Woodturning is a hobby that can be both fun and lucrative.
Woodturners enjoy the satisfying feeling of creating something with their own hands while making money at the same time. It’s no surprise then, how popular woodturning has become in recent years.
If you’re wondering how to start a wood turning business to replace your job, read on to learn more about how to do it right!
How To Start A Wood Turning Business
Woodturning is a great hobby that can also be very rewarding financially. Before you start selling your handiwork, though, there are several things to consider.
Different types of wood have different prices associated with them, so you’ll need to do research into how much each type of wood will cost before pricing anything. Also important is how you plan to sell your woodturning. Will you be selling them yourself at conventions and festivals? Or will you be using a website to market your products online?
This article is meant as an ultimate guide that covers how to start a wood turning business from scratch, how much it costs, how to price everything and how to sell your creations.
How to name a woodturning business
How to Start a Wood Turning Business? Well, first you will need to think of a business name. Naming a woodturning business is an important part of the process, but how do you come up with a good name? There are a few things to consider when it comes to naming a woodturning business.
Some ways to get ideas for a name include:
- Think about how your products are made.
- What type of wood do you turn?
- Do you specialize in one type of item or do you make different things?
- If you’re selling online, how can someone find your products?
Here are some examples of great woodturning business names:
- Oak Wood Co.
- Chop Saw Creations
- Spindle Workshops
- The Ole Time Woodsman
- Fine and Ornate Woodworking Studio
- Timber Revival
You can also include your name or just initials in the business name. Something like J & G Woodworking, Inc could work really well.
Finally, it’s important that the name be memorable. If somebody asks somebody else what your name is and they can’t remember, how will they be able to find your products again in the future?
Develop a woodturning business plan
It’s important that you have a business plan before taking your woodturning business to the next level. A good business plan will include how much it costs to get started, how much inventory you will need, how much money you can realistically expect to make, how many hours per day you will be able to spend working on your businesses, and how often your products will need to be replenished.
You should also decide how you’re going to market your products; online-only, or by selling them in person at local fairs and markets. Having a detailed business plan means that you’ll know how much money is coming in and how much money is going out because it’s all right there in front of you.
With a business plan, you can decide how much money you will need to start your business and how much inventory you’ll need. If the numbers don’t work out, it might be time to change something or do more research into how profitable woodturning is in your area.
One of the best ways to manage a woodturning business is by keeping good records.
Register your new woodturning business
Once you’ve decided how much money you will need to start your business and how much inventory you’ll need, it’s time to register your new business with the appropriate agencies and organizations.
Depending on where in the world your turnings business is situated, you might need to register how many pieces of equipment you have, and how large of a warehouse you have where your inventory is stored.
You will also need to get a business license and make sure that everything is in order with the tax authorities, especially if you plan on selling your products online or in person.
Different countries have different requirements and tax percentages so make sure you do your research! You can also hire someone to help you through this process.
Is a woodworking business profitable?
Yes, woodturning is a profitable business.
The market for wood furniture and other items is ever increasing and there are plenty of people buying them. This increased demand and the relatively low overhead for this type of business (see how much it costs) means that those who take up the hobby may also want to turn it into a business with how lucrative it can be.
The difference between a profitable and a failed business is the quality of the products and how well you market them.
Is it hard to start a woodworking business?
No, it is not hard to start a woodturning business. Woodturning is a popular hobby that can often be also profitable as a business. There are many how-to guides on starting your own woodworking business and how much it costs. The only thing that you need to focus on is how you distribute your products and how well they are made.
The Costs Of Starting A Woodturning Business
Before paying for materials and tools the first expenses are going to come from registering your business. You will need to do some research to find how much it costs to start a woodturning business in your area.
When it comes to tools the costs are also quite low compared to other kinds of businesses. If you already own a wood lathe and the tools necessary then you only need to pay for materials and maybe advertising.
Shipping costs will vary depending on how you plan to distribute your products. If you are only thinking about selling locally then you won’t have high shipping costs, but if you want to sell online then the shipping cost will be higher.
If you decide to go with local shipments in person, your customers will pick up their items from your home or store and that means that you won’t have to deal with packing materials or how much it costs to create custom boxes.
