How To Start A Woodworking Business and Make Money!

After starting over 20 companies in lifetime (too many) I have a very good handle on some key tips and outlooks that will help you in structuring your new woodworking business. Especially on how to understand all of your expenses and one possible way you can price out your estimates.
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Links to items from the Video:
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2. Excel Version of the Worksheet - www.dropbox.com/scl/fi/xhimco...
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[@rpols22]

This was by far the best small business starter video I have ever seen on KZbin. He somehow managed to put all of the most important aspects of starting/running a business in a video without useless jargon. And it was explicit, spoken in everyday english and no vague platitudes. Everything he said can be applied to any business, large and small. I have read so many business starter books that have so much "filler" information and still didn't give half of what he said. Great video!!!

[@BitnerBuilt]

Thank you so much! Really appreciate that!

[@DustyBootsWoodcraft]

Thanks for this, I’m an Investment guy by day, a woodworker in my spare time with a small LLC. It’s about time someone with business experience running a business started up a channel…thanks.

[@BitnerBuilt]

Thanks chlo-dad! It’s old hat for me, just trying to share out that knowledge (not click bait like a lot of “business videos”

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@fcschoenthal]

Justin, I'm really impressed with not only the number, but the quality of videos that you're cranking out. This one is a good example of one that provides a lot of good information, but doesn't look like it was thrown together to just get something out. Keep up the hard work my friend, I'll continue to watch. - Chris

[@BitnerBuilt]

Thanks so much Chris! Oh yeah I definitely completely wrote this one out before I did it, this is the edited down version still at 30 minutes lol the sweet spot for KZbin videos is 10 minutes and I just can never get there 😂

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@edwinfriedl2446]

Can't agree more with tracking expenses. I used to build semi trailers, dump trailers for material hauling. In the 1970s anti lock brake systems came out. They were expensive but one of our fleets put some systems on a few new trailers, hopefully for improved safety. But they unexpectedly found out that tire expenses dropped 10% on those anti lock equipped trailers. Now it was a no brainer to buy anti lock but they didn't have that expectation to start. If they didn't have good numbers they wouldn't have found out those savings.

[@BitnerBuilt]

Great example Edwin!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@liquidrockaquatics3900]

As a former plumber that used to handle jobs and estimates, you are spot on with this video and I hope everyone takes it to heart.. especially some of the “small” things like insurance for anyone inside your shop. One injury can wreck multiple lives

[@BitnerBuilt]

Thanks! Yeah, I can’t tell you how many times people don’t think about those small things. I was not exaggerating when I said I’ve had people on the first day of work. It hurt as freak of an accident as somebody testing some of my equipment plugging it into an outlet, and the power cord must’ve had a stress crack in it from bending back-and-forth, and when he plugged it in it arked instantly melting the wire, and giving him a pretty nasty burn on his hand. Just a crazy freak accident, but he had to go to the emergency room had nothing to do with a Power Tools, or falling off a roof or anything else just some thing as easy as plugging in a power cord! So insurance should never be avoided

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@bucknboard]

As a small business consultant as well as a small business owner I can say you are spot on with everything you said! Plans are nothing, planning is everything. A lot of SMB focus on the SMART goals every year or quarter etc, but forget about planning for tactical execution. Well done sir!

[@BitnerBuilt]

Thanks Buck!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@qzll333]

You’re a crack man, truly, thanks for those advices and tip. Good vibes!

[@BitnerBuilt]

I appreciate that!

[@hagar69416]

Nicely put together, great advice thank looking forward for more

[@BitnerBuilt]

Thanks Tracey!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@FreedomMtnDesigns]

This is the video I wish I had seen in January ‘22 when I was in the process of launching my contracting business. At least I found it now as I am trying to learn from my past mistakes and apply those lessons to my future business ventures. As you might imagine one of them is taking my hobby of woodworking to the next level as a business. Keep up the great work!

[@BitnerBuilt]

Well glad I was able to help now at least!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@user-rr8ly1ez1j]

Kudos on the video, definitely one of the best ones I've came across. Thank you for all the great advice.

