It is 2020 but blacksmithing is still getting more and more popular, especially among the younger male population. The truth is that many people start blacksmithing just as a hobby but after some time majority of them try to make money out of it.
So, is blacksmithing a profitable business?
Blacksmithing is a profitable business. While the level of profit depends on many factors, blacksmiths in the U.S earn somewhere around $35,000 per year on average. There are a minority of blacksmiths that earn over $60,000 per year. Note that today there are many more smiths than in previous years so the competition is greater.
In this article, you will learn:
- Realistic earning potential as a blacksmith
- How much you can earn as a part-time blacksmith
- How much you can earn as a full-time blacksmith
- How to price your work
- What tools you need to start blacksmithing
Let’s start.
How Much Can You Expect to Earn as a Blacksmith?
For everyone who is interested in making money in this industry, having an earning expectation is always a good idea. Keep in mind that I am writing this article for all reasonable people, not for those who think that blacksmithing will make you a fortune in one year. Ok, once we established that, let’s move on.
Blacksmiths who have a full-time business can expect to earn all from $20,000 all up to $100,000+ per year. While there are smiths who earn less and those who earn more, this applies to the majority of them. In terms of an hourly wage, the average is around $20. Keep in mind that these numbers refer to experienced blacksmiths, not beginners.
Blacksmithing as a Part-time Income
Of course, you don’t and you probably shouldn’t quit your job and pursue blacksmithing full-time too early. I would recommend keeping your existing job and developing your blacksmithing skills. After you get some experience, try to sell your work. Just, don’t rush into it.
When we were in the beginning phases, we both had a job. Blacksmithing was only a part-time business back then, with only a couple of orders per month. It was not until we established a solid number of clients that we could count on to bring us income each month. So, if you already have a job, keep it and do blacksmithing in your free time.
I wouldn’t risk quitting your job until you start earning more than your monthly salary is. Many people make that mistake. They don’t take into account the possibility of injury which is not so uncommon in blacksmithing. So, after your 9-5 is over, make time for a side hustle. I heard that some blacksmiths earn $20,000 per year as a part-time business.
Depending on the number of hours and the type of projects, you may earn less or more than that.
Blacksmithing as a Full-time Income
Doing blacksmithing work for a living is the dream of every aspiring blacksmith. You have two choices here, which is either to work for somebody else or be your own boss. Of course, the latter sounds much better but it takes some time to come to that. If you are a beginner or even intermediate blacksmith, first I would recommend finding a job as a blacksmith somewhere.
One of the biggest mistakes I see many people do is quitting their full-time jobs and starting their own blacksmithing business before they established a good client foundation. While that may work for someone who is living with their parents, it sure won’t work for someone with a wife and 3 kids.
You have to be responsible and make a good plan before you make that big decision. According to Salary.com, the average yearly salary as a blacksmith is $43,217. Note that 75% earns around $49,000 and 90% earn slightly over $53,000.
However, if you are an experienced blacksmith with a lot of quality made work, it is time for that next step. Typically, there are two major ways of earning money as a blacksmith: doing quantity work (small pieces with a large profit margin with a large market) or quality work (unique, artistic pieces with smaller but wealthier clients).
While both ways require a strong portfolio and networking, the first one is more forgivable as you can rely on online sales. But before you do start a business, you have to learn how to price your work. That part may be intimidating for some people in the beginning phases, especially when comparing your work with other talented blacksmiths.
Don’t expect to produce mediocre work and become a successful blacksmith. Successful blacksmiths are those who provide value to their customers by making their products as best as they can. Making a profit is just a consequence of that process.
Establishing the right product price is vital. Be sure that the difference between the final price and costs is enough to cover all expenses. This is why keeping a record is a crucial part of every business. Without it, you don’t know how the real value of your time and work.
One of the easiest methods of establishing a price is by knowing how much it took you to complete the particular project. The rate is composed of two components. The first ones are things like rent, lights, mortgage, tools, water, oil, etc. The other one is your desired salary.
After establishing your desired yearly salary, it is time to calculate. Ok, here is the example. Let’s just say that your ideal salary is $40,000. After removing holidays and weekends you end up around 250 working days. Next, figure out how many hours you can work on a daily basis. Let’s say it is 6 hours.
6 hours/day x 250 days = 1500 chargeable hours per year
$40,000 / 1500 chargeable hours = $26/hour
How Much Would It Cost to Start Blacksmithing?
To start blacksmithing, you need four basic tools: anvil, hammer, forge, and tongs. These are considered must-have blacksmithing tools. You need something to place the steel, something to strike with, something to heat the steel, and finally, something to hold the steel.
While these four are usually enough for starting purposes, keep in mind that you should add more tools to your arsenal if you want to get into selling your work. Tools like vice, punches, chisels, fullers, file, angle grinder, a drill press will make your work much easier and better. If you want to work with Damascus steel you should definitely buy either a power hammer or hydraulic press.
Okay, let’s list recommended tool for beginner blacksmith:
Anvil – You can either find a cheap anvil alternative, such as a railroad track or you can buy a nice quality anvil that will serve you for a longer period. For beginners, my strong recommendation is Happybuy Single Horn Anvil 55 lbs (affiliate link). This anvil was one of my first anvils in my beginning phases. Although is cast iron, it served me well for a few years.
Hammer – Having a good hammer is vital whether you are a beginner or an advanced blacksmith. The wonderful thing about this craft is that you can make your own tools, including a hammer. Until then you need something to start with. My recommendation is Picard Hammer – Blacksmiths’ Hammer (affiliate link)
Forge – There is no blacksmithing without some kind of forge. You have two choices: a gas forge or a coal forge. For beginners, I recommend having a gas forge as it is much easier to operate. I strongly recommend Portable Propane Gas Forge Single Burner (affiliate link).
Tongs – Finally, you need something to hold your material. This is where a good pair of blacksmithing tongs comes in. There are many types of tongs, but Wolf-jaw tongs are considered the best choice for beginners due to their versatility. Picard Hammer – Blacksmiths’ Tong (affiliate link) is my number one choice.
So, in the end, you can expect to spend somewhere between $100 and $500 on your basic blacksmithing tools. If you use some anvil alternative and make your own forge, you can even start blacksmithing below $100. It all depends on your available budget and what projects you plan on doing.
