Why Most FAIL After Starting a Woodworking Business | 7 Reasons
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- Опубликовано: 7 июн 2024
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Ryan goes over 7 business mistakes woodworkers make that cause them to FAIL in business. Whether you are just starting out or thinking about starting a business this video can help you avoid the pitfalls and mistakes most woodworkers make.
My Favorite CNC Router Bit - amzn.to/3cFhFt7
Reason #7 - 1:07
Reason #6 - 2:57
Reason #5 - 4:15
Reason #4 - 6:24
Reason #3 - 8:08
Reason #2 - 10:38
Reason #1 - 14:40
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I know plenty of business owners that don’t work 80 hours a week and make a great living. You can in fact be successful without working excessively. Especially if you have 23 employees. Delegate, delegate, delegate!
I like your drive and passion for the craft. I have a business but am not as ambitious as you. Got 3 guys working for me now and that's about as many as I'm comfortable with. I have two young daughters and I can tell you: if I would still work 80 hrs a week my family would implode within a year or two. I traded personal success for time with my kids and having more balance in my relationship. On another note: I live in Europe and my initial investments were quite easy-going as there's a huge secondhand market of German and Belgian top quality cast iron machines from the sixties and seventies. I paid about 3000 bucks for my starting setup (flat/thickness planer, mortiser, tenoner, spindle moulder, panelsaw), excluding transport. My first 'machine' was also a Dewalt crosscut saw (the smallest model) 🙂 Am currently bootstrapping my way up the cnc lane and your videos proved very informative. Running a small and the largest Sorotec now on Linux with a big Swiss router bolted on to it.
Congratulations again for many reasons but mainly for your humbleness! I've been in business for over 21 years, started with the same passion as you and 21 years later still love it like day 1! Your definitely setting a great example and the bar high for the future younger generations behind you! God bless you my man!
I'm an old guy...56 starting to build a wood business. Learned a great deal from you Ryan, Thanks!
I'm 51, exactly like you. We both could have him as a boss. Our internship! LOL Good luck!
I beg to differ on the hours a week... there are plenty of things you can find ways to put on "automatic". As you will find out soon enough there is no replacement for time with family. I'm not saying there will not be weeks of 100 hours but for the sake of family some weeks you will have to learn to stop yourself and delegate to others. I share your feelings on all your other tips.
I agree. I’m thinking, why hire people to still work 80 hours a week. I feel like in the beginning, sure put in the work but eventually you should be trying to work less work, be more productive and delegate.
He employs his family. I'm sure he sees them plenty:)
Your channel is the best I could find about wood working and CNC tips, thank you for sharing your knowledge
Your welcome!
You have a lot of passion and it's very inspiring. Keep it up! I would be interested to hear more about your products and how you decided they were the right ones to pursue.
Solid advice as always, keep it going!
Awesome video everything you said is spot on. Keep up the good work 👏
Cash flow management is also a leading factor in people going broke to be fair 😊 great video. Thanks
Congrats on your success and an absolutely awesome journey getting there, I was glad to hear your story & can relate to a lot of it; keep up the great work!! 👍
You’re a cool dude and I wish you all the success for your cnc business.
Thank You. Very informative.
Thank you ❤
Nice story, guitar music and everything
I've watched this video before, and I've left at least one comment, but I wanted a moment while I'm sitting here in my car, with another load of pallet/crate-wood from work. My shop is actually our back patio of the house we currently rent. We've rented this house for a little over 10yrs. Through recent events, God has led me back to woodworking. I don't have all the tools I would like to have, I don't even have 4walls and roof to keep things dry. As I said before, I use pallet and crate wood for my little projects that I'm pumping out as often as I can, until I run out of space to keep anymore, gonna start an LLC in the next week or 2. You should know that you're part of the enthusiasm it drives me. It's amazing to see how far you've come in 10yrs. I wish I had started sooner, but the point is that I'm started now and I'm running at steady pace. I feel God's hand on me. Keep it coming.
Young man; I'm 20 years your senior (if I understood correctly, you're now 28) and your passion for the trade is truly inspiring! This single video caused me to subscribe to your channel. Now, let the stalking begin!😆
Just turned 27 last month!
Amazing! What a great story!
Very encouraging!🇺🇸
Great video and good advice for me as I'm just getting started off
As someone who is younger than you and recently started a woodworking business, this is certainly both helpful and inspirational!
