Time, Tools & Money [video#245]

Hi everyone! In this weeks workshop I tally up the cost of the tools used in a simple MDF table build. Enjoy!

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Frequently used items:-

[MrAtheHun]

I don’t think you need to defend yourself, if people don’t understand the concept of bespoke or made to measure, that’s their problem. I enjoy your videos, thanks.

[markharris]

I’ve run my own businesses and nothing you say surprises me in any way nor seems unreasonable. The hardest costs to explain in any part of the service industry are the running costs. You listed your tools you need to give the quality of service you want to be known for, and you seem to have many clients that come back to you time after time.

What you didn’t mention are the invisible costs of travel, consumables, administration and most of all time, both direct and indirect. You said it took just over a day to make the table, you didn’t mention the time you spent costing the job, building your plans, shopping for materials and even billing along with keeping your books.

A lot of people don’t realise what it costs to run a business and how to charge as a business, and invariably when these people choose to go it alone their businesses are the first to run into trouble.

Don’t worry about what people say on social media about your charges, the only thing you need to worry about is if the client think they are getting value for money. With the amount of return custom you have I think that question is answered.

[itwillbenicewhenitsfinished]

You are amazing Peter, honest and unshakable. You take negative feedback positively without it flustering you - that is so admirable. Most of us focus on the negative feedback and let it haunt us. You are very skilled.

[jasonlaverty]

If the kit works and makes your life easier and above all, makes you more productive, then the outlay justifies itself. Great video.

[SPOREOUT]

Another great video Peter, a real eye opener. People usually don't have an idea where the money goes in these builds, you laid it out clearly but without giving away personal pricing and client info, great job. Spend money to make money, better tools save time and money; i wish my boss could get his head around that. We're made to hand sand everything we make to "produce less dust" ay yai yai

[Tomatthetop]

I really enjoyed the tools for shelves videos Peter. This video, is also a very honest and accurate response to those questioning your pricing. At the end of the day, it doesn’t matter what any of us think. If your customers are happy, then that’s all that matters. Keep up the great work!

[TheWoodgrafter]

Interesting view some people have, I find your videos excellent. A great combination between running a business and creating a product, can’t think of any other channel that is doing that.

I wouldn’t take the critics to heart. Looking on the bright side the more they comment, the more you tube likes it so the more your videos get promoted. Result.

Keep up the good work.

[stevewalker]

Peter, it's obvious that most don't know the "value" of tools that are invested in for the long haul. As you stated in your video, you don't need these tools to do it, it just makes sense as your TIME is also a resource and most people don't think in that manor. Keep up the great work. Cheers from across the pond.

[chipatchison]

Hi Peter, another great analysis of your business model. You've found a great niche helping out clients in the most best way. Keep up the good work!

[davidfarnall]

Peter, I can only assume that the people saying "rip off" and offering custom built and paint finished cabinetry for £250 are not in any trade. Or if they are, they'll be out of business in a year. Premises (not cheap in London, or anywhere else really), transport, insurances, accountants, equipment amortization, yadda, yadda, list goes on and on, and that's before you've done a single job, let alone cleared enough to pay the mortgage, feed the kids and generally live. There'll always be people who can do stuff cheaper, and that's fine, but you, and I think me, know what we need to earn, know what our skills are worth, and charge accordingly.

[xXBXx]

Haters gonna hate Peter, ignore em! I live in London and ur pricing seems spot on to me for someone with ur skill level and attention to detail.

[KevinBower-gybe]

Never a truer word spoken. Finished a very upmarket bespoke kitchen fit today and loaded the van back up. Festool TS55 saw, OF2200 and OF1100 routers, plus 3 different Trend jigs. Festool SYS-CTL and Nilfisk Aero 26 extractors. Hilti DD150 diamond core drill, SF6H combihammer, AG125 diamond grinder and TE30C SDS hammer drill. Makita laminate trimmer. Fein MM350 multitool. Mirka Deros 5650CV sander. DeWalt DW780 and Makita LS0714 compound mitre saws on DW7023 stand. Mafell P1CC jigsaw. 3 x Stabila R box levels. A pile of Tanos Systainers full of screws, plugs, fixings, nails, drill bits, augers, spade bits, holesaws, router bits, grinding wheels and so on. Another one full of plumbing kit - Rotherberg blowtorch, drawers of solder, compression and waste pipe fittings, Fernox LSX, PTFE tape, tap wrenches, pipe cutters etc. And another one full of hand tools, squares, pliers, hammers, mallets, protractor, mini box level, Bosch metal/current detector. Rubi tile cutter. One set of Kirschen firmer chisels, two Dia-sharp diamond honing plates and a Veritas honing guide - you're getting the picture by now. EVERY SINGLE piece of my kit has been earned by building in a percentage of its cost to work I've spent 25 years doing - and yes, I also price in consumable parts such as router bits, saw blades, sanding sheets etc. simply because they cost me money and the job wouldn't happen with out them. Ignore the closet brain-dead haters Peter - I'm 100% with you. All the best.

[journeyman]

I also run a small business and I’m with you 100% Peter. Some people have not got a clue!

[markrowland]

Oh dear, oh dear, oh dear. Why can't people be pleasant? I enjoy Peter's videos. I find them informative and entertaining. I don't care whether his work is high end or low end. The stuff he makes looks good to me and, more importantly, it's what his customers want.

[johnmontague]

Your an honest man Peter.
Don't forget about Logistics Designing Engineering of the cabinetry before the Manufacturing begins,
Some people think those parts are MAGIC and Zero Time is spent on working it all out lol. 😉
..Yeah sure sure, we just drop a sheet of mdf down a hatch and fling a bottle of glue in and out pops a custom designed set of drawers at the other end.. 😃 lol.
All time is money in the building of anything.
You know why customer's keep coming to you Peter?
Because your good at what you do and you build reliable furniture that's built to last and your customers are very happy and they'll probably recommend you to their friends for custom builds.
Keep making those videos, your information is much appreciated to a lot us and we hope you continue to weigh up the difference between prices and jobs.
Excellent workmanship ☺

[TheTimutube]

Pete don’t let the idiots pull you down.you are fab at what you do so please keep up the good work.kind regards tim

[simdog]

Hi Peter, I think you are 100% correct by using the best tools you can afford. I personally cannot justify Festool but i have used cheap tools for many years and end up replacing /repairing them and in the end throwing them away very shortly after purchase. Not only do they last longer but using a good quality tool makes your worklife easier. Having to use woodworking tools 8 hours a day 5 days a week as you do then you shouldn't begrudge yourself for having a "Comfortable" working environment. Keep doing what you are doing haters will always hate they are only jealous of your professionalism and enthusiasm to educate "us DIY'ers"

[LostWhits]

Love this take on it. Hopefully some more people will now understand why bespoke, regardless of detail is expensive.

[patrickniedermeyer]

Well said. It's not our job to convince other tradesman our of value, it's our job to support our families and provide our clients with quality work.

[paulrobinson]

The beauty of being good at what you do, and no doubt a full order book is you don't need to get into a race to the bottom. Which in turn means you can keep the quality control where it needs to be. You can then up cycle your clients to successful professionals.