Why most woodworking businesses FAIL in the first 2 years 

Business advice, woodworking, comedy, and wisdom all packed into a video with incredible cinematography. And I can speak from first hand experience that the shop has a community feel. That’s what keeps me coming back! Great video brother.

You guys have created something phenomenal... I look forward to expanding my craft and creating such a supportive and engaged community environment that y'all have around you. Insipring. Thank you!

Great video. Thanks for sharing this info. I’m 46 and have been working a job for decades I despise now. I’ve always wanted to give the thought of my own business a shot. Just never pulled the trigger. These are wise words taken to heart. Thank you.

Hey William. Great video. I've been a pro woodworker for 12 years now. 3 years ago I quit my other jobs and made custom woodworking my only income. I've learned that building a custom woodworking business simply takes time. There is no real substitute to that factor. It takes time to build trusted clientele who will pay enough to live on. Yes, you are correct that you should not just quit all other incomes and make custom woodworking your job too early. I had another job for 9 years while I built my skills, tools, and clientele. Eventually my business grew to the place where I can choose whether or not I want to deal with the hassle of employees or not, and my business will be just fine either way. And now it doesn't make any sense for me to have other sources of income unless it's a long term strategy like making more passive income streams... But I now need to be super super careful of what I commit my time to.

After woodworking for over forty years, I could not have said or explained it any better. William, your a good man , and keep strong brother. Thank you.

I'm starting on Woodworking in Brazil. It's my passion. I have found your YT and it's helping me so much. Thanks for sharing your knowledge.

Awesome story and information. I was surprised when you talked about projects taking too long and the materials costing more than you estimated. I'm a software engineer and had the same experience. I've never worked on a project that was completed on budget or on schedule. Even when I figured out how to develop more realistic estimates my managers always cut them back and called it a "stretch goal." It felt like I was being setup to fail over and over again. When I was in high school I wanted to be a carpenter , but my parents and teachers talked me into "programming". I really shouldn't complain. It's good, steady income. But I'm bored to death and hollowed out. I can't even see the products I spent my life making. It's just code. It doesn't even really exist and very few people have a need for it. So I watch woodworking videos like yours and wonder if I would have been happier if I would have done what I really wanted instead of engineering. If I lived near you, I'd take your classes and drink your coffee. Thanks for all you're doing. I wish you great success.

Excellent advice! I've been watching you grow, slow and steady. Congrats on all of your little victories! I live in Maine, and you may be the only reason I would visit Arizona.

You nailed it with the opening lines... It happens and if you don't learn you fail

Man I really love your content, this page is gonna blow up in no time!

that CNC V groove bit - straight to a mitre!? no one commenting on that?! that was pretty. great video

THANK YOU ! I'm french and nobody speak about price, business in FRANCE ... I don't know why ! So, thank's again I will follow your channel !

Spot on advice. My business is making branding irons -- My business is custom and yet I also have very dialed in standard processes that make sure I can deliver without surprises. Keep up the great work!

I love this. If my nephew's and niece's brothers and sisters enjoyed all the little or large things that that I built. My work will never die.

Thank you for sharing this message! Love what you guys have built! I’ve got family in the Phoenix area and will be visiting next time I’m out there!

Awesome video Will! Being a full-time woodworker myself you definitely need to rely on other sources for income Waiting for that Consignment furniture piece. You provide much inspiration and vision to a lot of woodworkers including me. Thanks for sharing! Keep up the great work brother! 😎✌️

Great video, I’m just getting started. Trying to do this part time, but it’s my passion. Learn a lot from you guys and maybe someday I’ll get to see the shop. Thanks

The comedy and humor on this channel is priceless...LMAO!!!...It will be interesting to see how soon you hit a "million subscribers!!!"

Man seeing "a craftsman never does" kinda hit pretty close to home this morning.... Great video...

Thank you so much, I needed to hear this todays hope you have a wonderful weekend!!

Dude, do more videos! I really appreciate what you do here. Greetings from Europe :)

Great Video! I am very early in starting my business, and this is a very reassuring video as I have been working to make a few production products to sell. Hearing that this was part of your own business's success gives me confidence! Just wanted to say thanks for the advice and confidence boost!

The philosophy behind woodworking and why we do it is so important. Love this video.

I liked this video, subscribed to your channel, hit the notification bell, saved this to my watch later playlist, and im leaving a comment in the comment section because of how much this video has resonated with me. I just decided to pull the trigger on turning my hobby into a career in February and I needed to hear this. thank you, keep up the great work!

I love going to your shop. The vibe, the coffee shop, the people... You guys have done an incredible job making your space feel welcome and it inspires creativity. Can't wait to see how it grows.

Thank you! Excellent video! Keep up the awesome work! … and most of all, KEEP INSPIRING!🤙🏽

I love what you guys are doing. A flight south might be required soon. Also a 'meet your maker' of your team would be really cool.

It's like having Malcom Gladwell narrate a woodworking video. Love the message. Couldn't agree more!

Well Said ! Keep On Trucking ! To many more prosperous years ahead........

