I have worked with people who have done home based woodworking for 3 decades. There are 3 universal reasons why most people fail at this. They are:
- Poor time management. If you are going to run a business then run it as a business. Don’t get up 1 day at 10:00 then the next at 11:00. Make sure to keep to a schedule. This also includes scheduling for materials, marketing and manufacturing.
- Poor people skills. We all aren’t super salesmen. But if the way in which you interact with people is constantly losing you sales you are either going to have to improve in this department or have someone handle that part of the business for you.
- Poor money management. Using 1-800-BunkBed as an example, and the building of a bunk bed, let’s look at how what appears to be an insignificant figure turns into a lot of money. 5 cents does not sound like a lot of money. Multiple that by 120 and then multiple that by 200. That adds up to $1,200. That figure represents how much money you can save annually (based upon the building of 200 bunk beds) when you buy wood screws in bulk.
Work on these areas constantly and watch your revenues increase.