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As we begin the New Year (2014), I've been reflecting back upon the experiences and lessons I have learned on this new life adventure that I "Officially" began in May of 2012. I call that my beginning as it is the date I built my very first stringed instrument. A Kinnor Lyre Harp...

I still have this instrument, and I'm still trying to make it playable after almost 20 months of trying. I has been re-built and modified repeatedly. It has been a real challenge, but it is also a great illustration of a lesson...

IMPORTANT NOTE:

"Know when to hold 'em, know when to fold 'em, know when to walk away, and know when to RUN!" - The Gambler

There is a point on the horizon known as "diminishing returns", learn where that point is and try hard not to cross it.

You can easily spend more time and resources on a project than you will ever be able to recover. The instruments that are found in the "Homemade Folk Instrument" genre are inherently UNPROFITABLE. There is no need to be throwing good money into a money pit. Success in business depends upon your ability to squeeze out a very small profit from products that literally have no profit margin. Think about this.... if there was any actual money to be made in this industry, it would be mass produced from China and sold at Walmart. ( Reality Check ).

I'm having my doubts that I'll be doing any work on my Lyre anytime soon.

"Abandon all hope, ye who enter here." - Dante's Inferno

I'm sorry to inform you that your hopes for making it rich building folk instruments are sadly misguided...

I was told that from many different sources over the last year, and for the most part they are correct.

I'm not what I would consider successful in any stretch of the imagination. Granted, I'm still around, I survived 2013 intact, but that has honestly been it. I have managed to maintain an activity that at best can be described as a "cottage industry" that has not lost money. The total sales from a full years worth of effort has paid for parts & materials, and provided me a net income (profit) of less than $1,700 about 64 cents an hour before taxes for the year.

If it wasn't for living with relatives I would be homeless and sitting on a street corner with a "will work for food" sign, no doubt making far more money...

Now it's "Show Me The Money" time...

I managed to make these profits, and hopefully more in the coming year by being aware of my customer needs and watching the market for indicators of "What's Hot". Now, if you take a casual glance at the market, you could easily come to the conclusion that 6 string Electric Solid Body Guitars is where it is at.... if you look deeper you will find that the market is over saturated and most of the Guitar sales are done at a loss for the most part. There are literally thousands of guitars hanging on store walls across the country. Walmart sells them for less than $200. There is no way on earth that you can compete in that market. True, there is the custom build market, but those customers go to Known Reputable Luthiers. I'm still a nobody...

IMPORTANT NOTE:

Only build and sell instruments worthy of putting your name on.

Seriously, this is a double edged sword.... if you don't place your name, brand or mark upon your work, then when your customers show their friends their new toy, their friends will have no idea where they can go to get one for themselves. Anonymity does not build business. Likewise.... I happen to build a rather nice sounding guitar...

Cypress LP Hollow Body Electric

I have on two different occasions, been offered the "Opportunity" to build a "Signature Series" guitar based on this design. I pursued both of them, and both ended as business setbacks. Lesson learned... only put YOUR NAME on any of your builds... You do not need a customer who has enough Ego to want a "Signature Series" guitar with their name on it, but are incapable of building it for themselves. Trust me, it's a bad move regardless of how many guitars they want to order from you. They will inevitably complain about price, quality, etc... because they want to buy your work and re-sell it for a 100% markup. Now a $500 guitar is a $500 guitar... it is what it is.... anyone who has spent 120 hours hand crafting a guitar knows what it takes to build. If you can only get $500 for a guitar it takes 120 hrs worth of skilled labor + expenses to build, you will have to think long and hard about servicing a customer who demands you sell it to him for $250 (before expenses) so he can put his name on it, and make $250 for a few hours on the phone.  

Times running out, so I'll add a part 3 later...