Deciding What Products To Sell
This is an important part of starting a woodworking business. You could just sell anything, but if it isn’t high quality then you will struggle to get people interested in what you’re making.
In the beginning, it is better if you choose a niche market for your products. This can be anything from wooden kitchen utensils to decorations, or small wooden animals. Find something that is popular and start there before branching out into other products later on.
This is the part where creativity, research, and experimentation come into play, and how profitable your business is will depend on how well you do here.
If you can’t come up with any idea you can visit craft fairs to see what people are creating or you can go to online marketplaces like Etsy.
In order to be successful, you have to stand out in your niche. The only way to do that is by offering something other people don’t have. The more unique your products are, the easier it will be for people to remember you and how much they like them.
The marketing aspect of a business is just as important as how good your products are. If you can’t get people to notice what you’re selling then how will they buy it?
You will also need to choose how you’re going to sell your products; whether it’s online-only or by selling them in person at local fairs and markets. Make sure that anything you create is priced fairly and that you have the best quality possible. Some items might take more time to complete than others so make sure you price things accordingly.
How Do I Market A Small Woodworking Business?
Marketing a small wood-turning business can be difficult if you don’t know anything about marketing.
The better you can market your products, the more they will sell, and in turn the more money you’ll make. On top of that, how profitable a certain product is might influence how many you choose to sell in the future.
You should make sure that your business name and logo are easily identifiable and memorable. This can ensure that people will remember you and come back to purchase from you in the future.
Here are some ways to market your business:
In this day and age, social media can make a huge difference, and marketing online can be a lot of fun, easy and cheap. However, it can also be time-consuming and difficult to know how to attract the right audience. As with any form of marketing, focus on how you can help your customers and let them know why they should buy from you as opposed to somewhere else.
Consider making an account on every big social media platform. These include Instagram, Facebook, Pinterest, and Youtube. If your business makes a lot of money you can hire someone to take care of your online presence.
Word of mouth
After you start your business you can tell your relatives and friends about it. They can help you to promote your products on social media and to their friends.
Craft fairs and art shows
Craft fairs and art shows are also a great place to sell your turnings and it is how many small businesses start. Most craft fairs and art shows do not cost much money and they will give you the opportunity to get in front of a lot of people.
If you don’t want to do social media or word of mouth, consider advertising on online platforms such as Google and Bing. You can also advertise offline, but this might not be as effective as online advertising.
Offer free classes
Depending on where you live and how many customers you get, it could be worthwhile to offer free classes on how they can make their own woodturning projects. This is an advanced tactic with the main purpose of getting people to spread the word about your business.
Offer coupons and promotions
This can help you gain a following without having to spend too much money. If they know that every time they buy from you, there’s a good chance that they’ll get a discount or a free gift with how much their purchase is, they’re more likely to come back for your goods in the future.
Always offer quality products
No matter how good your marketing is, if you don’t have high-quality products, no one will want to come back and buy from you again. Having high-quality products will always help your marketing.
How Much Do Self-employed Woodworkers Make?
The salaries of Wood Turners in the United States range from $19,380 to $40,960, with a median salary of $27,820. The middle 60% of Wood Turners earns an average of $27,820 per year, with top earners earning up to $40,960.
A self-employed woodworker can make anywhere from minimum wage ($7.25) to a few million dollars per year. This depends on how well they do their work, how many hours they put in, and how big the business is.
The potential is huge but so is the amount of work. It is going to take a lot of hard work and determination to start a successful woodworking business.
Benefits Of Woodturning As A Business
There are many benefits of starting your own business, but the main reason is that you will be able to design and make whatever you want. You can earn a living without having to do something that you don’t like.
Starting your own woodworking business can also give you much more freedom in how much money you make and what hours you put into your business. You can make your own schedule and work how much you want, how often you want.
You can also make a lot more money than you would be working for someone else. Besides how much you make, you will also have more job security if you own your own business.
If you’ve found yourself captivated by the beauty of woodturning and itching to start your own business, we hope this blog post has given you some helpful insights into what it takes.
Don’t be afraid to ask questions on how to start a wood turning business if something comes up in the process. There are many resources online with people who have gone through similar experiences!
Thank you for reading our article on How to Start a Wood Turning Business!