You will be surprised at how much more money you can make if you cut down costs. When we say cut down costs we never imply compromising on quality. That just won’t do & will harm your business more probably in the long run.
These are some effective areas where you can cut down costs:
- Raw materials
- Time & technique
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Save Money On Wood
Wood is your single large cost in woodworking. If you are a hobbyist and your need for wood is not too high, you probably buy it at the local home store. Regardless of whether your demand is high or low, these are the ways to save money on wood.
- Find a lumberyard
- Shop online. (This one may sound strange, but hear us out)
- Plan your purchase & shop on offers & discounts
- Build relationships with a local vendor
- Substitute with high-quality board & veneer
You will be surprised that lumberyards & online retailers are willing to fulfill even small orders. You can get a lot of help at the lumberyard. Wood is already cut & stocked according to grade & size. It is here that you will find the maximum variety as well as the best price.
Online retailers are very helpful too. You can simply ask for the specifications you are looking for & they will send it to you. They commonly take orders over the phone as well.
When the wood is delivered to your doorstep you can inspect it & on the rare occasion, something is not what you ordered you can return it for a free exchange.
Ordering wood online & over the phone seems strange at first. But it can begin to work out very well very quickly. You can avail of great discounts with this method of ordering & it soon becomes a convenient way of doing business.
Saving On Tools
The first method of saving on tools is not to buy what you do not need in the first place. You can control this by controlling what you make when you first start the woodworking business. Power tools save time & effort & increase your productivity. They should be used wherever possible, although they are definitely not a pre-requisite for starting out.
The thing is, there are some neat tricks you can use whenever you are in the market for some power tools.
Look for online sales, discounts & discount vouchers in woodworking magazines. You get some really big discounts online. So what you need to do is join the newsletter of all the major woodworking websites & opt-in to be notified whenever any promotions come up.
Your second-best option is to buy refurbished tools. We don’t usually recommend second-hand tools. We’ll come to that in a minute.
Refurbished tools are pre-owned tools that have been restored to new like condition by the company selling it. This could be the original manufacturer, an online store, or a local hardware store that deals in refurbished tools. So look around & see where all you can find them. Many major online stores have a section for ‘refurbished tools’. It won’t be in your face and you need to find the link for it.
Coming to 2nd hand tools, we don’t recommend them in most circumstances. In most cases, you don’t know anything about the tool. You can’t see any wear & tear that’s not apparent to the naked eye. And that’s the kind of wear & tear that counts. There is usually no guarantee on 2nd hand tools whereas the refurbished ones almost always come with one.
So unless you know the history of the tool, do not purchase second hand. You do not know if the tool has previously been repaired. And in case it has you can be sure that its life has been greatly shortened. Getting it repaired again will cost you more money & won’t be worth the use you get from it.
Use Superior Accessories
Now, this is a great way to get more out of your existing woodworking tools. It is also a cost-effective technique to make cheaper consumer power tools to give industrial-grade results. By using high-quality accessories like carbide router bits, you can get better, faster & more accurate results.
High-grade accessories make your tools last longer because they cut, grind & finish with a greater degree of ease, thereby putting less strain on your machinery.
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Time & Money Saving Techniques
It is obvious if you can save time when making woodcraft, you make more money.
There are faster ways to do joinery, install drawers, etc. Woodworkers take pride in doing some things the classic way. But look at it this way. Additional time spent on a project raises the cost of the project, which the customer is required to pay for ultimately. Save on that time & pass on the benefit to both the customer & yourself.
Once again, we come back to one of our golden mantras to make more money with your woodworking effort. Make easy, simple & high in demand woodcrafts with Wood Profits.
Even if you usually work on larger projects, include smaller woodcrafts in your work plans. It will make a huge difference to your overall income.