Pros and Cons of Woodworking Business | Stay A Side Hustle?

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Through my woodworking journey I've come to realize that owning a woodworking business is usually way more paperwork and way less woodworking. As much as I miss being a hobbyist making cool projects every weekend, being the CEO of a woodworking business also has its perks. Join me in today's video as I talk about the Pro's and Con's of owning a woodworking business.
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TIMECODE:
0:00 - Intro
0:46 - Con #1
1:28 - Pro #1
2:07 - Con #2
3:00 - Pro #2
4:18 - Con #3
5:25 - Pro #3
6:06 - Con #4
7:32 - Pro #4
8:18 - Con #5
9:11 - Pro #5
10:06 - Outro

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Опубликовано:

6 авг 2024

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Комментарии : 38

@kelvinphillips3528 11 месяцев назад

Ryan, GREAT STUFF, AGAIN! I am a hobbyist and I have made more cutting boards than anything else and with that said, I want to engrave names into the boards, so is there a beginner level CNC that you would recommend? I am open to suggestions from fellow Cutting It Close subscribers too.

@WanderingRobotStudio 11 месяцев назад

You can find great woodworking equipment at auctions of businesses going out of business. Also tertiary equipment like trucks, storage, etc.

@scottbionicnerf8727 11 месяцев назад

Great video Brother. Truly insightful.... well, all your videos are really. Anyways, thanks for sharing.

@Meyerwoodworks 11 месяцев назад

The cost of equipment is something I did NOT anticipate, even as a SUPER small business (including upgrading electrical). It's also the cost of just doing business, paying for the accounting software, email, website, programs/software, shipping supplies, boxes, etc. etc. that the hobby guys just don't have. It's also difficult to learn that sales don't equal profit. It's REALLY hard to sell a product, it's even more difficult to sell a product and actually profit from it. I'm sliding more into CNC production, understanding that production is where the money is, it's not in one-off items (excluding cabinets/build-ins). There's also a mentality shift that I did not anticipate. If I'm in the shop, I better be making money, if not, I don't want to do it. Personal and family/friend projects go out the window, the equipment needs to run to make money. Hobby guys can let there equipment sit, businesses can't. If the equipment isn't working, it feels like a huge financial waste.

@alexreid4131 11 месяцев назад

Thanks again Ryan. Loving all of this new format content from you. Keep on keepin' on and I have no doubt you will hit your BHAG (Big Hairy Ass Goal) of 100k subs by Jingle Bells time.

@CaptainYakima 11 месяцев назад

Thanks for sharing your knowledge on the business side of things. I've been slow-rolling starting my business for the last 9 months and I am at the point where I know I need to transition away from custom projects to production if I want to turn a profit. Also glad to see that you aren't endorsing products, except Frio coolers. :) Congrats on branching out!

@cutting-it-close 11 месяцев назад

You can do it!

@patrickwright8805 11 месяцев назад

I really enjoy this down to earth talk about the business side, your enthusiasm is still present yet the way you talk about things is very mature. Thanks very much!

@cutting-it-close 11 месяцев назад

I appreciate that!

@ryanmcadam1 11 месяцев назад

Can you do a video on sourcing? How you went from buying small batches at high cost to finding better sources and distributors for bulk material?

@davidndahura7437 11 месяцев назад

The issue of about numbers to increase revenue hits me nice, the cruel part is woodworking is very expensive especially getting machines to achieve tasks. Thank you.

@EmanuelQ3 11 месяцев назад

Great video. I don't think I'd be able to turn this hobby into an obligation like that even though I agree with the pros you stated. I'm just trying to make a little extra cash to live on.

@hammerholz 11 месяцев назад

Bro you are great! Big thanks from Germany😁😁

@cutting-it-close 11 месяцев назад

You're welcome!

