This is the most frustrating time of the year for me as far as woodturning is concerned. Every spring I make quite a few "bulk" orders for all of my consumables and as many project components and materials as possible. I like to have everything ready to go before the spring thaw.

Unfortunately, there is a budget to consider so I scrutinize and agonize over every spreadsheet... deleting something from this one to add something else too that one, reconsidering quantity price breaks, shipping charges, and doing all I can do to cut every cent of waste out of orders. It doesn't help that this year I'll have some new turned items, turning materials, website, business cards, and a few other things to figure into the equation.

Since I've decided to make that transition from fanatical hobbyist to small business owner so I've separated my woodturning budget from our household "general fund", created an inventory system for everything in my shop, and figured out a multiplier system (based on parts, material, and labor) for all of my projects (pens, bottle stoppers, game calls, and so on) so I can easily and consistently assign a dollar value to everything I make.

I'm going to stop selling myself short too. Way to often I'll let someone buy something from me for a lot less than I should just because I appreciate their interest in my work, and way too often they'll tell a family member or friend about me and the great deal they got and I'll end up having to give away more items at low or no profit. It's a vicious cycle that I've decided to opt out of.

In short, I plan on making 2012 the year that my woodturning finally pays for it's self, and maybe more.

I wish you lots of success. 

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Gene
'The true soldier fights not because he hates what is in front of him, but because he loves what is behind him.' G. K. Chesterton

Donnie, when you figure out the whole family thing let me know.  Seems like family always wants something either dirt cheap or free.  I'm almost to the point that I refuse family orders.

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Ron Dudelston
Above and Beyond WoodWorks

Don I wish you the best on this. I did that a while ago and I am not looking back. My work speaks for itself, and the amount of orders I get are showing me I made the right decision. It is a tough, very tough business to get into, but once you find your niche you are good to go. Just give it a little time and patience, mixed with dedication and you will succeed.

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Wayne Mahler
God bless and protect our troops that serve so we can be free.

Ron... Now I just shoot them a price that is twice as much as I would ask from a stranger... seems to be working too. 

 

Wayne... congrats on your good fortune. I have been thinking about getting more serious about this stuff for the past couple of years and I finally got everything set up so I'm going for it... just need to get my inventory up now.

Best of luck with the business side of woodworking. Figure what it takes or what you need to make and stick to it. As Wayne said, let the quality of your work speak for itself.

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John Moody
John Moody Woodworks
http://www.johnmoodywoodworks.com