How To Start A Woodworking Business and Make Money!

After starting over 20 companies in lifetime (too many) I have a very good handle on some key tips and outlooks that will help you in structuring your new woodworking business. Especially on how to understand all of your expenses and one possible way you can price out your estimates.

Links to items from the Video:

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[DustyBootsWoodcraft]

Thanks for this, I’m an Investment guy by day, a woodworker in my spare time with a small LLC. It’s about time someone with business experience running a business started up a channel…thanks.

[MortimerSugarloaf]

This is the video every YT woodworker should be making when someone asks these questions. You can really tell who is a woodworker, and who just plays one on TV.

[fcschoenthal]

Justin, I'm really impressed with not only the number, but the quality of videos that you're cranking out. This one is a good example of one that provides a lot of good information, but doesn't look like it was thrown together to just get something out. Keep up the hard work my friend, I'll continue to watch. - Chris

[nedhalnooh]

This is one of the best videos I've ever watched on YouTube. Thank you.

[RADuBreuil]

Didn’t even realize this channel wasn’t that old. Great job.

[bucknboard]

As a small business consultant as well as a small business owner I can say you are spot on with everything you said! Plans are nothing, planning is everything. A lot of SMB focus on the SMART goals every year or quarter etc, but forget about planning for tactical execution. Well done sir!

[liquidrockaquatics]

As a former plumber that used to handle jobs and estimates, you are spot on with this video and I hope everyone takes it to heart.. especially some of the “small” things like insurance for anyone inside your shop. One injury can wreck multiple lives

[rpols]

This was by far the best small business starter video I have ever seen on YouTube. He somehow managed to put all of the most important aspects of starting/running a business in a video without useless jargon. And it was explicit, spoken in everyday english and no vague platitudes. Everything he said can be applied to any business, large and small. I have read so many business starter books that have so much "filler" information and still didn't give half of what he said. Great video!!!

[RealRionRedinger]

This is the video I wish I had seen in January ‘22 when I was in the process of launching my contracting business. At least I found it now as I am trying to learn from my past mistakes and apply those lessons to my future business ventures. As you might imagine one of them is taking my hobby of woodworking to the next level as a business. Keep up the great work!

[GurpreetSingh-hvbv]

I am in IT and do woodworking as a hobby however, I have been friends with a very successful CFO. You were verbatim on expenses as her. I have her words ingrained in my head; if you have a business, then control you expenses to make and keep it successful. Thank you for a wonderful video.

[MonteFleming]

I was just brainstorming on how to make some money on the side, so I went to the shop today and made a wood puzzle with the intent of selling them and other items on Etsy. This video is great—exactly the kind of information I needed and haven't gotten elsewhere.

[cas_]

Justin I can't tell you how much I appreciated this video. My wife and I started our side hustle woodworking business almost 2 years ago and are really looking to take it to the next level. Your advice and information on how to account for expenses using a simple spreadsheet method is going to help us enormously. I can't thank you enough for spending your time to spread your knowledge. Cheers!!

[edwinfriedl]

Can't agree more with tracking expenses. I used to build semi trailers, dump trailers for material hauling. In the 1970s anti lock brake systems came out. They were expensive but one of our fleets put some systems on a few new trailers, hopefully for improved safety. But they unexpectedly found out that tire expenses dropped 10% on those anti lock equipped trailers. Now it was a no brainer to buy anti lock but they didn't have that expectation to start. If they didn't have good numbers they wouldn't have found out those savings.

[Orion]

Thank you for breaking it all down. You make it easier to understand the steps and processes needed.

[jsmxwll]

I've built a few businesses in a few different spaces from IT to healthcare oriented software. This is really an outstanding primer for a bootstrapper in particular. Many folks trying to bootstrap their own small business, especially passion focused business, don't really know where to start. This is what they really need. I'm gonna drop it on my socials and a couple DMs. Saves me from having to have this conversation repeatedly. Great video and cheers hombre.

[nathanestrela]

A well spoken and extremely informative video for a channel that's only 3 weeks old. Keep up the great content!

[Nivik]

New to your channel. Some very spot on content. I would like to add a bit. You did a great job of detailing your expenses. The end result is your worth. That is your value. NEVER give away your value for nothing because then you are telling your client that isn’t your value. It comes across, at best, as cutting a “deal” and at worst, a scam. Avoid that pitfall. Know your expenses and, from there, your value. If you want to adjust the monetary gain, get something in return that compensates that gain while maintaining that value.

Also, as a marketing executive with 22 years of experience, start on social media. The costs are a fraction of search. AdWords, now Google Ads, is great but it takes a lot of time to dial in. That time translates to lost profit margins. I wouldn’t even consider setting up a Google Ads campaign in less than a 6 month window. Use your demographic data from social media before you make the jump to search to minimize your waste.

[bhoola]

You did great job explains it. I watched every second of it. Thank you so much.

[jetownsend]

This was incredibly helpful. I am thinking about starting a business that isn't related to woodworking at all, I don't want my hobby to turn into a job, and the getting precise, accurate numbers for all the expenses makes so much sense, but isn't something that I have seen anyone talking about.

[brentjenkinsdesigns]

Brand new subscriber here. Wow! Thank you so much for sharing this knowledge with the rest of us. God bless you brother.