Can you build a sustainable business based on one (teeny tiny) product? Meet Spencer Pickslay
When Spencer Pickslay first opened up his Etsy shop to sell the handmade wooden items he was making on the side as a hobby, he had no idea that someday his biggest seller would also be his smallest.
Four-and-a-half years later, Spencer is making a living selling his custom wooden guitar picks online and exploring what it might mean to begin wholesaling his star product.
Read on to learn more about how he got here and what he's hoping to tackle next in his business!
Name: Spencer Pickslay
Business: Woodworker and Owner of Pickslays Woodworking
Started: April 2011
How did you create your awesome job?
I wasn’t always into woodwork. I didn’t enjoy it in high school and I didn’t have handy parents, or anything like that.
It wasn’t until I started working in a hardware store and got to playing around with some old materials and watching YouTube tutorials that it really clicked.
In 2010, when I was getting really into woodworking as a hobby, my grandmother taught me how to burn letters into wood. This meant that I could customize my pieces.
By 2011, I’d built up a little collection of handmade furniture and I felt confident enough to start up a shop on Etsy that I could run alongside my full-time job. I started by listing a few coffee tables with woodburned designs, cutting boards, wooden coasters and plaques. Eventually, my business took off from there.
Who was your very first customer? How did you find them?
I launched my shop on Etsy in April of 2011, but didn’t make my first sale until December. I didn’t have much time to put into the business, so originally I didn’t do any marketing. It was just by chance that somebody stumbled upon my store and they bought a custom engraved cutting board.
When did you know your business was going to work?
I continued to work full-time in the hardware store and I took a few different jobs between when I launched my Etsy shop and when I decided to devote myself to my business full-time in 2013.
I launched custom guitar picks in the Spring of 2012 and, although they were slow to take off, they sold really well that Christmas. That gave me enough confidence to dive into the business head first. The picks are just one of the products that I offer, but they account for 70-80% of my income.
The idea for the custom guitar picks came to me when I was looking for a gift to make for a friend, who is an excellent guitar player. Wooden guitar picks produce a great sound and hold up really well. I cut the pick out of board and engraved a tree on it — it was definitely the worst pick I’ve ever made, but I owe it a lot because after that I started making many more!
What has been the biggest surprise in starting your own business?
The most surprising thing has been how encouraging customers have been about my business.
When I wasn’t sure about taking this on full-time, their comments and feedback gave me the encouragement I needed to take that risk. I’ve always been humble about my products and the service I offer, so I was surprised to receive so many messages of thanks and good reviews. Etsy has an incredibly supportive customer base.
How do you price your products?
It’s always a struggle to account for all the time I put into creating these products while still trying to be competitive.
When I first started, there weren’t many sellers out there offering wooden guitar picks, so I didn’t have anything to go off. I just calculated an average time and cost for materials to create a baseline price.
Some of the woods I use are harder to work with than others, and some cost more, but I sell all my picks for $8.50. Creating an average price means that it’s simpler for the customers and it all averages out for me.
It takes roughly 20 minutes for me to cut the picks and another 15-30 minutes to engrave them, depending on the message. I try to make a ton of picks whenever I have downtime, which helps me get ahead. I’m making a good living, so I know my pricing works.
What does a typical day look like for you?
I wake up at 6am and dive right into work, which is easy to do because both my office and shop are in my home.
I go to my computer first to start processing custom engraving requests, asking customers specific questions and answering anything they may have asked me. Once we’re both happy, I’ll engrave their message onto the picks and package them up so they're ready for shipping.
On slow days, I go out to the wood shop — a shed in my backyard — and create picks from 7am until 5pm.
First I take a piece of board and cut it roughly with a bandsaw, then I take it to a more precise machine for cutting the shape. After that, I sand it to give it a smooth finish. I’m slowly sanding my fingers away, but it’s worth it.
On busy days, I don’t have time to go out to the shop, so I just take picks from the collection that I’ve built up in my spare time and engrave them instead.
I love my job, but making guitar picks all day long can get a little boring. Whenever I have free time, I go out to the shop and make furniture or other things for myself. It’s still my hobby and passion, and I love the freedom of being able to mix it up.
If you could go back in time, what’s the one thing you’d do differently in starting your business?
I would've definitely focused on the guitar picks a lot sooner. Even when I started selling them, I focused more of my efforts on other products that didn’t sell as well.
Thankfully, I now have so many built up in my inventory that I’m able to make other things in my downtime without damaging my business.
What would you like to learn today from a network of other small business owners and self-employed professionals?
I’d like to know how other handmade product sellers deal with wholesaling and bulk orders. I’ve been approached by a company that would like to stock my picks, but we’ve yet to come to a good agreement.
I can probably reduce my price by 30% maximum, but it seems like this isn’t a very attractive discount. It’s also a risky time to get into wholesaling because I can’t get rid of that much inventory before Christmas. However, would it be worth my while in the long run?
Do you have experience with wholesaling your handmade products?
Spencer is looking for tips that will help him decide how — and when — he explores wholesaling his handmade guitar picks.
Do you have a similar experience to share? Tell us below!