So many people fall in love with the accessibility and creativity that crafting allows and creates. There are millions of people who live for the moments where they can escape from the daily world and turn an idea into a reality. The thought of turning a crafting hobby into a business often seems like an untouchable dream, though.
Times are changing, however, and so is the market for handmade crafts. With stores like Etsy and Amazon’s Handmade Store, more and more crafters can achieve those seemingly “untouchable” dreams. According to Statista, Etsy “recorded more than 1.7 million active sellers and generated an annual revenue of close to three billion U.S. dollars in 2016 alone.” If this is something you hope to achieve, then it may be time to turn your hobby into a business. Below we’ll discuss the different tips for you to do just that—find out more, below!
Choose a Niche
If you’re a crafting expert, you may be tempted to sell a broad range of items. However, when you first start out your crafting business, you want to keep your products limited until you get a better hang of the business. Start off strong with some craft pieces that you consider your best work. Not to mention, laying out a clear niche will make it easier for you to build a good reputation for that area.
Source Quality Materials and Equipment
First, you need to understand that the money you invest in your business now will help you get your it up and running, and it may cost a bit. Nevertheless, that money will go into the tools and materials that are the foreground for your business. Find a place that offers quality bulk materials, and make sure you have some of the best equipment. This will be a huge benefit for you in the long run.
Build Profit into Your Pricing
One of the biggest mistakes crafters turned business owners make is setting their prices too low. A lot of creative minds who want to sell their work often mark their prices too low and end up not paying themselves enough. If you want your business to succeed, then it’s vital to build profit into your prices. The Etsy Seller’s Handbook has a nice way to start thinking about your prices:
Material + Labor + Expenses + Profit = Wholesale Price x 2 = Retail Price
Establish a Personal Brand
This may take some deep thinking, but it is well worth it to make your business last. Think about it like an “About” page; you should share your story behind the products and other unique information that pertains to you and your craft. That should give you a head start into what makes up your brand, such as what’s important to you and how that affects your products. For example, your business’s name is essentially the face of your brand—think long and hard about what you would like to convey with your brand’s name.
Finally, the tip that will stay with you no matter the highs and lows of your business (there’s bound to be both) is to maintain relationships with your customers. This is absolutely necessary if you want to sustain and expand your business. Provide safe and easy transactions, utilize email marketing, check in with them, and personalize each purchase. The more you do to improve customer experience, the bigger your outreach will become.
If you decide that starting a crafting business is what you want, head to Lindley General Store for your necessities. We have premium Canada tatting supplies, quilting supplies, loads of fabric, and so much more to help you get started.