I've recently kicked off a woodworking business as a side hustle and I'm curious if anyone has successfully hit the $100K profit mark solo. For those who've done it, how long did it take you to reach this milestone? I mainly focus on crafting wood products, but I also create business signs using HDPE. With my setup, which includes a large CNC and laser cutters, I'm wondering about the feasibility of this goal, especially if I'm doing most of the work manually. What should I expect in terms of time and effort?
3 Answers
I've been in the woodworking industry for a long time, and while it's possible to make good money, you end up doing a lot of non-crafting tasks. Things like sales, client relations, and administrative work can eat up a majority of your time. If you're just focusing on woodworking, it’s a steep climb. You might need to diversify your income, like how my friend did by mixing woodworking with content creation on YouTube.
$100K profit? That’s ambitious! In theory, yes, if you can charge high rates and keep production efficient. But realistically, after materials, taxes, and all the overhead, you're looking at needing to bring in a lot more revenue. Maybe focus on scalable products like your HDPE signs, which seem to be higher profit items for you. Consistency in client work is key!
Reaching $100K in profit is tough, especially starting out. You’ll need a solid reputation and clients willing to pay top dollar, like $20K for a custom table. If you’re doing this on the side, it might take several years just to break even. The woodworking market is competitive, and without some unique offering, it can feel more like buying yourself a job than making a substantial profit. That being said, it’s not impossible if you're strategic about pricing and marketing.