Hey LA, congratulations on your new? gig. I have been down the path of woodworking, and I don't think most people would describe buying tools and lumber to make a piece of solid wood furniture as a frugal undertaking. What is your secret to achieving a margin on what is mostly a pretty expensive hobby for those that enjoy it? -Ap
For me the "secrets" are
1) Don't buy brand new tools, I have modern (5-10 year old) tools that retailed for 5-600 dollars that I purchased for 100 or less. I have older tools (say 70 years old) that cost 50 dollars, where a new one or similar quality would again cost at least 5-600 if not more. It still adds up, but 4 tools at 400 dollars is much better than 4 tools at 2000 dollars.
2) Don't put a dollar price on your time; the time I spend woodworking is likely to otherwise be down time for me, plus I enjoy the process.
3) Know when you are beat. I will never be able to beat flat-pack RTA storage cabinets and shelving (but I wouldn't want those outside of the workshop, utility room, and basement). But . . . the 800 dollar solid wood bathroom sink base or the custom kitchen cabinets yeah I can probably beat them.
4) Materials materials materials . . . good deals on scraps, cast offs or the like come up from time to time (a widow clearing out the barn). Moving sales and the like are also a good source . . . and sometimes you just happen to know the right person (say with a constant stream of cast off end that are the right size to use as hardwood flooring).
5) The scale of your projects, if you buy all the necessary tools to do one project and then stop you will never break even. But, if you are redoing the kitchen, bathroom, replacing the carpet with hardwood, and finishing off the basement suddenly the cost of the tools is spread over multiple projects.
6) Other savings; while not directly tied to woodworking, if you are doing a project yourself you are less likely to engage additional services. For example if you building your kitchen cabinets you are more likely to do the kitchen layout yourself or if you are fixing the sag in the floor with a beam in the basement you are less likely to involve and engineer.
The problem with these savings and MMM is that the items you would be comparing the things you build . . . well they are things that many people here would not be willing to purchase from a store. So perhaps for us the comparison is not a savings per se, but getting something much nicer and approximately the same price.