[@BitnerBuilt]

I appreciate that!

[@RADuBreuil]

Didn’t even realize this channel wasn’t that old. Great job.

[@BitnerBuilt]

Awesome thanks! Just hit 1mo today!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@fdort3971]

​@BitnerBuilt thanks for the lesson...definitely sharing this good advice! It can certainly pertain to alternate businesses

[@BitnerBuilt]

Thanks!

[@StrawbyteWorkshop]

Great insight - thanks for sharing.

[@BitnerBuilt]

Thanks so much for watching!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@stevenaoliver2341]

You have become my favorite video maker, and your business experience/knowledge explains why and has become quite evident.

[@BitnerBuilt]

Wow thanks! I really appreciate the kind words!

[@susanhershey7107]

This is amazing information. Thank you!

[@BitnerBuilt]

Thanks Susan!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@aaroniouss25]

Thank you for the information. There is a ton of value in this video.

[@BitnerBuilt]

Thanks Aaron!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@rickkinney1249]

WOW i could watch this again and again----very informative and educational-----no BS just the facts mam----a real dose of reality thanx for THE great info rick

[@BitnerBuilt]

Great so glad you like it Rick! Appreciate it!

[@nedhalnooh2748]

This is one of the best videos I've ever watched on KZbin. Thank you.

[@BitnerBuilt]

Wow thanks Nedhal!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@PuraVetus]

Thank you so much. I'm working on starting my own business and you are a big help. Love it how you explain everything so calm and clear. No jumping around, screaming, loud music or annoying special effects. Just explaining how it all works. Thank you, you have a new subscriber.

[@BitnerBuilt]

Thanks so much! Best of luck on your new business!

[@baddogcreative]

SO much value in this video. Thanks for the insight!! Calculating costs being the most important thing in pricing a product seems so obvious but easily overlooked.

[@BitnerBuilt]

Glad it was helpful!

[@rodpotts2666]

you know he has done well, the guy has 7 jigsaws. lol. Alot of good advice in this video.

[@BitnerBuilt]

And ones gold plated! 😂 all sent for my jigsaw review video lol. Thanks Rod!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@tellezwoodworks6407]

Thanks for posting this video definitely going to help me out a lot you Explain it so well.

[@BitnerBuilt]

Thanks Tellez! If you’re the only one it helps, it’ll be worth it!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@billinfallon2634]

Really enjoyed your honesty! The info was great and to the point. Thx 😊

[@BitnerBuilt]

Thanks bill!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@victorgithinji7785]

Thanks alot Justin, I just finished College and I want to start a woodworking business because I enjoy it. You really shed light on how to handle my expenses which for me was something hard. I can't tell you how timely this video is. Sure gonna be here to learn more from you!

[@BitnerBuilt]

Awesome good luck!

[@FEARMENOT1975]

You are a great resource my friend. Thank you

[@BitnerBuilt]

Thanks so much!

[@BitnerBuilt]

Thanks so much!

[@joemissanelli3395]

Excellent video and advice!

[@BitnerBuilt]

Thanks!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@steventhompson4254]

I am glad I found your videos. Good job with the quality and clarity of what you are doing. And I really liked this one as I have been wanting to do my own thing for a while now but just didnt know how to get started or everything that I needed to consider. Thanks Again

[@BitnerBuilt]

Thanks so much Steven really appreciate it

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@jimrosson6702]

Another amazing video so much useful information about starting up a new business thank you for sharing. Loving the videos and the content you are posting great job

[@BitnerBuilt]

Thanks so much Jim!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@J.Eddie.T]

I'm so very happy to have found this video. Far more informative and applicable than other "how to" videos on this topic. This will save me so much headache. I don't like and sub very often but you have earned my like and sub. This is invaluable information.

[@BitnerBuilt]

Great glad I could help!

[@Nam4archpl0x]

Well laid out video, good job!

[@BitnerBuilt]

Thanks so much!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@jerrynix5206]

Fantastic video sir! There was a ton of great advice in this video so I definitely subscribed to your channel. Thank you for making this video!

