Will Sampson talks about how some woodworkers are uncomfortable with the business side of woodworking and where they can get help. He continues his interview with Martin Goebel, who runs Goebel Furniture, was a past winner of the Young Wood Pro award and was recognized as a rising star in the industry in the 40 Under 40 program.
This episode of the Woodworking Network podcast was sponsored by FDMC magazine. FDMC magazine is your vital source of information to improve your woodworking business. Whether it is keeping you apprised of the latest advances in manufacturing, helping you solve your wood technology problems with Gene Wengert, or inspiring you with case histories about successful businesses and best practices, FDMC magazine is there to be the sharpest business tool in your shop. Learn more and subscribe for free at woodworkingnetwork.com/fdmc.
Woodworking Network is a home for professional woodworkers, presenting technology, supplies, education, inspiration, and community, from small business entrepreneurs to corporate managers at large automated plants.
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Intro music courtesy of Anthony Monson.
Welcome to this episode of the Woodworking Network Podcast. Join us as we explore the business of woodworking big and small and what it takes to succeed. I’m Will Sampson.
This episode is sponsored by FDMC magazine, and don’t forget to take our survey at woodworking network.com/podcast-survey.
Today, we’ll be continuing our conversation with Martin Goebel, talking about how to succeed as a young woodworking entrepreneur. But first I want to talk about:
Profit is not a four-letter word
For craftspeople of all types but especially woodworkers starting out, there seems to be an irrational guilt associated with being or even becoming successful. For some it seems that discussing profits or becoming profitable is akin to unleashing an F-bomb in church.
But profit is NOT a four-letter word. In fact, profit is the life blood of any business. So, why all the guilt about talking about it, about learning how to be profitable, about being financially successful? I think it might just go back to how most woodworkers come to this business.
There is a long history of people discovering how much they enjoy woodworking and then trying to turn a hobby into their life’s work. But they often are so focused on the craft that they overlook the business side. Or they just don’t know where to begin about learning business skills.
Many woodworking schools compound this program by totally emphasizing woodworking skills and often ignoring business and employment skills that are absolutely necessary to make woodworking a successful career. It’s really funny how some programs will devote dozens of classes to teaching a myriad of hand tool and machine woodworking skills but bypass anything resembling basic accounting, marketing, sales, and management skills.
I can’t count how many times I’ve been told by experienced professional woodworkers how they picked up their business skills “on the job” and never were taught those skills in school. No wonder so many small shops struggle! And when I talk to schools that claim to be training woodworkers for careers, I’m often met by silence when I ask what business classes are included in their program.
I know many cases of businesspeople who bought woodworking businesses without really knowing anything about woodworking, and they propelled those businesses to new heights. You can be an excellent craftsperson, but if you fail to properly market and price your work, if you fail to manage the business side of your operation properly, you are destined for failure. Or at least not achieving real financial success.
Maybe you say that kind of success doesn’t matter to you. All you want to do is make the best quality products you can. But wouldn’t you rather make those products for people who really appreciate them and pay you what they are worth? Wouldn’t you rather spend more time with your family rather than putting in such long hours only to come up short when it comes to paying bills and getting ahead? Wouldn’t you like to be able to afford better equipment and materials? What about hiring more help or expanding to a better location?
That’s all a part of making a profit, and it is never too late to learn how. Online and community college courses are available to teach business skills. Ask a successful businessperson in your circle of friends to mentor you. Contact SCORE (online at score.org) to connect with a retired business executive for free advice. Join a trade association like the Cabinet Makers Association (online at cabinetmakers.org). Learn what you need to know.
Then you can start treating business skills as just more tools in your kit, and you don’t have to be shocked or uncomfortable when someone starts talking about profit.
Before we get back to Martin Goebel, let’s pause for a word from our sponsor. FDMC magazine is your vital source of information to improve your woodworking business. Whether it is keeping you apprised of the latest advances in manufacturing, helping you solve your wood technology problems with Gene Wengert, or inspiring you with case histories about successful businesses and best practices, FDMC magazine is there to be the sharpest business tool in your shop. Learn more and subscribe for free at woodworkingnetwork.com/fdmc.