If you are a crafter starting to look at your hobby as a business, here are 6 questions you should ask yourself before you turn your hobby into a business.
1. Do I have a passion for my craft?
There is money to be made in the craft business but it takes a lot of time and perseverance – so you need to love what you are doing.
2. How am I going to finance my business?
Knowing your financial situation is important when planning your business. It is best not to borrow money.
Loan payments can put a strain on your budding craft business. It will take a lot of pressure off if you can use your own money - that way you can enjoy making and selling your crafts.
3. What kinds of crafts do I want to make and sell?
Do research to see what kinds of crafts are selling. Find out who is buying them. Find ways to make them unique so they are one of a kind. Determine how expensive it will be to make them. Find a niche and make it your own!
4. Do I have the time to commit to making my crafts for money?
Making crafts for money won’t be a hobby anymore. It will require a lot of your time. Are you going to work at it part time or full time? There will be times when you will have to work long hours to fulfill your customers orders and there will be times when sales are slow and it only takes a few hours. Can you see yourself working on your craft four to eight hours a day?
5. Do I have a place to make my products in large quantities?
It may be hard to separate work from home. Do you have a space where your work will not interfere with your family life? Consider how much area you will need and how you will keep your business and family life organized and separate if the need arises.
6. How will I market my business?
There are many places to market your crafts. Craft shows are a great way to get started. There is also the internet. You can have your own web page or sell on one of many sites where you set up your web store for a price. Other ideas for marketing your crafts are: local stores, advertise in magazines and other publications, teach a class, a crafts only garage sale or even word of mouth – sell to friends and family and have them tell others about your craft business.
Crafting is a wonderful business that allows you to make money while doing what you love.