In this informative video titled “The Truth About Selling Woodworking Projects at Craft Shows,” the speaker shares their personal dislike for craft shows and market days when it comes to selling woodworking projects. They explain that craft shows are small local events where craftsmen gather to sell their products, while market days are larger events with professional vendors and higher attendance. The speaker highlights their lack of success at their first craft shows years ago, leading them to stop participating in such events. However, they delve into their recent experience in 2022, where they attended seven market days and surprisingly made over $40,000 in sales. Despite this success, they emphasize that the decision to participate in market days should consider the opportunity cost, sustainability, scalability, and whether it aligns with the desired lifestyle and business goals. The speaker also explores alternative ways to attract customers, such as targeting Facebook groups and sending thank you notes. Ultimately, they do not recommend building a business solely around market days or craft shows.
Introduction
In this article, we will delve into the world of craft shows and market days, specifically focusing on the author’s perspective and experiences with selling woodworking projects at these events. Craft shows are local events where craftsmen gather to sell their products, while market days are larger events with professional vendors and higher attendance. The author initially had a dislike for craft shows based on previous experiences but decided to give market days a chance in 2022. Throughout the article, we will explore the opportunity cost of participating in market days, sustainability concerns, profitability, and considerations for craftsmen. We will also discuss alternative marketing strategies and trade shows as potential alternatives. Ultimately, the author emphasizes the need for entrepreneurial evaluation when deciding whether to build a business around market days or craft shows.
Opportunity Cost of Participating in Market Days
Author’s Lack of Success at First Craft Shows
Years ago, the author had a negative experience at their first craft shows, which significantly impacted their perception of these events. Despite one successful sale of a $1500 table, the author encountered potential customers haggling for lower prices, which they found off-putting. This initial impression left a bad taste in their mouth, leading them to avoid craft shows for many years.
Time and Productivity Lost
When considering whether to participate in market days, one crucial factor is the opportunity cost of the time spent at these events. The author highlights the significant time commitment required to prepare for these shows, including the time that could have been spent with family or on other productive activities. As a one- or two-man shop, being away from the workshop for an extended period also hinders productivity and the ability to create more products.
Growing Business vs. Participating in Market Days
As the author’s woodworking business grew, they began questioning the long-term sustainability of participating in market days. They realized that the lifestyle of constantly traveling and frequenting market days was not aligned with their desired lifestyle. This consideration raised doubts about whether they could continue participating in market days as their business continued to expand. The author emphasizes the need to assess the scalability and long-term viability of market day participation.
Sustainability Concerns
Questioning the Ability to Continue Market Day Participation
In line with the previous section, sustainability concerns arise when contemplating the future of participating in market days. The author recognizes the limited potential for long-term commitment to these events, especially as their business grows. This consideration brings into question the worthiness of investing time and resources into market day participation.
Conflict with Desired Lifestyle
Furthermore, the author points out a significant observation about the lifestyle of those who make a living solely from market day participation. They notice that these individuals often live a nomadic lifestyle, driving from one event to another throughout the year. This realization is contrary to the kind of lifestyle the author envisions for themselves in the long run, leading them to reconsider the feasibility of relying on market days as a primary income source.
Observation of Market Day Lifestyle
Author’s Perception of Market Day Lifestyle
Through their experiences at market days, the author gains insight into the lifestyle of those who participate in these events regularly. They notice that market day vendors often drive vehicles that do not align with the author’s aspirations. Contrasting this with industry-specific trade shows, where participants appear more professional and put together, the author acknowledges that the market day lifestyle is not something they desire for themselves.
Realization of Incompatible Lifestyle with Market Days
Building on the previous observation, the author reflects on their own goals and aspirations. They recognize that if they were to commit to participating in market days for 25 years, they might end up living a life that doesn’t align with their vision of success. While acknowledging the financial success they achieved at market days, the author highlights the importance of aligning one’s chosen path with their desired lifestyle.
Profitability of Market Days
Significant Sales Achieved at Seven Market Days in 2022
Despite their reservations about market days, the author decided to give them another chance in 2022. To their surprise, they achieved over $40,000 in sales through participating in seven different market days. This success prompts further analysis of the profitability of market days as a sales avenue for woodworking projects.
Breakdown of Sales and Deductions
To better understand the profitability, the author breaks down the $40,000 in sales. They reveal that $20,000 of the total is attributed to labor and materials costs. The remaining $20,000 becomes the primary focus for assessing profitability, taking into account various deductions and expenses.