I hope it helps! Its a grind, you have to be an entrepreneur, salesman, economist and a craftsmen! Keep studying, reading about the industry and learn about every piece of equipment that is out there! It helps knowing what you can and cannot do and what you could be capable of in the future. IWF in Atlanta is a huge show coming up.
Could not have said it better..... Straight to the point and said it like it is. All the things that one needs to hear especially the ego part. The ego needs to be deflated and reality needs to be be pointed out. Humble beginnings.... Salute to you
Thank you, I hope this video helps those out there wanting the help!
@@cutting-it-close definately helped...
GREAT video. I am a GC that started my own company 5 years ago. I love everything you said and most of this can be applied to just about any business. Only real difference in mine and yours is that cash flow isn't as big of a deal for my type of business as it is yours, but I recognize that it is absolutely crucial to a business that provides products. Wonderful stuff man. They should teach more of this in school.
Thank you, I agree there are so many parallels in business. I doubt this video will be popular because it teaches practical knowledge and not entertainment haha
@@cutting-it-close yes, well, if you applied your business rules as consistently to your youtube channel as you do your woodworking business then maybe it would be even bigger, but...I love the business side of your videos (new to your channel recently). I'd say you're killing it in real business so please, for the sake of all of us, keep teaching on your videos! Great job again and maybe I'll be able to meet you in Atlanta at the IWF this year. I live 45 mins north of the city.
Nice guy. Your video tutorials are very motivating and helpful. I hope you will make new videos for this channel.
Great video man thx for your information and time spent educating us. I would like to know how you got your foot in the door with making money woodworking as far as your first few customers, what you made and when you knew that it was possible to woodwork full time. Thx again for your content.
The getting stuck with lumber when something falls through is a business policy. Most legitimate people have no trouble providing 25% up front for materials.
As a fellow entrepreneur, I can totally understand your trials and errors. Stay the course and work your a## off is delifinatly the special sause😂😂😂!!!!
Thanks for your inspiring story.
Very cool story. You are indeed the American Dream realized. Love your energy and drive. Wish more young people would do what needs to be done to make something of themselves and not so many that just want their student loans paid off.
inspiring
I would be curious to see how you book matched that live edge table top. Can you do that on a CNC?
Communication and be able to share your passion ideology to your employees aswell is importance
I’m saving this video for my kids homeschool education.
Fantastic video. I'm more of a "one project at a time" woodworker, although I do generate income from it but I'm fortunate to be in a position where I don't need the income, it's just fun for me. Regardless, it was fascinating to hear all of your perspectives and of course I looked your company up. I hope for continued growth and success for you! Thanks for sharing your journey!
Do you have a video of your early products for beginners?
thanks for the video , I have no customer yet but, I have a full time job and I work on projects on the side , I have a passion for wood working and I pray to succeed in my efforts,also I have most of the tools , I also have a Harbor Freight 12 in double bevel sliding combo saw but as cheap $125 item it's not the most accurate cut, I have to adjust alot.
I started everything with a 10 inch harbor freight miter, that was my very first piece of equipment. It needs to cut accurate enough to make your first $1000 in sales so you can buy a Dewalt 12” sliding miter. Should be very easy with that Harbor Freight saw to do that!
Great video, thanks for the inspiration and drive.👍
Congrats to you and your fiance also.💒
For those thinking they "need" to work 80 hours a week, please take a step back and consider why you are working so much and if it is affecting relationships. Your mindset will hopefully change when/if you and your wife have kids!
What's important in your life and how do you define success?
My wife and I have two son's that we could not be prouder of, and that can only be accomplished by being there. When you are young like Ryan, the investment of time early on will provide the ability to shift your focus to what really matters later on, when you have a family that requires your nourishment as well as the security you can provide. I think he's done a marvelous job investing early on by doing the 80 hour weeks when he did not have people depending on him.
Now, let's hope that he has the wisdom to understand what matters most and reallocate time where it's needed.
@@williamsridgestudio3127 I could not agree more. I wish I focused more on my business when I was younger.
From 19 to 29 I worked 80 to 100 hours a week, 7 days. Once in a blue moon id have half a Sunday for life. Was it worth the stress, physical damage to myself, ruined relationships? No 👎
@@jeremysumpter8939 I got about 2 years of it. It is unfortunate people do that , and think they HAVE to to do that. There are sacrifices for sure, but hate to see a things fall apart.
