I’m what you’d call a hobbyist woodworker. That’s not to say that I’m not serious about the craft, but rather I find my shop time limited severely by this thing called my “day job.”
Likewise I find that the funds that I’m able to dedicate to tools and supplies limited – largely because it’s difficult to justify spending large amounts on something that produces no monetary return on investment.
I’ve often fancifully daydreamed about the idea of turning my hobby into a business. I have quite a few ideas on this subject that will likely be the subject of future missives, but one in particular has me thinking:
Is there any real money to be made doing this?
I’ve got a great career in IT – I have a job that generates a nice stable income that I absolutely rely on to support my family. At times, I still enjoy the work I do, but the soul-crushing nature of corporate life often leaves me yearning for time in the shop.
There are several other things I think I might enjoy doing for a living, but few of them are remotely as lucrative as my current employ. Custom furniture-making is a bit of an enigma in this regard. I’ve seen plenty of pros discussing how their pricing models work on a piece-by-piece basis, but I’ve got no clue what kind of yearly earnings are reasonably expectable.
While flipping through the Powermatic catalog yesterday I came to a startling conclusion — If there are enough people out there willing and able to buy enough $3,500 table saws to keep this company in business, then somebody is making some serious cash doing this. I don’t doubt the quality of the top-of-the-line cabinet saw, but I have a hard time believing that it is 3.5x better than the $1000 Jet table saw. I expect some amount of diminishing return on value as one approaches the top-end, but 3.5x is huge, and from my perspective it is extremely difficult to justify the upgrade.
Either way, somebody is buying them for the uplift in functionality or merely as a luxury status symbol. Assuming that most of these people are professionals, it seems that there’s a pot of gold out there somewhere.
Now to figure out where it lies….