Today we’re going to learn how to make money with woodworking. Actually, we’re going to do way more than that. We’re going to show you how to turn a woodworking hobby into a million-dollar business.
Leslie and I took our own hobby (a small online store) and, by applying, some high-level productivity systems and some investing know-how, grew it into a successful business that we now run in just a few hours per year.
We did it by taking small amounts of money (it all started with a $50 gift card) and reinvesting everything according to the financial management rules of Berkshire Hathaway. So we wanted to show you how these same principles can help you use your woodworking skills to build your own Berkshire.
Are you ready to learn how to make (serious) money woodworking?
Let’s do this.
Selling Your Woodworking Creations Online
Selling your woodworking creations online is a great way to monetize your skills and passion for woodworking.
With the rise of e-commerce platforms and social media, it’s easier than ever to reach a global audience and sell handmade items to customers all over the world.
That’s why woodworking has become one of the best home-based business opportunities out there.
Here are a few tips to help you get started with selling your woodworking creations online:
- Choose the right platform: There are many options for selling your woodworking items online, including Etsy, eBay, and your own website. Consider the fees, features, and target audience of each platform to determine which is the best fit for you.
- Take high-quality photos: Good photos are essential for selling your woodworking creations online. Use a camera with good lighting and a tripod to take clear, detailed photos of your items from multiple angles.
- Write detailed product descriptions: Your product descriptions should include all the important information about your woodworking creations, including materials, size, and care instructions. Make sure to highlight any unique features or benefits of your items.
- Price your items fairly: Determine the cost of materials and labor for each item and add a fair markup to set your price. Research similar items on the platform you’re using to get an idea of what customers are willing to pay.
- Promote your items: Use social media and other online marketing techniques to promote your woodworking creations and drive traffic to your online shop. There are some great social media tools that will help with this.
Selling your woodworking creations online can be a rewarding and lucrative way to turn your hobby into a business. With a little effort and creativity, you can turn your passion for woodworking into a profitable venture.
Teaching Woodworking Classes and Workshops
Another option to consider is teaching woodworking classes and workshops.
Not only will this allow you to share your passion with others, but it can also be a lucrative way to make money from your woodworking skills.
To get started, you’ll need to decide what kind of classes or workshops you want to offer. This could be anything from beginner’s courses to more advanced techniques.
You’ll also need to determine your target audience. Are you hoping to teach children, adults, or a mix of both?
Once you have a clear idea of what you want to offer, the next step is to find a venue. This could be a local community center, school, or even your own workshop. You’ll also need to decide on pricing and figure out how you’ll market your classes.
One of the benefits of teaching woodworking classes is that you can often scale your business as you see fit.
If you’re just starting out, you may want to offer a few classes per month to gauge interest. As your business grows, you can increase the number of classes and potentially even hire additional instructors to help teach.
This is one place where email marketing can really shine. Collect email addresses from students, send them awesome product ideas, inform them about other classes you offer, and even ask them to spread the word!
Overall, teaching woodworking classes and workshops can be a rewarding and profitable way to share your skills with others. Whether you’re a seasoned professional or a beginner looking to make a side income, there’s always a demand for quality woodworking instruction.
So why not give it a try and see where it takes you?
Generating Passive Income with Woodworking E-books and Courses
Here at 3MM, we have a bit of a love-hate relationship with the phrase ‘passive income’.
Too often it is used to lure lazy people into get-rich-quick traps.
But you aren’t lazy, or else you would have put in the time and effort into building your woodworking skills. And you certainly wouldn’t be looking for ways to turn your woodworking skills into a profitable business.
So here’s what we mean by ‘passive income’. You will put in upfront work, but then, you will get paid repeatedly for the work you already did. Nothing is completely passive. But this can certainly help you grow your business.
We are especially fond of online courses as they can have much higher ticket prices.
Plus there is just a lot more help out there when it comes to making them. There are some really good online course creation companies out there that really want you to be profitable.
To get started, you’ll need to come up with a topic or concept for your e-book or course. It could be something as specific as “How to Build a Handcrafted Wooden Table” or as broad as “The Art of Woodworking: A Comprehensive Guide.” Once you have a topic in mind, you’ll need to start creating your content. This could involve writing, filming videos, or both.
Once your e-book or course is complete, you’ll need to decide how to sell it. You can sell it on your own website, through online marketplaces like Etsy or eBay, or through platforms like Udemy or Teachable. No matter which route you choose, be sure to market your e-book or course effectively so that people know it’s available.
Generating passive income with woodworking e-books and courses is a great way to share your knowledge and expertise with others while also earning some extra money on the side. If you’re passionate about woodworking and have a lot to share, consider creating an e-book or course and starting to earn passive income today.