Speaking as someone who has owned multiple successful businesses in my life, this "you don't have to work this hard" mentality is one of a crappy employee, not a business owner. If you want to build something? To succeed on your own? You're going to have to work hard, very hard. I laugh when people I meet describe some business they want to own because it will afford them this lifestyle of vacations, wealth and just living the good life. Building your own business into a success requires determination, work ethic, tireless dedication and even then there is no guarantee of success. Some are born to lead and some to follow. If you want to lead, you'd better be prepared to work hard for it.
Anyone know how to see what he makes? Is there a website I’m missing?
Awesome dude! Keep up the good work. I would like to suggest a video! Maybe a video about how to make sales and where to post what you do for people to see it?
Good idea! I’ll have to do something like that soon
you have to understand what YOUR type of customer wants, you can be a please all customer type business or a very specific type of customer business
I'm still working close to 80 hours, but I'm 63 so I'm at the age I'm probably not going to manage 20 people anymore. I took on a partner about half my age. He's got a young, pretty wife and a young child at home so I work very hard because I want to see him succeed. I've probably got maybe another 10 years of work before I drop over from it, but I can help him grow and pass along the knowledge I've acquired over my lifetime of working like a dog..
Just curious why you would not move the old machines along to another person .
Mate, I have started my business in a bedroom. All hand tools!
these videos aren't so much woodworking business as business in general. could be plumbing, could be cement, could be..anything that makes real products. you could write a great book/ video course combining all this info into The American Bootstraper: "Hey, you DID build that!" book/video course.
Currently working on a course!
Hi, great little video. appreciate your perspective on starting out. wondering if you would be interested in selling those laguna cnc"s that you started out with? looking to get into cnc market to bring in some cash to allow me to make the higher end handmade furniture that i'm interested in. lmk ok? thanks again for posting what i consider a very informative video.
They are still in use! So not for sale as of now.
Good stuff. Once you master Lean and Lean Thinking, start learning how to scale your business. It is unnecessary to work 80-100 hours a week. I avg. about 30 and make a little under a half mil. But my business is a knowledge business, consulting.
I doubt you will see this so I might try to reach out another, but I was wondering if I could ask you a couple questions. Not a shop owner and never will be unfortunately. I’m trying to use woodworking as a mental health therapy and could use some advice on a couple things. Any chance I could send you an email or something?
You are showing the tools but not the product, it the sales of the product like you said that make all the difference. 25 years ago Artcam was $9,000 Master Cam was $22,000 and a CNC was the cost of buying a house. Cad and CNC started to change the business 25 years go.It only been the last 12 years that CNC have been affordable for the small shop. Back in 1995 I had to go to 5 different software to do the things I wanted to do and have a CNC built that ran on steper that ran at the fastest 80 inch a minute. Spend every hour hand caving. Feel lucky you got into it when you did 10 years ago. It was hard has hell 25 years ago trying to do what you are doing today. Cad save my business then came the CNC .2000 we had to deal with China slave labor it killed most everyone furniture business 25 years ago.I give you a lot of credit you have done well but you only no half the business.
Did you go out to local business and be your own salesman or was all your stuff online? Did you do your own social media or did you hire someone? One more thing should be mentioned about why a business will fail....TAXES!!! When you start getting paid for your work and see all this money, it's easy to just keep going and think about the next machine or fixing the car or something on the house. You will get in real deep, real fast. Every dollar you make, put aside minimum of $.30 because if you don't, it will be alot more down the road.
I love your bro❤🪚⚒🪓
👍🏼👍🏼👍🏼👍🏼👍🏼👌🏼😎
Volume not very good!
at 1:09, you misspelled business.
Rule #8 Cocaine....
Imagine spending 80-100 hours a week instead to find Christ.
He's not that hard to find. Get a bible and go to church one hour a week instead. lol
Matthew 25:40 - "The King will reply, 'Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.'"
Matthew 25:45 - "He will reply, 'Truly I tell you, whatever you did not do for one of the least of these, you did not do for me.'"
It's pretty straight forward - You find Christ simply by treating others equally, and with Love. Or you reject Christ by embracing your Ego (the Devil) and seeing yourself as 'better' than others. So what is there exactly that requires 80-100 hours a week to find? This young man is sharing his knowledge and experience. I think he's on the right path.
Yet you made $500,000 in first two years?