Words of wisdom for sure! Im in Phoenix, will need to make my way down to you!

Informative, useful, and wise words! Thankyou. J

I’m so darn lucky to be here in the Phoenix area just to be closer to you. I enjoyed going to your shop when KM was there and can’t wait for more. Once I get my space, I can’t wait to bring the community into it, and built it with their help.

Just what I needed right now. Some confirmation that I'm thinking along the right lines in some ways, and some things I'd not considered.. None of which insurmountable. Thank you brother!

Damn, this is amazing information. Definitely a million dollar answer. Thanks for the much needed info. Btw, the video was put out skillfully! Great job on the editing!

OK, but I didn't come here expecting to cry. That was very rude of you. Your passion is inspiring.

Love your content. Underrated in the woodworking guru content creators. Keep up the good work!

Pretty cool watching your channel and business grow and change. I barely do custom furniture, but I consider most of what I do to be custom carpentry. When I started out everyone kept screaming niche, niche, niche, find this one thing you can do better than anyone else. I just don't believe that's the way. I focused a ton on meeting the communities needs and grew from there. In the next three months I'll build cabinets, built-ins, a small office, a fence, deck, patio cover, restore a 1905 ceiling, build butcher block counters, and trim out 3 new homes. Totally agree with you, community and diversity goes a long way.

This came out at a time when i've been struggling with the decision of stopping custom orders this year. I just dont find them as profitable yet

Very interesting about the crew not being on payroll. I was always curious about that. I would love to know more about that situation, maybe another video introducing the crew? What their backgrounds are, their 9-5 job if it's not this, home much time they spend there, do they get any compensation? Curious!

The best messenger heard so far. Thanks.

I'm still just thinking of getting started. I own a handyman business which I think can be a good safety net for a woodworking business. I also sharpen knives for money which used to be a hobby, I wanna do the same with woodworking

Awesome video! Someday soon I need to head over for a coffee and to check it out in person!

YOU ARE A WISE MAN....WITH COOL WOOD....

Y’all are taking it up a notch and I’m here for it!!!!!

Some very valid points mate, here in Australia perhaps a different point of direction is taken as we might be more cautious & use our woodworking endeavours be only supplementary income if we think it to be. It takes a load of planning as you’ve highlighted to have success so well done to your commitment 👍

Supplemental income is so important and creating a place for artists and fans of the wood experience is essential! Cheers

Amazing Video!Very powerful words!

Very inspiring William! I thank you for this. Awesome video!

It sounds like the high end custom furniture side of the business just isn’t profitable or sustainable on its own. Which is a shame, perhaps it’s is undervalued.

Love what you and your team are creating! The shop looks so so good!

I absolutely love this‼️Thank you… I feel like this was a personal pep talk 😍🥴!

Great advise

Thank you mate

Man I would love to be a part of your community, this is one area that I’m really lacking in, community and friends.

So let me get this straight, I can rent your truck?🤘 In all seriousness I love what you all have created. Congratulations and continued success🤙

As always I appreciate you sharing your knowledge and wisdom

Will... this is what could be called, "Professional advice art." I put this in my watch later list, because damn, man. Everything - seriously everything - is spot on in what you said, start to finish. And hey, the intro part made me laugh out loud, literally... "...I spent all the monies!" Also, can't hurt to have someone whose nickname is 'Jedi' on the team. Please tell me all the rest of the team has Star Wars/Star Trek nicknames... ?

Thank you for sharing...good luck with your business(s).

Here is the thing, I have never really wanted to live anywhere other than where I do but seeing what you have done sometimes make me wish I was closer. What you have built and continue to build is something that I think all self employed folks hope for. We think of others before ourselves. We think and try to lead by example and we dream big when the world is small minded. Well done. Always enjoy the videos👊🏾

Definitely need to stop by for a cup of coffee. Cool shop.

Incredible video. is that walnut veneered MDF? how do you like it for your boxes compared to plywood? Really enjoy your insight. some of the best content on youtube.

Good advice. Btw: major misspelling on your thumbnail.

that intro ! 11/10 would watch again! .......just did lol

Love your shop! Love your work, amazing stuff on this channel! Just curious what is “ontoro” that you spoke of that your truck is on? I’m just wondering what that is, I clearly have the spelling wrong cuz I can’t find anything online by that spelling.

I know that I will never be able to make it a career but watching this makes me realize that I could at least be part of others' woodworking lifestyles and be part of a community of it.

Awesome. Thanks

Great advices, so true what you said Will, engaging the community is key 👌

This video alone was worth a sub. 👍

What a fantastic video. You sort of put all my ideas in a package I hadn't put together for myself. Im in a lower income market than where you are. But I believe there is still good potential when community is involved. Thanks for sharing this great video.

Great video of what it takes to do what you love. Your monthly walnut bill must be more expensive than a coke habit!

Hello! Not related to this vid, but recently received the coffee beans I ordered. Love it. Would like to order more, but can’t find the vid or product on your website. Where did you hide the beans, my man?

