in the money making department by doing minimal wood cutting tasks for other people. Volunteer your services to those who do not own these equipments.

Moreover, you can ensure that the money you used on your chainsaw will eventually pay for itself by also doing woodworking projects. This is an ideal part-time job for those chainsaw owners who need to earn money, work with their machinery, recycle the scrap woods, and unleash their creativity.

Sounds, wonderful? Nevertheless, starting projects such as this one can be difficult for those who are not expert at organizing their ideas. Let me help you out.

pen-idea-bulb-paperFirst of all, you need to have a vision of the project that you intend to do. It might be a simple vision that can turn into something that is grand, but you need to start somewhere.  You might wish to build furniture for your home or you may desire to create a monogrammed lamp made from wood and present it as a gift. There might be a pile of pallet in your storage that you dream to turn into an outdoor planter box. When you have your materials and equipment, allow your creativity to capture you, and your ideas will eventually materialize.

researchSecond, do your research and gather data on how much your project can sell. When it comes to craft sales, woodworking projects are the best selling ones since they are usually bigger, environment friendly, and more unique than other handmade products. One tip that I can share with you when it comes to selling your project online, choose websites that cater specifically for crafts since you can sell them at a higher price. You will also need to know which of these wood crafts will sell the best and the process that you can utilize when producing them.

Smaller wood crafts like children’s toys, wooden signs, and picture frames are easier to create and store while waiting for sales to come in. In terms of operating cost, they will also come out cheaper when you build them in bulk. Larger woodworking projects such as a bed or a crib can be pricier to build and if there is no demand for it, you are likely to incur a loss. It might be wiser to build your woodworking project if there is a demand for it. There is a market, nowadays, for customized furniture and the clients for this product understand that you can only start working on the project once you agreed on the terms, plan, and the design.

How would you price your product?

numbers-money-calculating-calculationWhen selling a product, your main concern is if you can make profit from it. You must price your craft based on the combined cost that you have incurred in making it and adding a mark-up price that will serve as your profit. Your cost should include both the fixed costs and all the other variable costs that are related to production. The fixed cost is the expense that remains constant despite the number of items that you produce while your variable cost changes depending on your production output. You may include the depreciation of your chainsaw in your variable cost, along with the cost of electricity that you have utilized while making the item and any possible shipping cost.

I’ll show you an example of the cost computation. Let us assume that you made 10 picture frames and your fixed cost is $5 for each item while your total variable cost for the whole bunch is at $25. You need to divide the total variable cost ($25) by the number of your picture frames that you have produced (10) so you can get the variable cost per item. You can add the fixed cost to the sum and you now have the total cost of each item which adds up to $7.5. From there, you can add up your mark up price which will then be your profit from the product.

planThird, create a plan and allow the ideas that you visualize to materialize. You need to start planning your design and gathering the materials that you will need. It is also important to know which size of equipment is most fitting for your planned project. When you do not have a deadline to meet, you can leisurely go about making your craft. However, if your buyer is in a rush to purchase your masterpiece, you may want to create a strategy on how you can fulfill the order in time. You can split bigger tasks into smaller ones to make it more attainable. Once you have built the structure of your craft, it is now time to paint and design it. Voila! You are now one step away from being a full-pledged woodworks seller.

marketingFourth, it is time to start marketing your product. It is important to capture photos of your product when you sell it and be very descriptive once you have uploaded them to an online craft website. If you are selling your services in creating custom built products, enclose photos of your previous projects so that the buyer will have an idea about your works and the quality of your output. Endorse your product honestly and creatively and if you intend to make this a long-term project, your best advertisement will be the reviews from satisfied clients.

You may start slow, but selling woodworking projects is a creative way to make use of your equipment, your materials, and your free time. If this doesn’t mean hitting two birds with one stone, then what is?

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