At some point, just about every woodworker entertains the notion of making some extra money by selling the fruits of their woodworking labors. One money-making strategy is to find a niche and be the best at it. Apropos of this notion, the question I posed to our visitors this time around was, “If niche-playing really is a good strategy, what are some profitable niches that woodworkers might get into? And, how do you gain the competitive edge, either in that niche or in general? What are the keys to success?”
“I look at various activities, where there is lots of money spent and think, ‘is there anything there that I could do better?’ Probably, but could do it better at a price people would pay?”
“I try to make as much as I can with my woodworking hobby to support my woodworking hobby. I will build just about anything, but stick mostly to furniture. The best way to expand is to network. I tell most everyone that will listen that I build custom furniture.”
“Partner up with a local business to find a product that can be mass-produced to some degree. Things like dart cases, pool cue cases, pens, jewelry, or watch cases. Learn new skills to enhance the current offerings. Add quality that doesn’t eat up time. Set a portion of time to make high quality products in the current line. Less quantity, more profit. Branch out to one-off designer items, while still producing your steady income. Move to an arts community or tourist area where there is no real competition. The main thing is if I have to turn 200 salt and pepper shakers so that I can build a high quality jewelry box for stock to sell to future customers, then that is what I will do.”
“My wife enjoys tole painting, and I cut the projects for her. Other artists saw her work and asked me to cut for them. We’ve become friends with published artists and traveling teachers who have me cut for them. In their books and articles, they list me as the source for the wood needed for the project, so I have built a base of repeat customers all across the USA and even in foreign countries. I am getting return business, because people like the quality of the pieces I sell.”
“I got into making money when a friend recommended my work to an antique dealer, for whom I agreed to do several small repair jobs. The first thing that I realized was the need to keep the time and expenses consistent with the value of the piece. My name got around to other dealers, and on every piece i did, I glued my business card, which brought repeat business from the antique store customers. There is always some item, beyond the repair agreement, which needs attention. I’m money ahead to do a quick touch-up at no charge. Little things like these get remembered. I was often asked to repair furniture which was beyond my capabilities, and I made it a cardinal rule never to take a bigger bite that I could chew.”
“If you are skilled in another craft, mix it artfully and uniquely with your woodworking designs. Think in paired materials: wood and glass, wood and metal, wood and leather. Look for materials with regionality. Incorporate recycled or found objects. Step outside your woodworking comfort zone. Break some rules. Combine contrasting styles, noncontiguous periods, and scale. The trick is in the mix. Keep it balanced, coherent, and not too complicated. You have to find your way and hopefully patronage to confirm it.”
“I believe that you actually fall into a particular niche by chance. Gaining the competitive edge comes mainly from sticking with what you do best along with focusing and leveraging that aspect of your talent. Success is subjective. Do the best that you can at what you do, and the rest will come along.”
“No matter how good your niche is, if your customer base is too small one downturn in the economy of just one segment could send your company down the tubes. I used to work for a company that built custom furniture for hotels. Their main customer was a major upscale motel chain. After 9-11-2001, the orders stopped. The company soon went out of business. Without a large customer base, you have nothing to keep you going when something happens.”
“While I was working for a contractor doing commercial architectural interiors, the President of the client corporation liked my work and hired me directly for additional jobs around the building, then other locations, then his house, then other corporate officers houses, then there was no more left. It was good work for several years, but too comfortable. At the end, I had to almost start from scratch to resell myself,”
“Speaking as an economist, there isn’t a ‘niche pool’ where one picks a niche of interest and takes off with it to riches. Most successful niches that woodworkers filled were found by sheer luck, in the sense that the craftsman was there when there was a real demand for that product, recognized it, and grasped the opportunity. So what makes a good niche product? It has to be popular enough to make a living at it, yet not so popular that it will attract many imitators or big business to take it over, and it should require some degree of expertise unique to the maker. The only areas where I see opportunities are those that combine woodworking with another area of expertise, such as in making musical instruments. Maybe I’ll go into designer caskets. That should guarantee no customer complaints.”
“I stumbled into my niche working as a remodeling carpenter, building a reputation for original woodwork with a willingness to design and build anything, no matter how farfetched. Eventually I ran into an interior designer who needed someone like me to make him look good with ritzy clients. That reputation got around, and soon I had several designers and architects keeping us busy all the time. The message is, stay alert for opportunities and don’t be afraid to take jobs you’ve never done before.”
“Art-sculpted bandsawn boxes. Allow your imagination to step outside the square and be rewarded for your creative and innovative skills.”
“This country has such a passion for collecting: plates, dolls, salt and pepper shakers, dollhouses. There is the niche in my mind: build it in miniature and they will buy.”
“I’ve always believed the real money in woodworking is in supplies. I’ve considered selling veneers remnants from a local fabricator. “I’ve always liked making my own woodworking tools. Friends saw them and pestered me about getting some for themselves. Within a year, my basement shop became Chester Toolworks, and my of offerings became broader. Imagine, therapy that actually makes you money.”