This is a common subject that comes up when I talk with home based woodworkers throughout North America. The answers are surprisingly easy.Here are some concrete woodworking tips that will help you.
- Standardize the procedures and products you will be working with. Come up with a core group of products you will be making and figure out the fastest and most economical way to get them built.
- Buy in bulk. If it takes you 100 wood screws to build the product you make buy 1000 wood screws. This is the fastest and easiest way to increase profit margins.
- Maximize the price you will be asking for your products. A lot of woodworkers simply won’t ask enough for the products they are making. Test the market. Who knows, you may be able to get an extra 10%, 20% or even 50% . You wont know until you test your market.
I have seen numerous woodworkers who by following the above tips go from a struggling business to a thriving business. Good luck.