[@BitnerBuilt]

Thanks Jerry!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@bhoola123]

You did great job explains it. I watched every second of it. Thank you so much.

[@BitnerBuilt]

Glad it was helpful!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@ionutonea1537]

This is a really great video not just for a beginner . GOD bless you !

[@BitnerBuilt]

Thank you so much!

[@jond1965]

Really appreciate your info and so I subscribed. Thanks so much I am starting a wood working business

[@BitnerBuilt]

That’s great Jon best of luck with it!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@brentjenkinsdesigns]

Brand new subscriber here. Wow! Thank you so much for sharing this knowledge with the rest of us. God bless you brother.

[@BitnerBuilt]

Thanks Brent! Hope it helps!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@billbrasky9629]

I'm starting a woodworking business and have been doing a ton of research. This is the best video I have found yet. Great job!

[@BitnerBuilt]

Thanks! Best of luck on your new business!

[@vegetarianhunterable]

Great video; information layout and quality of information. Many thanks.

[@BitnerBuilt]

Glad it was helpful!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@thomasalison6188]

Great advice!!

[@BitnerBuilt]

Thanks Thomas!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@cas_434]

Justin I can't tell you how much I appreciated this video. My wife and I started our side hustle woodworking business almost 2 years ago and are really looking to take it to the next level. Your advice and information on how to account for expenses using a simple spreadsheet method is going to help us enormously. I can't thank you enough for spending your time to spread your knowledge. Cheers!!

[@BitnerBuilt]

Awesome, that’s great Corey! Good luck to you and your wife on your venture!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@caseybennington1]

Justin you have a great video presence. Like the videos so far!

[@BitnerBuilt]

Thanks very much Casey!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@drewmcroberts]

Justin - Great well spoken video about starting a business and very inspirational for those that are on the edge of starting one.

[@BitnerBuilt]

Thank you, Drew!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@danielnaden28]

Really great video, thanks for sharing. I've been working on setting up my business and it's great advice and to hear another person's perspective, especially with your experience. Thank you 👍

[@BitnerBuilt]

Thanks Daniel, good luck with it!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@grantpeckford8082]

Thank you for being real!

[@BitnerBuilt]

Always!

[@GurpreetSingh-hv7bv]

I am in IT and do woodworking as a hobby however, I have been friends with a very successful CFO. You were verbatim on expenses as her. I have her words ingrained in my head; if you have a business, then control you expenses to make and keep it successful. Thank you for a wonderful video.

[@BitnerBuilt]

Thanks so Much Gurpreet!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@Realism91]

Thank you for sharing, KZbin needed a good cost breakdown video, it's almost non existent. I've been thinking of getting more serious with woodworking and this video is a great help.

[@BitnerBuilt]

Glad it was helpful!

[@Orion9993]

Thank you for breaking it all down. You make it easier to understand the steps and processes needed.

[@BitnerBuilt]

Glad it was helpful!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@toddjones1280]

Great informative video.

[@BitnerBuilt]

Thanks Todd!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@robertkerby2581]

Your KZbin video was Well thoughtout; well executed; and touched on the very important details. I now believe that I can use this information to determine if I can start a small woodworking business. Well done!

[@BitnerBuilt]

Thanks very much, Robert!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@tapanddestroy]

This video has answered so many questions I've had as a beginner woodworker that's trying to turn my hobby into a decent side hustle(for now) thank you so much for this video.

[@BitnerBuilt]

Great to hear! Good luck on the hustle! 👍

[@themullenmarketwoodworking]

Wow thank you so much!

[@BitnerBuilt]

👍

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@user-ri7fv4xv7r]

Very insightful😀

[@BitnerBuilt]

Glad you think so!

[@RZ_Mask]

Very insightful, great video!

[@BitnerBuilt]

Thanks RZ!

[@RZ_Mask]

@@BitnerBuilt Of course! Keep up the great work!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@kennenfleming]

Great video! It was very helpful. I’m thinking about venturing out for a side hustle and purchasing a CNC machine. Thanks for the business tips. And I’m envious of your shop organization. Keep the videos coming!

