Replies

1. 
   Dave_Dugdale | Dec 12, 2000 12:59pm | #1

   *
   It is possible to earn a six digit salary in a one or two man shop, provided you don't mind that a couple of those digits are to the RIGHT of the decimal point!

   Seriously though, you can't just throw out a question like that and expect a meaningful answer. I am sure that there are woodworkers that do make large amounts of money using only hand tools and with little overhead. There are also some with state of the art equipt shops doing very unique and sought after work that are paid well. Then there are the rest of the pack that are somewhere in between. The questions that you need to be asking are:

   What kind of work can I do? Is there a steady demand for it? What will the type of work I want to do generate for cash flow? What kind of overhead is required to do that type of work? What is left over is what goes into your pocket.

   I don't mean to sound negative, but you have to be realistic. Very few people are getting filthy rich in this field. Some are making a good living, some getting by, and some are losing their shirts (not to mention their, homes, savings, etc.).

   Do your homework and good luck.

1. 
   Danford_C._Jennings | Dec 20, 2000 06:20pm | #2

   *Charles,To add to what Mr. Dugdale correctly stated. I don't know what experience level you are at or what your background is because these are important factors. The sad fact is that not only in our business but most independent business failures are caused by poor accounting methods. To quote Peter Drucker: "If you can't measure it, you can't manage it." In other words you will have to set up a good cost accounting system that identifies profit centers in your operation. Personally, I have set up my system based on the retail method. This allows me to breakdown and refine my cost of goods sold into very specific sub categories. I treat material as inventory to the unit and class level. The advantage is that at any time I can determine my GMROI (gross margin return on investment) at any level. I run my operation by running a profit/loss statement every 90 days. As far as the question of six figures per annum, that can only be determined by you. Bottom line is this: is your passion geared towards money or directed towards working with wood?Dano

1. 
   Dave_in_Cairns | Jan 26, 2001 02:33pm | #3

   *Charles , the way I see it , it really depends on what you are creating and the sort of clientele you are dealing with. There is no way I could make a living building kitchen cabinets . I work on low volume , high quality and it works for me.View Image

1. 
   Davo_ | Feb 15, 2001 06:35am | #4

   *Dave,I take it that you built that combo table/stove top?Very, very nice. What material is that top.....is it marble, or man made? Did you build the chairs too?Davo.

1. 
   Dave_in_Cairns | Feb 18, 2001 11:05am | #5

   *Only the chairs are mine. The top is Columbian granite.

2. 
   piffin_ | Jun 20, 2001 03:25am | #6

   *Well, That's 100,000.00/50 weeks = 2000 per week/40 hours per week = 50 dollars per hour. or fourty dollars / hour times fifty hour weeks. Add percentage of profit on mateials to cover overhead. Yeah, it's possible but not likely. There's down time and non-billable hours. Then there's the problem of having enough customers that are willing to pay you 40-50/rate. Since you had to ask this question, I'm guessing you have them yet.

3. 
   C._John_Hebert | Jul 26, 2001 01:54am | #7

   *Two young boys named Peter and Paul talking one day in Violin class, and Peter said “One day I’m going to play in the Philharmonic, because they make killer money, how bout you Paul”? Humbly, Paul replied ... I’m just going to play because I love the sound, and the feeling inside knowing people enjoy what I enjoy. They both went home and Peter continued his practicing one hour a day, then went on with life with his video games and MTV, while Paul just played and played and played and never seemed bothered with the other things because he enjoyed playing so much. He enjoyed the feel of the strings, the graceful sweep of the bow, the cheek piece cradled between his chin and the resonance that went through his body as he played. In the privacy of his bedroom he could imagine playing in front of great audiences coming to hear his violin sounds but was content that in his room, he was his own audience and it really didn’t matter at all because he was content and in love with playing. Years went by and the two were well into adulthood and met one day at a bus stop. Peter carrying his violin case, and Paul carrying a brief case. Still playing violin Paul? Humble once again, Paul replied ...yes, and you? Peter laughed and said, “Good Lord no, couldn’t get my foot in the door and besides..... I make more money now as a sales manager in a high volume office. What line are you in Paul?...... Paul replied “ I’m first violinist in the Philharmonic” Moral of the story?....... One may make better money, but who do you think people pay good money to listen to. The one who started playing an hour a day only for the money, or the one who was filled with enjoyment playing all his life because he loved it so much, and money was never the issue to begin with? While its nice to think one can make great money in woodworking, very few do. Those who are in woodworking and stay, mostly enjoy and love what they do. Money certainly enters the picture somewhere, but its not the primary reason or result. The accomplishment of creation, and good feeling inside is first, then comes the reasoning of making a profit through sharpening his skill in order to keep going enjoying what he does.

4. 
   ian_cummins | Aug 08, 2001 04:02am | #8

   *C.J. Hebert, A beautiful and thoughtful response to the coldest and most ridiculous question by far that I've seen on this forum.

5. 
   CStanford_ | Aug 11, 2001 01:58pm | #9

   *Is it possible to NET six figures in a one or two man shop? Yes, but you will have to have name recognition on the order of Maloof and be able to charge accordingly.It might also be possible in a big market like San Fran., New York, etc. if you build more for the 'art patron' crowd.To say the least, you must be LOADED with talent.

6. 
   Douglas_Vincent | Aug 25, 2001 06:46am | #10

   *Ooh ooh ooh! I just reread the question. Yes, it is really easy to pull a six figure income from a one and two man shop. The last couple of years I have been pulling in sixty grand easy without really trying and that is building custom furniture.Then lets take out materials, rent, and so on. Hmmm, taxible income, 8 freaking thousand. If your question is really, "can you get a paycheck for six figures a year", I suggest you never come back unless as CS stated, you are loaded with talent and/or, severly lucky in the first seven years.

7. 
   piffin_ | Sep 23, 2001 07:47pm | #11

   *I meant to say "I'm guessing you DON'T have them yet"

8. 
   Terry_Smiley | Dec 23, 2001 07:18pm | #12

   *CharlesThese guys make it sound like you have to pursue more noble things in business than a profit. I would agree that in order to be truly successful you must bring a true addiction to what you do, but I don't think you have to starve to do it. I believe there is a direct connection to profits and respect in your profession. I also believe you should never listen to other peoples limits, they aren't you, set your own. The violin story was true to life, but did he tell you how much the first chair made. No, because that would have some how diminished his altruistic pursuit. Well I don't believe in altruism, according to the story this young man didn't either, he was playing for himself no one else.Pursue what makes you happy, I have and at the same time I'm elevating my profession I'm making my most profits. The answer to your question is yes anything is possible.Terry

9. 
   a_jepson | Jan 03, 2002 11:47pm | #13

   *if you have the right market then it's possible. good luck finding it though, most people don't.

10. 
    Terry_Smiley | Jan 04, 2002 10:45am | #14

    *Charlesi No most people don't.Do you want it, how bad.I always get what I want because I always get back up. If I ain't got it yet, I'm still in the fight.Terry

11. 
    Steve_Schefer | Jan 30, 2002 12:58am | #15

    *Charles, the key to getting to six figures is inovation. Build something that everybody has been waiting for but didnt know it and it will sell like hot cakes. Watch out, the ability to produce a consistent product can degrade when the demand out paces the resources. In short, if you have a good idea and want to work your butt off, you can do it.Hint: Bird houses sell for 45.00 each unfinished. The market has to be right for your product.