Beast! Ily! This was exactly what I needed to hear. The perfect message for me in a season such as this. Lord bless you!

sick shop! love the message

According to statistics published in 2019 by the Small Business Administration (SBA) and Bureau of Labor & Statistics (BLS), about twenty percent of business startups fail in the first year. About half succumb to business failure within five years. By year 10, only about 33% survive. I'm a woodworker, business owner, and wish you nothing but success, mate. But let's be accurate as we present the challenges we face and what we can do about it.

Very cool! Thanks for sharing!

I get what your saying i truly believe it's mostly true. There's always limiting factors but what ya say is on point at least with my belief. With that said about 4 years in and failing. It's mostly my fault I get that but I'll keep taking that risk because I just want to make cool stuff. Moved into an rv beside my shop both pieces of shit but I can build. And your 100% about that whole aspect of multiple income. Idk if I could justify my truck but wishing you the best dude and you're content is always top notch so thank you.

Awesome vid 👍🏽

After spending 20+ years building a successful non woodworking business from nothing you’re right in everything you say. The most valuable lesson I’ve learnt is that you must always give back to the community you take from. Thanks, it was a good reminder.

This is beautiful!!!😢

Good incite, great advice. I take back what i thought of you earlier……..😂

Good job man. Not for me, but good job.

What it says about our society and the state of the market that a talented man with the support of others can’t make it on just one skill is crushing. Working ten jobs to make it with one… that’s not an accident. And it will only get worse. At some point in the not-too-distant future, there will be no more craftsmen, no more artists, no more musicians, no more writers. We, as a nation, need desperately to confront this reality or suffer the consequences. What will we do when all there is is Walmart, IKEA, auto-tune, and yellow journalism? Makes me think of the dystopian predictions of Philip K. Dick, the AI sheep in Do Androids Dream of Electric Sheep (Blade Runner) and several others. I wish you all the best. Your heart is in the right place and the people who’ve invested in you are saints. Much success to you and God bless. The odds are stacked much too tightly against far too many of us, so guys like you must be our champions. Go get ‘em!

Where can I get that flip board thing?

Voice is the same level as music, please up the voice volume. You sound low

That’s hella positive and hella commercial.

Great Video!!!!!!

Why not supplement your income with more mundane woodworking? Built ins, barn doors, basic coffee tables, etc.

bravo

So, to keep your custom woodworking business going, do something else? That seems sad. Challenging that, respectfully, I've seen lots of businesses go down because people were afraid to commit to it properly. It's "just a side hustle". Then it's gone. Or, the cheap/free labor turned out to be not very good so customers were left unhappy. Is it possible that the other (seemingly ROI-positive) activities are actually a distraction, holding back your business or is it just that custom woodwork is just not very in-demand? Thank you though for the insight and for starting the discussion.

Great advice!

Precisely

Aww yes, the portfolio piece.

Most businesses fail in the first five years because most of them aren't actual businesses. A huge percentage of new "businesses" are actually just holding companies that are set up to handle money for a limited time. Talk to a lawyer about windfall profits or an inheritance, and he might tell you to start an LLC to receive the funds and then invest through that. After a few years, the holding company isn't being used anymore, so the founders let their registration lapse. This goes into the books as a "failed" business, when in reality it was just abandoned because it served its purpose. I don't think there's any good source for how many small businesses are actually real, and of those how many are in business after five years. Once you cut out the short-lived LLCs, however, it can't be all that high.

So basically start with with enough money and assets to keep you afloat while you waste time and money learning.

TL:DR: to be successful, you need to pay labour as little as possible. I commend the idea of building community, and expect that in truth you do run your business adhering to the ideas as you articulated. However, in in the context of promoting economic ideology and your presentation, the message does seem to be, "figure out a way to get free labour". You frequently speak about "your business". I certainly hope the people who "volunteered" to help build yours get a share of the profits at the very least rather than the no=cost, "get value from your assets" like IDK... get to use your capital investments (aka machines) at no charge on their down-time. Marx wrote about this, labour competition. It's the concept that in a capitalists system, there is always someone willing to do your job for less money.

I will add my 2 cents in and I hope you realize my point. In this day and age of social media following makers like you really helps. The one thing i notice as of late I follow or subscribe or tap that like button I don't get the same love back from people in my field. I honestly believe that it can hinder your progress as a maker. I follow roughly 50 or so makers and I have around 5 that follow what I do. If I had big names saying something or liking something I have done it legit opens up another realm for people like me. I know all to well you can't follow everyone on social media, but this is why you get PR people to do it for you. Like I said, my 2 cents. More whisky drinking in the videos with silly jokes please.

Fucking beautiful Will

So to make money: you sell yourself not the furniture. Got it. Where is my damn epoxy river table!?

So you run a very succesfull yt channel plus other small/parallel businneses to keep a custom woodworking company alive and you thought that sharing tips of how to keep a custom woodworking company alive was a good idea.....oh wait, that would be a yt video success so no prblm.....hope at least woodworkers out there wont start opening coffee shops.

Maybe it is because they can’t spell “businesses” in their title….