[@BitnerBuilt]

Thanks Kennenfleming! You can definitely make your money back on a cnc if your trying hard, I would just suggest having a good solid game plan first before getting one, know what you’re going to make with it and what you’re gonna make in profit selling it and how long it’s gonna take you to make them. That way you can decide if it’s a worth while venture!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@jsmxwll]

I've built a few businesses in a few different spaces from IT to healthcare oriented software. This is really an outstanding primer for a bootstrapper in particular. Many folks trying to bootstrap their own small business, especially passion focused business, don't really know where to start. This is what they really need. I'm gonna drop it on my socials and a couple DMs. Saves me from having to have this conversation repeatedly. Great video and cheers hombre.

[@BitnerBuilt]

Thanks very much Jsmxwll! I have had this same conversation soooo many times so best to get it out there on video!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@nathanestrela2106]

A well spoken and extremely informative video for a channel that's only 3 weeks old. Keep up the great content!

[@BitnerBuilt]

Thanks Nathan!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@essendonhennessey]

New subscriber from Melbourne Australia 🇦🇺.

[@BitnerBuilt]

Welcome!! 🇦🇺👍

[@azeemqwerty]

Very helpful, holy smokes. I also like that you didn't drill down on like choosing an hourly rate for yourself and rather do weighted multipliers based on difficulty of the task. Super interesting and I will certainly consider this!

[@BitnerBuilt]

Thanks! Yea trying to find an hourly rate often hurts people, and you’re just guessing, I like formulas to make it easy.

[@wascowasco5312]

Hey it’s a really good points never thought about it only was based on standard time and materials it’s time to move in more profitable business!

[@BitnerBuilt]

There you go! Make that $$!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@philfrank9483]

great video! You've got a pretty unique background among the woodworking KZbinrs out there. as someone who's starting their own woodworking business, I would love to hear more business insight that you've picked up over the years. this one was great. I'm definitely going to give your spreadsheet a shot.

[@BitnerBuilt]

Thanks Phil! Yea I am thinking about a part two for this one

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@mikeb1520]

Great video, I have a photography business and everything you said applies to that industry as well.

[@BitnerBuilt]

Thanks Mike!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@sail4201]

I’ve been doing casual woodworking for 15 years, watching KZbin videos about woodworking for 10 years and working full time in carpentry for 5 years after a career in finance. So I’ve read all the books, subscribed to all the magazines and maker channels. Anyway, you’re putting out great videos and I hope you keep it up. Small short organization, business centric videos, it’s all helpful content.

[@BitnerBuilt]

Thanks very much!

[@AMAYERICAN]

Great video thank you for making it ! New sub here!

[@BitnerBuilt]

Awesome thanks so much!

[@user-yo7sn7zx5v]

New to your channel. Some very spot on content. I would like to add a bit. You did a great job of detailing your expenses. The end result is your worth. That is your value. NEVER give away your value for nothing because then you are telling your client that isn’t your value. It comes across, at best, as cutting a “deal” and at worst, a scam. Avoid that pitfall. Know your expenses and, from there, your value. If you want to adjust the monetary gain, get something in return that compensates that gain while maintaining that value. Also, as a marketing executive with 22 years of experience, start on social media. The costs are a fraction of search. AdWords, now Google Ads, is great but it takes a lot of time to dial in. That time translates to lost profit margins. I wouldn’t even consider setting up a Google Ads campaign in less than a 6 month window. Use your demographic data from social media before you make the jump to search to minimize your waste.

[@BitnerBuilt]

Thanks so much, great suggestions!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@user-yo7sn7zx5v]

@@Liex09 Black and White thinking will severely limit your horizons. Just saying as one person to another. Maybe try a few thought experiments sometime. What’s the opposite of a grasshopper?

[@MonteFleming]

I was just brainstorming on how to make some money on the side, so I went to the shop today and made a wood puzzle with the intent of selling them and other items on Etsy. This video is great-exactly the kind of information I needed and haven't gotten elsewhere.

