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At CraftingGlow, we know that engaging in a craft hobby can be a great source of enjoyment and relaxation. For many people, the idea of turning that hobby into a business is also appealing. What could be better than converting a passion into a potential career? If you’re considering making the leap from hobbyist to business owner, you’re in the right place. We’re here to discuss the finer points involved in turning your craft hobby into a business!
Create a Sales and Marketing Plan
It’s a good idea to create a sales and marketing plan before starting your business. This process will help you define your target market and tailor your product to meet the needs and wants of your ideal customer. Creating a marketing plan will also help you determine the best platforms and mediums for marketing your business, such as social media advertisements or tangible business cards.
Business cards are great for leaving a lasting impression on shoppers and customers at craft fairs! And you can include them with packages so your customers can easily recommend your business to others. Creating free business cards is easy with the help of online graphic design tools. Just choose a pre-made template and customize it to fit your needs!
Establish an Online Presence
Many craft businesses sell products on Etsy, an ecommerce platform designed for handmade items and craft supplies. Should you sell on Etsy or launch your own website? Bplans explains that each option has pros and cons, so it’s important to consider your individual needs. For example, selling on Etsy is convenient and hassle-free, but it comes with some serious competition from other craft sellers. Building your own ecommerce site offers more control and may give your business more authenticity and professionalism—as long as it’s done right!
Find a Coach or Mentor
New to entrepreneurship? Try to find a mentor! According to Score.org, one study found that 92% of small business owners attributed the success of their company to mentors. Your mentor will help you identify new opportunities, access valuable resources, forge professional connections, and avoid pitfalls that are common among new business owners. A mentor will also serve as a valuable sounding board for your ideas, offering new perspectives and constructive criticism.
Set Prices and Make a Financial Plan
Pricing handmade items isn’t easy. Since every product, store, and target audience is different, it’s impossible to follow a one-size-fits-all pricing formula for handmade products. Your pricing first needs to cover the costs associated with making your products and running your business—including paying yourself a living wage. After this, build profits into your pricing and add markups to cover any discounts you intend to offer to loyal customers or wholesale buyers. Once you feel happy with your product pricing strategy, it will be much easier to create a financial plan for your new business.
Research Industry Trends and Best Practices
Staying up-to-date on industry trends will help your business remain competitive as consumer demands and buying trends shift with time. The pandemic was an excellent example of this. Pre-pandemic, many craft businesses relied on in-person interactions, including selling products in retail locations or operating on craft show circuits. The pandemic forced these handmade sellers to shift to ecommerce. Businesses that were quick to adapt to virtual selling were able to thrive. Keep your eyes on industry trends so you can anticipate upcoming changes and act before your competitors!
Turning a craft hobby into a business is a lot of work, but it’s also incredibly rewarding. Good planning will give you the best shot at success! Create a marketing plan, design and print business cards, establish your online presence, and find an experienced mentor who can offer guidance.
If you’re looking for more craft inspiration, be sure to check out CraftingGlow! With a wide variety of crafty project ideas and creative stories, you’re sure to find something to spark your creativity.
For more by this author, TINA MARTIN, check out her site http://ideaspired.com/ or read another of her guest articles here: https://craftingglow.com/2022/04/06/letting-go/