Do you love making crafts with your own hands? Making different items is an enjoyable hobby that could help you destress after a long day. But do you know that you could also earn money from the crafts you have so much fun making?
If you are thinking of building your own small craft business from scratch, now is a great time to get started. The internet and the wealth of information and technology available today have made it so much easier to find the best tools to get you started. However, starting is usually always the hardest part.
It is a daunting task for anyone, but it could also be a potentially enriching experience. We have some great ideas to help you learn the ropes of business planning for your handicrafts.
Business Planning Basics
Before you sit down and write your business plan, you must first understand what you are getting yourself into. That means studying quite a bit of the landscape so that you know how to best approach it.
1. Take cues from existing businesses.
A great place to start when you don’t know what to do is to look at the successful businesses that have gone before you. There are many kinds of crafts, so look at established and growing businesses in the industry you want to enter to see how they market themselves and why it works.
For instance, if you want to enter the handcrafted jewelry biz, look at the various ways other brands promote their products. Look at future competitors who are also small businesses because it helps you differentiate yourself from them.
But take time to also look at big luxury brands, such as Hatton Garden Diamond, because these businesses have plenty to teach you about good branding and consistent marketing. While your audience may differ, you can borrow the principles they follow in setting up your craft business.
2. Identify your niche in the market.
Next, you have to determine what need you are meeting in the market. And if you are not exactly offering something new, how do you give it a different appeal to consumers who may already have go-to businesses for handcrafted items?
Identify your market by looking at the crafts you like to make. For example, if you enjoy making colorful beaded necklaces, bracelets, and the like, you can market your products to a younger audience, from kids to teens. On the other hand, if you like making homemade soaps, essential oils, and other wellness products, an older consumer base is more appropriate.
Building Your Product Base
It is now time to develop your products to ensure you offer great quality to your consumers. This is the period to take a few risks and make some mistakes because you find the best ways to create your products.
1. Take tutorials and workshops.
Starting a business means believing in yourself and your capability to make marketable products. Still, this does not mean that you should get complacent about your current skill set.
Attend workshops that help you hone your current skills or learn new techniques that speed up your processes. Go out of your way to learn from other people because it can give you fresh ideas to keep your imagination alive. Lessons can also introduce you to different people you can collaborate with or even hire to assist you as you set up your business.
2. Look for suppliers and employees.
Your homemade craft business should not function under your supervision only. If you take every responsibility on your shoulders, you will quickly get burnt out as you work.
First, look for a supplier from whom you can source your materials for a reasonable price. Having a supplier keeps the quality of your product line consistent. Hire employees whom you can train to help you make crafts and manage the business so that you will be prepared for opening.
3. Keep making crafts!
Finally, the most exciting part of this is that you should keep doing what you love to do! Continue craft-making because it allows you to test out the materials you have sourced and it lets you build the initial offerings for your store. It also lets you put the things you have learned about the industry, your audiences, and craft techniques into practice.
You will only truly understand what makes your brand special when you go out, create, and show them to other people. So keep creating and presenting the fruits of your efforts to customers!