See Also: Benefits of Home-Based Businesses
Partnering with Local Businesses for Woodworking Projects
Partnering with local businesses can be a great way to make money with your woodworking skills. Not only will you have the opportunity to work on unique and interesting projects, but you’ll also be able to build relationships with your community and potentially secure long-term work.
One way to approach this is by reaching out to local businesses and offering your woodworking services. This could include custom furniture for offices, displays for retail stores, or even branded merchandise for restaurants and cafes.
Don’t be afraid to be proactive and pitch your ideas to business owners – they may not even realize the potential for woodworking in their business until you bring it to their attention.
Another option is to team up with other local craftsmen and women to offer woodworking packages to businesses. This could include everything from design and consultation to fabrication and installation.
By working together and pooling your resources, you’ll be able to take on larger and more complex projects that you may not have been able to tackle on your own.
No matter which route you choose, partnering with local businesses can be a fantastic way to turn your woodworking skills into a profitable venture. It’s a great way to showcase your talents, build your portfolio, and make a positive impact in your community.
So don’t be afraid to reach out and see what opportunities are available – you never know what doors it might open for your woodworking business.
Creating a Woodworking Subscription Service
A woodworking subscription service is a business model where customers pay a monthly fee to receive a curated selection of woodworking projects or materials delivered to their doorstep.
This can be a great way to monetize your woodworking passion and share your creations with a wider audience.
There are a few key things to consider when starting a woodworking subscription service. First, you’ll want to think about your target audience and what types of projects or materials they might be interested in. Do you want to focus on beginners and offer easy, step-by-step projects? Or are you targeting more experienced woodworkers and offering advanced, challenging projects?
Next, you’ll need to decide on the pricing for your subscription service.
This will depend on the value you are offering to your customers, as well as your overall business goals. Don’t forget to factor in the cost of materials, shipping, and any additional expenses.
Finally, you’ll want to promote your woodworking subscription service and get the word out to potential customers.
This can be done through social media, email marketing, and other online marketing techniques.
You could also consider partnering with local woodworking stores or organizations to reach a wider audience.
Starting a woodworking subscription service can be a fun and rewarding way to make money with your woodworking skills.
With some careful planning and a bit of creativity, you can turn your passion into a successful business.
Offering Custom Woodworking Services to Customers
The first step is to define what kind of custom woodworking services you want to offer. This could include anything from building custom furniture to creating intricate wood carvings. Once you have a clear idea of what you want to offer, it’s time to start marketing your services.
One way to reach potential customers is through social media. Create a page for your woodworking business and share pictures of your work, as well as any special offers or discounts. You can also use platforms like Etsy or eBay to sell your custom woodworking creations.
Another way to get the word out is by networking with local businesses and craft fairs. Many small businesses and event organizers are always on the lookout for unique and handmade products, so don’t be afraid to reach out and see if they’re interested in featuring your work.
Finally, be sure to have a clear pricing structure in place for your custom woodworking services. This will help ensure that you’re fairly compensated for your time and skills, and it will also make it easier for customers to understand what they’re paying for.
Offering custom woodworking services can be a rewarding and lucrative way to use your skills and passion to make money with woodworking.
Joining the Sharing Economy with Woodworking Rentals
If you’re not familiar with the sharing economy, it’s when people use online platforms to rent out their goods or services to others. It’s a great way to earn extra money and put your woodworking skills to use!
One way to get involved in the sharing economy with woodworking is by renting out your woodworking tools and equipment.
If you have high-quality, well-maintained tools that you don’t use all the time, you can list them on a sharing platform like SpareToolz or RentMyEquipment. This is a great option for people who only need certain tools for specific projects, but don’t want to spend the money to purchase them outright.
Another way to get involved in the sharing economy with woodworking is by offering your skills and services as a woodworking instructor.
This is a great way to share your knowledge and passion with others, while also making some extra money on the side.
Licensing Your Woodworking Designs and Patterns
If you’re a skilled woodworker with a knack for creating unique and eye-catching designs, have you ever considered licensing your work?
This can be a great way to monetize your skills and make money with woodworking, without having to invest a lot of time and energy into creating physical products.
Licensing your woodworking designs and patterns means that other businesses or individuals can use your creations in their own products, as long as they pay you a fee for the right to do so.
This could include everything from furniture and home decor items to toys and games.
One way to get started with licensing your woodworking designs is to create a portfolio of your work and approach companies that you think might be interested in using your designs.
You can also consider joining a licensing agency, which can help you find potential clients and handle the legal and financial aspects of the licensing process.
