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BizTalk

BizTalk features bite-sized articles that deal with all aspects of the Wood Crafting business. Topics ranging from pricing to shipping and delivery, BizTalk and our community forums are there to help you become successful. (Please see our Terms and Conditions)

13 Ways to save money on your woodworking materials

 
13 Ways to cut your woodworking materials costs
 
As a woodworker, you are often looking for ways to stretch your dollar and getting more things done in your workshop. As a business person, reduced costs means larger profits that will hopefully lead to growing your business.
Regardless of what your goals are as a woodworker, we all want to do more for less.
 
The costs of woodworking materials seem to be constantly increasing. To stay ahead of the game, we have to look at the furniture industry for clues as to how they keep their costs down. Although we always aim to produce a quality piece, there is no harm in considering some of the options we've outlined below without necessarily affecting the quality of your build.

Pricing - A Guide To Establishing A Price For Your Crafts

Pricing - A Guide To Establishing A Price For Your Crafts

Whether you are a hobbyist woodworker or a seasoned professional, setting the price for an item you have completed or plan to fabricate can sometimes seem like a form of black magic. Some of you may have seen formulas that base your price solely on the cost of materials multiplied by a certain factor. This may work for some of you, but for most of us, doing a more elaborate calculation may uncover opportunities to be more competitive and possibly even make more money. This is not to say that with more experience you can't develop your own formula that will greatly simplify the pricing process and get you to where you want to be. But with a more detailed analysis, you will at least understand everything that goes into the making of your masterpiece.

Product Planning - Gathering Product Intelligence

What's out there?

As part of your product planning strategy, learn about how competitive research can help you define a product offering that can distinguish your craft from what the market currently has to offer. #woodworking #competition #research #craftNow that you have selected the product that you would like to make and sell, it is usually a good idea to next research the internet to see what is already out there.  The internet offers a wealth of information that you can collect to assist you in defining a successful product offering and associated selling strategy.
 
Many crafters might skip this step of gathering product intelligence, but it can really help you better understand the market and it's opportunities.
 
It's always a good idea to determine how your planned craft measures up to what prospective buyers encounter during their initial internet searches.

Pricing - The Human Psyche

Pricing and the importance of perceived value, status and quality

Many books have been written on the art of product pricing, but one element of pricing that is difficult to quantify is the level at which a product price can influence certain human perceptions and behaviors.

How much actual or perceived quality, value and uptick in social standing can a price have on a buyer, is something that can often be observed but not necessarily measured.

Premium priced products such as luxury automobiles and watches often have a loyal following of customers willing to pay those higher prices. Onlookers often perceive these customers as connoisseurs, leaders, discerning and successful to name a few.

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