Impact of Commission, Booth Space, and Labor Costs
An essential aspect of market days is the commission that the event organizers take from the vendors’ sales. The author appreciates the fairness of this model, as the market’s success directly correlates with the vendors’ success. Alongside the commission, booth space and labor costs are deducted. These expenses can add up, significantly impacting the overall profitability of market day participation.
Final Profit after Expenses and Time Considerations
After accounting for all deductions and expenses, the author finds themselves with approximately $7,000 in profit from the $40,000 in sales. While this figure may seem substantial, it is essential to factor in time and drive time as additional costs.
Comparison with Other Employees’ Profits
To put the profitability in perspective, the author compares their market day profit with the profits made by their other employees who focused on the day-to-day operations of the business. Surprisingly, the author’s other employees managed to generate $5,000 in profit per day, significantly exceeding the author’s average profit of $1,200 per day from market days.
Considerations for Craftsmen
Assessing Opportunity Cost
To determine whether market days are worth the investment, craftsmen must carefully assess the opportunity cost. This evaluation involves considering the time spent at market days versus alternative uses of that time. Craftsmen must weigh the potential benefits of participating, such as branding and marketing, against the potential costs.
Scalability and Long-Term Viability
Craftsmen should also contemplate the scalability and long-term viability of relying on market days for their business. The author emphasizes that if a business grows, it may be challenging to continue participating in market days due to the associated constraints and limitations.
Comparing Market Days to Other Business Strategies
Craftsmen are urged to explore and compare market days to alternative marketing strategies and business models. It is crucial to consider other avenues, such as targeting specific Facebook groups or implementing personalized customer appreciation tactics like sending thank you notes. By analyzing and comparing different approaches, craftsmen can make informed decisions about how best to promote and sell their woodworking projects.
Exploring Alternative Marketing Strategies
Targeting Facebook Groups
A potential alternative to market days is leveraging Facebook groups to reach a targeted audience. By identifying and joining relevant groups within the woodworking or craft community, craftsmen can engage with potential customers and showcase their products. This approach allows for targeted marketing efforts and minimizes the time and resources required for physical market day participation.
Sending Thank You Notes
Another effective marketing strategy involves fostering relationships with customers through personalized gestures, such as sending thank you notes. Craftsmen can express gratitude for their customers’ support, generating a sense of appreciation and loyalty. This strategy not only strengthens the bond with existing customers but also helps spread positive word-of-mouth recommendations.
Allocating Time Wisely for Maximum Customer Attraction
Craftsmen should strategically allocate their time and resources to maximize customer attraction. This involves identifying peak demand periods and ensuring that sufficient products are available during these times. By understanding customer preferences and adjusting production accordingly, craftsmen can optimize their chances of making sales without solely relying on market days.
Trade Shows as an Alternative
Trade Shows as Industry-Specific Conventions
Trade shows offer an alternative avenue for craftsmen to showcase their woodworking projects. These events are typically industry-specific conventions that bring together vendors, professionals, and potential customers. Unlike market days, trade shows focus primarily on business-to-business (B2B) interactions, making them ideal for showcasing industry-specific products and networking with professionals.
Comparing Trade Shows to Craft Shows and Market Days
Craftsmen contemplating their sales strategy should carefully consider the differences between trade shows, craft shows, and market days. While market days and craft shows cater to consumers (business-to-consumer or B2C), trade shows primarily target businesses and industry professionals (B2B). The decision ultimately depends on the craftsmen’s goals, target audience, and the nature of their woodworking projects.
Conclusion
In conclusion, while the author achieved significant sales at market days, they maintain that the opportunity cost, sustainability concerns, and incompatible lifestyle make market day participation less favorable in the long run. The author recommends viewing market days primarily as a means of marketing and branding, rather than solely focusing on making money. Craftsmen are encouraged to thoroughly evaluate the opportunity cost, scalability, and viability of market days compared to other business strategies. Exploring alternative marketing strategies, such as targeting Facebook groups and implementing personalized customer appreciation tactics, can supplement or even replace market day participation. For industry-specific products, trade shows offer a more focused platform for networking and showcasing products. Ultimately, the key takeaway is for craftsmen to conduct thorough entrepreneurial evaluations when deciding whether to build a business around market days or craft shows.
