If you enjoy making crafts, then starting your own craft business may be in your future. Whether you plan on doing it full time, part time, or just in your spare time, the craft business can be quite lucrative if you have your business set up right. If you’re thinking about opening up your own business, here are some things you’ll want to consider:
Online, Offline, or Both?
Sites like Etsy exist because of crafty people like you. There are a number of great online places where you can sell your wares, including online auction sites or you can even do it directly over social media. Pinterest, for example, can be a great place to advertise your work for free.
If you’re thinking about having a physical location for your store, think about your budget the overhead that you’ll be paying, as well as what sort of permits or licensing you’ll require to set up shop. Alternatively, you can go to tradeshows or sell your crafts at farmer’s market events.
Planning Your Materials
Starting your own craft business means having all of the proper materials on hand. Some of these materials will be as obvious and easy to obtain as scissors and glue, and some as expensive as a printer and a laminator. You can get all of this stuff from Viking Direct (this site is a crafty person’s dream, as it has literally everything you could possibly need to make crafty things). Once you have a list of all of the materials that you’ll need to start up your new company, you’ll be able to plan a proper budget and start piecing together your business plan.
There’s no reason why you should have to pay full price for any of the materials that you’ll need. Get in touch with wholesalers, distributors and manufacturers of things like yarn, paint, canvas, fabrics, and more. You may need to have a business license and a sale permit in order to buy directly from wholesalers and manufacturers, but it’ll be well worth it in the end.
Think About Bookkeeping
If you’re confident in your bookkeeping abilities and feel that you’ll have the time to do it, then all you should need is to invest in a basic bookkeeping software program so that you can keep proper track of your sales and return on investment. If bookkeeping isn’t your thing, then it’s a good idea to start interviewing some accountants or bookkeepers so that you can find the right person who is familiar with your industry and niche, and who’ll be able to maintain your books.
Begin By Working Part Time
If you’re already working full time or even part time in a stable job, make sure that you stay there until you’re generating enough reliable and steady income to support yourself. It’s a good idea to also put away enough money so that you can survive for 6 months without having regular employment.
You can read a bit more about this kind of thing on Wikihow.