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Hi All,
I have an opportunity to get a really nice brand new workshop (133m2).
The only catch is I have to make $200-$300 a month working only 30-50 hours a month mainly on weekends to cover the upkeep (3phase power, body corporate, rates, water, insurance...).
Do you guys think its possible? If so making/selling what?
Joez
I'm sorry Joez, but I don't think it's possible.
clearing $300 a month (after all costs) making and selling small to A4 sized boxes, pens and turned plates/platters/bowls should be relatively easy
HOWEVER your selling time -- the trading period of surburan markets and the like -- coincides with your work time
I don't see how you can do both at once
Hi Ian,Quote:
Originally Posted by ian
I want to make $200-$300 a month to cover costs, not looking to make a profit initially. I just dont feel comfortable burdening the family with extra debt over a hobby.
You are right though, my concern is that i'll end up spending more time selling than tinkering in the workshop.
The only way I could see it working, is if I made something a little larger and sold on consignment via a retailer...
joez
You may need to consider that it could become a chore to keep it going rather than a pleasurable hobby
:hmm: and if you are doing it in all your spare time they might never see you either! :C Or you them even.Quote:
Originally Posted by joez
Actually the wife would probably pay me $50 a day to stay away :DQuote:
Originally Posted by tea lady
joez
to help you here are some sumsQuote:
Originally Posted by joez
travelling from home to the workshop and back has a cost that will impact on the family budget -- unless you're travelling in the bosses' car and he carries all the vehicle running costs.
For me these travel costs are a significant issue as my primary "shed" is my father's garage. It's only 25 minutes travel away, so reasonably accessible -- but each visit to the shed costs me about $25 in fuel and motorway tolls. A significant consideration if I need to go out there every 2nd evening to apply a finish.
I continually hear poor reports about consignment selling
if you need to recover $3,500 per annum (300 x 12 = 3,600) to cover your fixed costs, and allow another $4,000 for materials then the retailer needs to sell $15,000 worth of your product -- you will see around 50% or $7,500.
As an example, my queen sized bed has about $1000 of timber in it (Aust Red Cedar and Tassie Oak) -- so $4,000 in materials would represent making four custom beds per year
It might be better to bite the bullet and economise in other areas so you can afford the new shed rather than trying to make it "pay for itself". Then you can treat any income from sales as a bonus and just enjoy yourself.
Thanks for your feedback Ian, I think your right, I need to make it work as a hobby and treat any income as a bonus.Quote:
It might be better to bite the bullet and economise in other areas so you can afford the new shed rather than trying to make it "pay for itself". Then you can treat any income from sales as a bonus and just enjoy yourself.
joez
I second Ian's sound reasoning. :2tsup:
Quote:
Originally Posted by joez
Well, there's $350 a week to start with.
Problem solved.
I made a few things for people and just find it waaaay to stressful: - paperwork, deadlines, arguments, extracting money out of people, etc - I get enough of that in my day job so why would I bring that home with me. If I am inherently interested in the job I give small stuff away or just do it for the price of the materials. sometimes I get them to buy the materials - so they see what they actually cost.Quote:
Originally Posted by joez