ancwoodturnings
Member
Is there really a possiblility of starting a woodturning business for me? is there any money in it?
Of course there is a possibility but....like any other business you must be willing to invest the time and energy to make it go. You can't just turn an item or two and have people rushing to your door. I think the most successful guys on here are salesmen first and penturners second...some of them might argue with that but I'll tell you what, if you aren't a salesman you're not likely to have much of a business - they do not sell themselves at prices or in quantities to support a business.Is there really a possiblility of starting a woodturning business for me? is there any money in it?
Been there done that, (Off Road Accessory manufacturing). Have had times where I've done 36hr days, some days made $30.00 worth of product, inquiries, phone calls, drop in for chats (they have a free day, thought they would waste mine) 2hrs quoting a job - not to return.Many small business owners recognize that to be successful, you'll invest 12-14 hour days, 6 days per week. Sunday may be only 6 hours. It's tough as you'll be manufacturing, accounting, marketing, and sales rep at shows.
Even with cheap labour, you still cannot beat the price of the hobbiests giving away their product, or the wood pens for sale in the dollar store.So, what I am hearing is that you can sell your pens to help make room for more pens and to bring in some income to continue with your hobby. but unless you open a factory with a bunch of Chinese minimum wage earners forget supporting yourself.
I guess what has held me back is all of the extra costs associted with moving from a hobby to a business. For example:
1) Do you tell your insurance agent that you are now using your shop as a business and you now need addition insurance.
2) Do you go out and get a business license and a tax accountant to take care of all of the taxes you now have to deal with?
Are there any additional head aches that I am missing? I enjoy making the pens and find it simply easier to give most of them away rather than moving up to selling them and tackling the headaches associated with having a busness.