[@BitnerBuilt]

Awesome glad I could help!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@robertstanley7401]

Hey Justin, continuing to love the content! Thanks for approaching this from a true business perspective with the details and not just a basic formula like most do on this platform! While those can be helpful for basic arbitrary estimates at times this really helps nail things down. Love the tip about using the estimate in pieces to then run a project through and decide if your profit margin meets your ideal of labor costs in a almost reverse of most people👌🏼 keep crushing it and your other endeavors!

[@robertstanley7401]

Also I love to see from the other comments that you’re grinding these out early or late to keep making time for your family!! That’s incredible and makes me even happier to see your success doesn’t compromise the balance🤙🏻

[@BitnerBuilt]

Thanks Robert! Labor is a very subjective thing. It’s all about what you decide is worth it, so I always find that it’s better to look at all the other factors first to then come up with what the possible labor charge “could” be and then decide to yourself OK is that enough or should I pass on this one?

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@jetownsend1]

This was incredibly helpful. I am thinking about starting a business that isn't related to woodworking at all, I don't want my hobby to turn into a job, and the getting precise, accurate numbers for all the expenses makes so much sense, but isn't something that I have seen anyone talking about.

[@BitnerBuilt]

Thanks yes of course that can apply to any business venture, people always want to know how much to charge or how much they will make and it’s always backwards, understanding true operating costs helps you figure out the rest. Basic accounting etc good luck on your new venture if you pull the trigger

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@AngieWilliamsDesigns]

Great video. Lots to think about. I've already started my own business. But I know that I run it more like a hobby. So I need to get focused and be more intentional. part of it is tracking my costs better.

[@BitnerBuilt]

Even if it’s a hobby, it’s really good to know down to the penny exactly what you really are making because sometimes it’s not as good as you think it is and so than understanding your true profit versus the amount of time you spend on, it will give you a little bit more clarity on things. He might also find out that you’re making more money than you thought. That’s a great thing to.

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@J_Quinn_Creates]

You're spittin' facts bro! This is 50% of my Bis degree in 1/2 and hour.

[@BitnerBuilt]

Thanks!

[@randallsmith7885]

The minimum concept is helpful. My wife is an estimator for a painting company. They have a minimum also. When a prospective customer makes contact and says they need one wall in one room painted, she tells them about the minimum. Then they either look elsewhere or they add to the work scope.

[@BitnerBuilt]

Yeah, when you’re not hard up for work, a minimum will definitely save you time and keep the right type of work coming in

[@dennisdye2330]

I am a former banker and finance guy. Really sharp on running a business. Very well presented. Cheers!🥂

[@BitnerBuilt]

Much appreciated!

[@shaunpowell1294]

I am watching this video from a reverse perspective, I'm an entrepreneur and I do government contracting for my day job while learning the art of woodworking. I can honestly say for people looking into the beginnings of turning hobby into business, this is one of the better videos out there. Added benefit to keeping a cost calculator, you have an itemized reference to point to for justification if the customer is contentious about worth. It's easy to want to take from your profits, as you mentioned, but better to articulate to a client with a professional cost sheet than waving arms around saying "I can might do it for this". This is an easy way to turn skepticism into loyalty. 10/10 video, easiest subscribe ever.

[@BitnerBuilt]

Thank Shaun appreciate it 👍

[@erikleorga]

You're points of topic in #2 ring true to the job I left. My boss saw huge dollar signs in his eyes and started spending and spending and spending. To the point where no matter what we did, no matter how much work we got done, the black hole needed more money.

[@BitnerBuilt]

Yea unfortunately that’s a super common one, hell even for me a few times when I was younger, restraint can be hard with business growth.

[@notaguynamedjoe]

That was a great overview. I thought you were about to go cost accounting plus multiplier for Etsy/mass marketplace goods. I was excited to see someone actually tell people that your costs don’t dictate your prices the market does. But you do this evaluation so you can evaluate profitability. Your also right that custom work demands a different evaluation. Your basically inferring market price. Then the additional gut check “with what I made or plan to make on this project would I do this again?” I’m just a hobbyist but even so I cost out my work and like seeing how others approach it. Sorry for the ramble I don’t ever comment but just really enjoyed the video. And thought hey might as well tell this guy lol. If you want to get into the tax break downs or anything else I’m subscribing. Awesome work glad I found your channel!