If you’re not sure where to start, there are plenty of resources available to help you navigate the world of licensing.
From online courses and tutorials to industry publications and networking events, you can find the guidance and support you need to succeed.
So if you’re looking for a new way to make money with your woodworking skills, consider licensing your designs and patterns.
With a little effort and some creativity, you could be well on your way to building a profitable and rewarding business. So, it is a great way to monetize your skills and make money with woodworking.
Selling Woodworking Plans and Kits to DIY Enthusiasts
If you’ve got a creative streak and love design, selling woodworking plans and kits to DIY enthusiasts could be a great way to monetize your passion.
Not only will you be able to share your knowledge and experience with others, but you’ll also have the opportunity to reach a wider audience through online platforms like Etsy, eBay, and your own website.
Before getting started, it’s important to research what kinds of woodworking plans and kits are already available on the market and how you can differentiate your offerings.
Consider what types of projects your target audience might be interested in and what level of difficulty would be appropriate for them. You may also want to consider offering multiple kit options with different levels of materials and tools included.
Once you have a clear idea of what you’ll be offering, it’s time to start creating your plans and kits.
Make sure to include detailed instructions and diagrams, as well as a list of materials and tools needed. It can also be helpful to include a troubleshooting guide in case DIYers run into any issues while building.
In terms of pricing, consider the cost of materials and your time when setting prices for your plans and kits. It can also be helpful to offer bundle deals or discounts for purchasing multiple plans at once.
Finally, don’t be afraid to promote your woodworking plans and kits to your audience. Utilize social media tools, email marketing, and online advertising to get the word out about your offerings.
With a little effort and some creative marketing, you can turn your woodworking skills into a profitable business selling plans and kits to DIY enthusiasts.
Consulting and Advising for Woodworking Businesses and Brands
You might want to consider offering consulting and advising services to woodworking businesses and brands.
As a consultant or adviser, you can use your expertise to help others succeed in the woodworking industry. This could involve providing guidance on everything from business strategy and marketing to product development and manufacturing.
To get started, you’ll need to define your area of focus and expertise. This might be a specific aspect of woodworking, such as furniture design or production techniques, or it could be a more general understanding of the industry as a whole.
Once you have a clear understanding of your expertise, you can start looking for consulting and advising opportunities. This could involve reaching out to woodworking businesses directly, or joining a consulting agency or platform that connects experts with clients.
One of the great things about consulting and advising is that it allows you to use your skills and knowledge to help others, while also earning a profit.
Plus, it can be a flexible and rewarding way to make money with woodworking, as you can choose when and how much you work.
So, if you’re a skilled woodworker with a passion for sharing your knowledge, consider offering consulting and advising services to woodworking businesses and brands.
You never know, you might just find your calling!
Turning Your Hobby Into a Million-Dollar Business
Now, if you just want to make a little extra side cash from your hobby, that’s fine.
But if you want to turn it into something life-changing, read on.
Here at 3MM we believe in the life-changing power of small business ownership. We believe that it is the only way to a truly free life.
And we believe that when you structure your business properly, and follow some proven productivity and investing methods, you can use just about any small business to generate over one million dollars of generational wealth to buy a security for you and your family.
So how would we do it for woodworking?
Online Courses, hands down.
We would set up our own website, start an email list, and invest in some recording equipment. Check out our business tools page for all the stuff we love that no one ever told us about.
Bonus: While you are set up to film yourself teaching, keep your mind on youtube. There is a huge market for videos of woodworkers just… woodworking. No voice-over, and no music. These are simple videos that get millions of views. (try looking for woodturning specifically).
Then, as money comes in, reinvest as much of it as possible. Investing is the crucial missing component for so many small businesses out there, but it is the closest thing to truly passive income out there. As of this writing, we pay our mortgage from entirely passive investment earnings.
Keep reinvesting in whatever makes the most sense.
You Might Also Like
If you are new to our site, you might want to check out a few of these related posts. We created Three Month Millionaire to help people do exactly what we did:
Build a home-based business that can be run in less than three months per year (or two hours per day).
If that sounds like something you’d like to learn, check out:
- Our Ultimate Guide to Building a Home Business
- Our Ultimate Productivity Guide
- Our Ultimate Guide to Investing
- Our Income Reports
Or if you want to check out some of our other reviews pages, Check out:
- Our reviews of the Best Online Course Creation Software
- Our reviews of the Best Books For Following the Three-Month Millionaire Journey
- Our reviews of the Best Business Tools No One Ever Told Us About
- Our reviews of the Best Social Media Management Tools
