From $75 to Making My First Million Woodworking | What They Don’t Teach You!

From starting with $75 to making over a million, I share the top lessons I learned, I wish I knew these lessons when I was a beginner, they would have helped me grow my woodworking business faster. I hope you learn from these lessons and grow your own woodworking business!
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About Cutting It Close:
Our goal is to help aspiring craftsmen do what they love for a living! We hope to share our knowledge in the woodworking field and CNC routering through training videos, CNC router techniques, unique projects, and practical applications.
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Timecode
0:00 - Intro
0:50 - #1 Small Fish, Big Pond
1:52 - #2 Competition
3:11 - #3 Customization is Difficult
4:19 - #4 Specialized Equipment
5:26 - #5 The Importance of Software
6:46 - #6 Cut out NVA's
7:57 - #7 Skill ≠ Value
9:24 - #8 Product Life Cycle
10:54 - #9 Sales VS Efficiency
12:20 - #10 ????????
14:13 - Outro

[cutting-it-close]

Let us know what else you would like to see in future videos!

[crafteywood]

Hi .I have a small woodworking business .bought a big cnc machine, and we have been doing OK with sales but not where we want to be .these videos really help and motivate us to do better .thank you for these lovely videos ❤

[chrisrevell]

Most small businesses aren’t able to breakout from the “$10, 000” thinking because it forces owners to realize they won’t be in control to the extent they are used to and it’s scary

[Spills]

nothing wrong with this...but as soon as you pull me away from building custom work....I would just rather go work for someone else again...which getting away from that was the reason I got into this.
I dont need a million a year....I desire to get up and do the job I love and build custom product that im proud of in the end while constantly learning in the process, take that away and im back where I started except now im unhappy with $$....I just wanna make a comfortable living while the majority of my life is building things I love....thats my goal and what I need.
This vid is beyond me...not hat I crave.
That being said....do whatever truly makes you feel fulfilled and good luck!

[nHautamaki]

Great video! I think the lesson on the product life cycle was particularly interesting because I noticed the exact same thing in two other businesses I have owned and operated in the past. What happens is if you have a great product/service that's selling well, it doesn't take long before imitators come along and do the same thing but offer it for 5-10% cheaper to get their own market share, and if that works for them then more imitators come along and chop another 5-10% off the price and it's a race to the bottom where nobody is making much money and customers don't really need or want it so much anymore anyway. It's not just woodworking, it's practically any business/product/service. Hell even 'boring' stuff like banking/financial products goes through the exact same cycle.

[ersdds]

Really good video on so many levels. I think you left out one key item. At the top should be your burning desire to make yourself better and your sense of urgency. It is also quite evident you are not working... you love what you do, and you are passionate about it. It's a pleasure to watch your growth. Keep on improving!

[JimPBarber]

This was awesome. I have experienced number 8. I woodwork like a lot of people. However, I do have a business that is not related. This is some of the best business advice I have heard in a very long time!! Great Video!!! New subscriber!

[IDCWoodcraft]

I hope your viewers can absorb the mindset aspect

[rm.dog]

Howdy. I know nothing about woodworking, but I have worked in IT for 25 years. I found your comment about software hilarious, but understandable 😊... many people hate computers, software etc so I understand where you're coming from.

One thing you can use your software for, assuming you're tracking relevant data, is to see where you can make efficiency and cost improvements. I guarantee those 100m+ companies are using software, reporting, automation etc to run their businesses.

Good luck 👍

[doycowzintexas]

I see a lot of integrity in your videos, ,, thanks for keeping it real brother

[shawnhall]

Dude this information is so valuable. Your basically helping people that may one day be a competitor. Thanks.

[gazsto]

The number of woodworking shops is immense, and many will inevitably face challenges in finding a platform from which they can operate to gain a profitable edge for growth. Markets are primarily driven by product functionality, followed by design and features. Chopping boards, for instance, are simply tools for food preparation, not decorative items, and are usually stored out of sight when not in use. We utilize them, much like cutlery and plates, yet their significance in food prep work is quite substantial, not only in protecting the countertop but also in providing a means to cut food without risking contamination. Great video and lots of helpful advice!

[bobnicholas]

I am close to retirement. I made 10k profit from things I made last year without any sales effort. I found you verifying my own smaller thoughts. Your perspective is dead on. I appreciate all your advice.

[omarflores]

First video I watch and I subscribed. Such good info. Very real! Very down to earth with reality and what the local market really demands. Thanks!

[TheUltimateSurvivalCompanion]

I'm currently starting from absolute scratch building guitars out of my shed, every dime I make goes into tools, the Amazon guy HATES me because he's here every day with multiple heavy boxes

[jessicalane]

Can you do a run down of the equipment and processes you use in your shop? As you mentioned, knowing what equipment is possible can change and help our businesses. For example, I had no clue there were auto-feeders. Which is a huge tool someone can add to get consistency and add safety. Please do a tour of your shop and explain the equipment you chose and how it works, please and thank you!

[mye-rin]

Legit advise as always Ryan. Been watching you for a couple of years and It's cool to see someone giving advise that actually does the work. Hard to find on youtube.

[undergroundblu]

Thank you, i haven't come across many people in your position with these explanations. Appreciated!

[NWGR]

Another great one, thanks Ryan.
Having sold a bunch of items I made, cutting out NVAs one of the most important things I learned along the way.
Keep it up! Your success is well-earned.

[mitchwabeke]

I love your videos like these. Number one is what I needed to hear.