[@BitnerBuilt]

Thanks joe!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@dude_man_bro]

This video probably sealed your spot at the top of my favorite woodtubers. Your experience really shines through in this one. Look forward to growing with you.

[@BitnerBuilt]

Wow thanks Chris! Means a lot!

[@dude_man_bro]

@Bitner Built Woodworking Of course! Well deserved. Future business-centric videos would be more than welcomed.

[@dude_man_bro]

I'll even add that I'm subscribed to just over 1000 channels, and for the first time in my history of consuming YT, I tapped that bell 🔔

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text

[@geoffprotheroe1201]

Justin - I have to say this could be the most important video at my stage in life at this moment. Like you, I have been self employed or a contractor all my life. I see an opportunity at this time in my life, I am on a good pension however I want to keep active, and a business that has a product range which I use needs a representive to go out to its consumer base and promote its business. So I have been putting a presentation together to become that person. Will I succend - well I have nothing to lose. Will I succeed. Of course ! More to follow. Your video made it possible. Ohh! Its got nothing to do with wood work.Its to do with business. Well done.

[@BitnerBuilt]

Good to hear! Yea this video is actually basic business principals but my audience is diy 😀 best of luck on your new venture!

[@jonathanlundberg8032]

Really solid video. REALLY solid. You're like the college version of Stumpy Nubs.

[@BitnerBuilt]

LOL thanks Jonathan! Stumpy's a great channel!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@BBoyBFit]

Turn sawdust into woodburning briquettes, heat your shop for free kinda. Thanks for the informative video. Needed this.

[@BitnerBuilt]

Cool idea, thanks!

[@danielpreilly77]

Thanks Justin, long story short, I’m a stay at home dad with a special needs kiddo. Difficult to juggle any real work with this privileged role I have. So lately I’ve been leaning towards starting my own business, but I don’t really have the skill set to break it down the numbers, and feel overwhelmed and don’t really know where to start. Thanks for the video 🤜🏻⚡️🤛🏻

[@BitnerBuilt]

Feel free to email me anytime my contacts in description of the video, happy to give you some feedback and direction. One of the businesses that I owned was a company called challenge autism, where i developed at home therapy products for children with developmental delays with a team of doctors and therapists. So I understand a lot of the demands on you!

[@danbirch8939]

Excellent and accurate. In some businesses, the problem can be that the competition doesn’t understand or practice what you’ve taught here, then they underbid the job (just to get the work). believe that they are the “Costco” or “WalMart” of that industry, the potential customer thinks you’re overpriced, and they go with the cheap contractor. Then, of course, the economy guy goes out of business, and the work is shoty, and he’s gone. You might get some repair work down the line, of course….. THEN…when that contractor’s gone, another one fills his shoes, and the process starts once again… Luckily, in woodworking, it’s a bit more personalized, and the carpenter has created a niche that people love about his work, so the other bids can’t really compare….

[@BitnerBuilt]

Great breakdown and true. That’s why I’m not an Etsy fan, it’s a race to the bottom!

[@MrBastiaensen]

Amazing video! Gained a sub 🙏

[@BitnerBuilt]

Thanks!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@charleyjeffrey3261]

Excellent information, but it’s the bender cnc that earned my subscription lol😂

[@BitnerBuilt]

Hahaha I respect that!

[@MortimerSugarloaf]

This is the video every YT woodworker should be making when someone asks these questions. You can really tell who is a woodworker, and who just plays one on TV.

[@BitnerBuilt]

Thanks Mortimer!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@timmoore7258]

Good intro. Subbed

[@BitnerBuilt]

Thanks!

[@user-zh3kl1cw5u]

Excellent video. I would add the business owner needs to account for the income tax due on the additional income. This is a cost of doing business. Thank you for taking the time making this video.

[@BitnerBuilt]

Great thought as well of course!

[@macmcham2316]

Fantastic video, probably the best woodworking video I've watched all year! Would you do a video on how to start shipping larger furniture and projects for a beginner with no business experience? Call freight shippers or UPS/Fedex or bring the item to their location?

