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Advice on making profit on projects

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Blog entry by Dracombe posted 246 days ago 1113 reads 8 times favorited 5 comments Add to Favorites Watch

I was away from woodworking for a while and realized I really miss it. I recently started again and I am now very happy, it just feels great to be in the shop again.

So here is my question, does anyone have advice on how to turn a project into a profitable part time job? The reason I ask is that I am military and they are slowly but surely taking away some of our benet so I don’t want to end up in 19 years left with a small pension that would not be enough.

I am thinking of making woodworking my retirement plan, I don’t need it to be enormous but just enough to complement my pension. In my last projects I found that it would be hard to sell my projects at a price that would cover my expenses and give me a small profit.

I figured I’d ask here to see if someone might have done this before.

Thanks!

-- Pierre - "To improve is to change; to be perfect is to change often." Winston Churchill



5 comments so far

View Jake's profile

Jake

275 posts in 257 days


#1 posted 246 days ago

I am on a similar path, although I make enough on my job I just love the idea of woodworking as a somewhat profitable hobby, it is my therapy after long grueling days at the office. I have been doing a lot of research over the last few months and I would say that you can make anything to make a profit, provided that you count your cost correctly and you market tot he right crowd.

There is a few long blogs and awesome short articles here on LJ, for a good jumpstart to get into the correct mindsetI would reccomend these blogs and articles to read: (a good few hours of reading here)
http://lumberjocks.com/joey/blog/3836

http://lumberjocks.com/sawblade1/blog/19325

http://lumberjocks.com/huff/blog/36271

http://newmissionworkshop.com/2013/12/10/secrets-to-marketing-on-the-internet-so-far/

http://newmissionworkshop.com/2013/12/12/the-cheapest-add-on-that-sells-products/

-- Measure twice, cut once, cut again for good measure.

View Dracombe's profile

Dracombe

16 posts in 517 days


#2 posted 246 days ago

Thanks so much!

-- Pierre - "To improve is to change; to be perfect is to change often." Winston Churchill

View helluvawreck's profile

helluvawreck

15582 posts in 1493 days


#3 posted 246 days ago

Thanks for all of those links, Jake. I’ll check them out. I would like to have a small business to supplement my Social Security. My wife will work another five years so I will have some time to get a small business going. However, I know that it won’t be easy but at least we won’t have to rely on the shop from the start.

Pierre, I wish you the best of luck on getting a business going. Since you do have a job you should be able to get one going on the side.

helluvawreck aka Charles
http://woodworkingexpo.wordpress.com

-- If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away. Henry David Thoreau

View Dracombe's profile

Dracombe

16 posts in 517 days


#4 posted 245 days ago

I read about 40% so far and found more info from those links. Very, very helpful.

Thanks Jake.

-- Pierre - "To improve is to change; to be perfect is to change often." Winston Churchill

View Jake's profile

Jake

275 posts in 257 days


#5 posted 245 days ago

You are very welcome kind sir! We the woodworkers are an endangered species, so we got to do what we can to help eachother out. And as a you noticed also, I did not write a single article on this list, I just browsed LJ, so the people who take time to write these are the ones to be thanked.

Glad to help, if you find something of interest feel free to share as well and I will look forward to seeing your progress.

-- Measure twice, cut once, cut again for good measure.

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