New Tools For Profit?

Steve's biggest problem is that his prices are way too low for the amount of time he puts into each one. I was hoping that if he got the kit thing going, he'd be able to knock out the parts with very little of his own time invested and get them shipped out. I told him several times that he needed to go into production mode, knock out a bunch of standard planes and keep an inventory on hand to ship immediately. But he never had the cash for the outlay for materials in advance of orders and he wanted to be the end all of custom tools and offer an amazing assortment of different woods. But he didn't know how to charge for that level of custom work.

So, my advice to you is to know in advance how much of your time is going to be spent making the product and price your stuff accordingly. There are a couple folks over at Woodnet who make handsaws to sell. They simply make as many as they want to make, then show pictures of them on the forum with a price and if you ain't there when they post, forget about getting one of their saws because five will go in less than five minutes. I got lucky twice and have one of each of their saws. :thumb: Well, I got lucky once and when I missed out on another fella's I convinced him to give me a heads up on the next round. ;)
 
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