[@BitnerBuilt]

Oh that’s awesome thank you very much! I think at some point this year I will make a volume to, so I’ll be sure to include the answer to that!

[@BBoyBFit]

Nice Cnc Router enclosure.

[@BitnerBuilt]

Thanks!

[@kdcustomwoodworking]

Its hard to make it real hard. You need to make thing that sell but not be easy to copy. Polished video well done .

[@BitnerBuilt]

Very true, a lot of times the best thing is to find the customer and what they want, like, I know a guy who makes custom design trays for a whole bunch of restaurants and they need them regularly, or another friend who makes cigar trays for cigar bars, etc. the customer really dictated the things that he was going to be making

[@randallsmith7885]

A way to think about this is if you hired an employee to do all of the work you are doing at market wages and deduct that cost from your previous profit calculation. If there is a positive number left over, that is how much your business is earning. The rest is the value of your labor.

[@BitnerBuilt]

Sure that is one way to think about it

[@thechallengedwoodworker5283]

Hey Justin, Great informational video on this topic. I will soon be getting ready to start and this helps fine tune my EXPENSES. What state are you in?

[@BitnerBuilt]

Cool good luck! I’m in NJ

[@thechallengedwoodworker5283]

@@BitnerBuilt I miss Asbury Park and Seaside Heights but I don't miss the humidity. Thanks Justin keep making these awesome videos.

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@nwa2102]

Great video and timely because I am starting my own woodworking business. I had a question about time. Should I have a separate charge for time or is that something I factor in when I look at the profit after expenses? Thanks!

[@BitnerBuilt]

If you’re breaking things down to the smaller elements like I did with looking at OK I need to make a mold was part of the materials then you factor that time in to your multiplier. You can’t have separate breakouts for time if you like, like how I was saying, I would charge more for doing a dovetail drawer, because in reality there is no more material cost there. It’s just more labor there’s lots of ways you can do it in a and of course yes you can just do a separately or a cost if you want I always have people start with the expense multiplier first, because then you know you’re never, not charging enough to well over cover all of your expenses. Good luck with it!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@MemphisCorollaS]

22:10 thanks for the great advise. I’ve been through some sale training for relatively big ticket items, and this strategy of guiding the customer through price and value decisions is dead on. Maybe I’ll build my woodworking side hustle up enough to use the training. -Mrs/Mrs/Ms customer is it the price, the materials, the product, or my quality of craftsmanship that is an issue for you? -If me spending more time building hand cut dovetail drawers like they were made in the 1600-1950’s doesn’t add value to you on an internal unseen component like that, then maybe we should consider something strong but quicker like dowels or pocket hole joinery? - If walnut with Purple Heart inlays with your company logo burned into the table top with a glow forge isn’t worth this cost for you, then maybe we should consider solid oak or ash with wood burning gel and a stencil for your logo? -If this delivery cost for me to drive this to you in a rented box truck wrapped in moving blankets isn’t worth the added cost in your opinion, then maybe we can arrange a time for you to pick it up with your own rented box truck with some friends to help unload? It puts the sweat equity and convenience into perspective without the age old flipping the script and offering to rent teaching time and tool/shop rental to a customer to built it themselves. I’ve always found that method to be too confrontational.

[@BitnerBuilt]

Exactly! 👍✌️

[@MachinedInWood]

Great advice! Curious, though: where do you keep all of your sawdust? The CNC machine with the foam sound absorption panels initially caught my eye, but then I noticed that there isn’t ANY, anywhere in your shop. Personally, with dust collection, I remove about 80 pounds of sawdust per week in my shop, and no matter how much I try to stay on top of it, there’s still got to be another 50 pounds of dust scattered all around my shop at any given moment!