@mattgibson6144 11 месяцев назад

As an Australian consumer who used to potter around working with wood many moons ago, I have to say in general woodworking as a craft/trade is in a sad state. I'm not interested (and neither are the majority of my friends) in buying a mass produced wooden item as it has no soul - everything is the same. But the downside of that is we often don't have as many wood based items in our homes as we'd like, as most woodworkers/carpenters have switched to production to pay the bills. So no beautiful, warm furniture pieces made of wood in most of our homes, but there is plenty of chopping boards, cheese boards and other smaller items of wood that you can purchase from market sellers who work on the small items but won't touch the big stuff for the time factor.

@HankHill757 8 месяцев назад

@cuttingitclose Do you make products from plastics (polycarbonate, Delrin, starboard, etc)? The machines you have can cut and shape various plastics. Expansion of product offerings!

@matthewcleveland577 11 месяцев назад

This is pretty accurate. I no longer try and take on all the really custom stuff thats fun to build unless it's got an absurd price on it. Otherwise it's not profitable. You don't necessarily need to have all the equipment you've got to run a woodworking business, although if I could manage to move as much product as you seem to, I definitely would. Speaking of that, I know you started on Etsy, but where are your sales coming from now? I couldnt imagine having a shop with multiple employees and mainly selling on etsy. My CNC does definitely make everything more profitable. Ive been doing a lot (for me) of mdf cabinet doors for other cabinet shops. Its just me and make more than most people with a regular job. So its definitely possible to run a woodworking business without a 100k+ piece of equipment. But i guess I do have around 150-200k tied up in equipment total. Would definitely like a 100k+ cnc though lol. Probably in the next few years. Ive been doing woodwork three years full time, 5 years total. Just starting to make some real money this past year.

@smgibv4393 11 месяцев назад

U spent 200k while making no profit at first? Rich uncle or what?

@vernsteinbrecker3759 11 месяцев назад

Great video

@cutting-it-close 11 месяцев назад

Glad you enjoyed it

@philalliband4492 11 месяцев назад

Cannot find where I can purchase your products

@Rovin6 11 месяцев назад

I am a long time viewer yet recent subscriber, you give great insights & advice, only critique is sometimes you gotta not get so excited & speak a little bit slower cause its alot of valuable info to take in a short period ... keep up the great content

@smgibv4393 11 месяцев назад

You can rewind. You can set the speed slower. You can pause. Come on man...

@robertmiles388 11 месяцев назад

Where is your building located at?

@WrongTimeWatch 11 месяцев назад

I'd like to make a sell a few products to help supplement my day job.

@joecooper8527 11 месяцев назад

Don't know if I could handle the $100k price tag. I would need another building for all the new toys.

@stevedarlington6980 11 месяцев назад

Pattens for 3d machine

@bigwillysgarage2301 11 месяцев назад

Man sounds like u need to build u a studio shop like a hobbyist shop on the grounds if you can do u can leave a project around until u got time u can say a R&D shop lol

@Hackmudu 11 месяцев назад

I am from Kashmir i want to start business in USA i can inwest as well into ur company , i am having small construction business as well in india

@user-xc8db7sy9e 11 месяцев назад

Why did you buy a CNC for $100,000’s instead of a bunch of smaller ones?

@joecooper8527 11 месяцев назад

Space is required to operate safely and efficiently.

@danneeriemer1933 11 месяцев назад

Based on the backdrop you have a lot of capital tied up in work in process. Interest in those products could drop in a heartbeat and you lose investment in material and labor.

@leapnlarry 9 месяцев назад

Looks like you business has grown much bigger than April, but her channel is much bigger, she is the girl version of you, she benefits from being an attractive girl on youtube. Larry

@pieceopye4046 11 месяцев назад

I click on your videos because they are topics or titles I don't see other talk about. I think you know your shit but gotta say I don't think your videos have enough energy in them. I want to listen but often feel like my mind doesn't concentrate. Maybe do things instead of sitting on a chair, like talk whilst doingbsome of the things in the sample videos you use. I hope you don't read that in a bitchy tone, to sum up, I find the topics interesting but my attention isn't kept throughout the video ngl.