With intense competition and the changing market preferences, growing a woodworking business has now become challenging. However, if you are equipped with certain strategies, it is still possible to scale your business size.
1. Know the Market Trends
The woodworking market has always evolved like most industries today. However, unless you learn to keep up, your designs will eventually become outdated. Even your most loyal customers will look for another brand.
As a business, you need to keep an eye on growing marketing trends and determine whether they fit your business model. If they do, get on with them as soon as you can. This way, you now become one of the early adapters.
One of the growing trends in woodworking is custom front doors. More customers want them to look more ornate not only to increase their kerb appeal but to also boost the value of their houses.
Fortunately, knowing the trends these days is easy. You can do this by simply following the remodelling shows on TV. Plus, you can do your research online too especially if you are trying to sell products in particular niches.
2. Start Marketing Your Products Online
You can't deny that the internet has become one of the best places to market your products. After all, almost everyone in this generation goes online daily for one reason or another.
More importantly, social media sites like Facebook and Instagram help entrepreneurs promote their businesses at near-zero costs. Some of these digital marketing platforms even allow you to create ads at no extra cost. So if you are not yet using them to sell your products, then it's about time you started now.
First, you have to research the right keywords you can use on search engines. Then create a website or blog where your potential clients can buy products directly from you. You may even want to consider creating an online store with PayPal integration so buyers don't have to worry about anything.
Second, make more woodworking videos. These days people love watching videos than reading blog posts because they find it easier and enjoyable too. Plus, when you do that right, video marketing will be able to drive traffic back to your site conssitently.
Third, create a strong social media presence. You can start by creating a Facebook page where you can insert your products. Be sure to take advantage of the free advertising given out by social media sites so you won't have to spend any money here.
3. Increase Your Product Offerings
No product is perfect for all seasons and instances in life. Even the most-loved woodworking tools in the world still lack some features others would desire in that item.
To become successful in this business, you need to expand your product offerings where at least one of them should be able to complement your current market best sellers.
More importantly, you need to find ways how you can improve the everyday experiences of your current customers by adding more value to their money. For example, if you are selling woodworking chops or saws, look out for products that go together with it like blades and other accessories. Then, sell them as a package at discounted prices so buyers will choose your brand over other brands without any doubts.
4. Sell Big-Ticket Items
Most woodworkers concentrate on selling small items that don't bring them too many profits. Although some of these products are profitable, would it not be better if you could sell bigger ticket items?
Here's the thing: most people who buy high-end products are those with money to spare. So if you know how to make luxury pieces, then it only makes sense to go for them first instead of cheap products that waste your time and resources.
The good news is this doesn't mean making expensive furniture pieces will be difficult. It simply means you need to learn how to properly market them differently than the cheaper ones. For instance, you may want to play up on this by offering a celebrity endorsement or hire a famous spokesperson to promote your brand.
5. Customize Your Work for Specific Needs
Although most woodworkers are already doing this, many are still missing out on the best thing about customizing your work for specific needs. After all, what's better than receiving orders from people who want you to create something based on their specifications?
So when it comes to manufacturing unique pieces that no one else can copy, keep in mind that it works both ways too. If you have proven yourself worthy by showing everyone what your skills are capable of doing, then know that many people would pay just to have a piece of real craftsmanship despite how expensive they get sometimes.
After all, some wealthy people want nothing else but quality and uniqueness. The next time you receive a custom order, do your best to give it to them and be sure to name your price accordingly based on what you've learned throughout your years as a business owner.
Woodworking businesses that want to make more money should focus on expanding their product offerings, selling big-ticket items, and customizing their work for specific needs.
Additionally, they should concentrate on marketing strategies like creating videos, having a strong social media presence, and increasing their online visibility. By following these tips, you can rest assured that your woodworking business will be successful in no time!