[@BitnerBuilt]

I have 3 dust collectors and I clean up daily! I’m actually somewhat allergic so I have to be on top of it all the time and wear my respirator a lot more than I used to. I’m also not a high production shop as I said I do commissioned work and personal as i make most of my $$ in my other businesses

[@MachinedInWood]

@@BitnerBuilt Yeah, I’m doing production runs of parts for different companies, often hundreds of parts per order. The sheer volume of sawdust I generate is staggering, given that I’m working out of my garage. Anywho… subbed…

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@hoimark6932]

I like this type of clear plai text - thanks. The dropbox - link to the Excel Version of the Worksheet is no longer funktional. You may give me a new link please?

[@BitnerBuilt]

Thanks! I just tried the link and it still works, you might want to try using a different browser

[@randallsmith7885]

I am not selling anything yet. But I am amazed at how many board feet of hardwood needs to be purchased, versus how much ends up in the finished product. I waste a lot of wood - maybe 50%.

[@BitnerBuilt]

That honestly seems excessive, it obviously depends on what type of projects you’re making, what are you doing that you’re seeing 50% waste? It might also be where you’re buying things from, logically you should know all of the exact dimensions of what you’re gonna be building and then buy boards that are appropriately sized so that your waist is very minimal

[@BrettsWoodshop]

Hey Justin, I love the look of your shop! It looks like your channel is growing pretty fast. Congrats! I'm curious, how many subscribers did you have before you started making woodworking videos? Also, a bit of advice - it's not a good idea to put a list of keywords in your description. That's called "keyword stuffing" and YT doesn't like it. Use keywords for sure, but incorporate them in more of a natural descriptive way. You can also use them as tags. I don't believe in luck, so I'll say God's speed!

[@BitnerBuilt]

Thanks Brett! I had 32 when I started two months ago, it’s been crazy how quick the channel grew, I bet may be 300 are friends but rest was organic. Thanks for the tip on the keywords!

[@BrettsWoodshop]

@@BitnerBuilt Okay, you're blowing my mind! What do you attribute your amazing growth to? My guess is that it was posting a bazillion videos in your first week. I've been at this for a year and a half and am still trying to get my first 1k subs.

[@BitnerBuilt]

@@BrettsWoodshop 🤷honestly couldn’t tell ya. I also had a sponsor BEFORE starting which is what spurred me to make the videos. Which usually is the other way around. Guess just lucked out! I hit monitization on my third day so I don’t think it was the daily videos I did for a while. Can’t keep that up though had to tone back to every 2-3 days

[@BrettsWoodshop]

@@BitnerBuilt Well, good job! You're an outlier, I think.

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@arbyars.chicksawdust]

Another great video. Question the "Numbers version of the worksheet" what program do we view it in?

[@BitnerBuilt]

There are two different versions posted. One is excel one is numbers, numbers is the Apple version of excel.

[@arbyars.chicksawdust]

@@BitnerBuilt I learned something again today. Thanks.

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@Simonfrios]

Great video! In terms of adding up the costs of disposable materials, I think it's fair to add say 10% to the price for the piece of furniture, and account for this as "shop costs." what do you think?

[@BitnerBuilt]

Sure I just do that as charging 1.2xor 1.3x for example that way your always compensating for small expenses and any small flux in price I normally only do 1x when passing on someone else’s labor fee etc

[@Simonfrios]

Thank you so much for doing this video. Really valuable to those of us at the beginning of this journey.

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text //

[@NewfieGrower]

The everyday items your gonna use like glue, router bits that your wondering about how to charge. Automotive tools add a shop supplies on the work. A percentage of total sale. Like add 4% before tax

[@BitnerBuilt]

Sure the big thing is to understand what your spending (no guessing) on several jobs to get a concept of what % would be good to tack on

[@tim-hypnotherapist]

50% markup is a 33% profit. Running a P&L is essential. Top Line, cost of goods sold, Gross Profit, Expenses, Net Profit (income)

[@BitnerBuilt]

Thanks Tim!

[@Liex09]

Everything has its opposite, we must remember death so that we can understand the value of life and seek to prepare for death in the best way possible. We must remember sometimes, including myself first. -translation text ///

[@travisjohnston1923]

On expenses, there are meters you can get to more accurately find out what your shop is using separate from your home.

[@BitnerBuilt]

Ah good tip 👍