So you want to start your own craft business? Here is a list of 20 things you need to think about. Over the next few months, I’ll be adding articles in which I’ll discuss many of these in great detail; until I do these points will get your mind rolling.
- How to decide what to create.
- Where will you sell your work?
- How to price your work.
- Ways to maximize your profit by cutting cost.
- How and where to source your supplies.
- Finding & applying to shows.
- How to get paid: cash, checks and/or credit cards.
- What to bring to a show.
- How to set up your booth.
- The best way to capture customers attention, aka selling yourself.
- How to handle requests for a discount.
- Which will work for you? Wholesale, retail, consignment or artist cooperatives.
- How & where to sell online.
- Ways to manage your budget: loans, credit cards & grants.
- How to handle rejection because you will face rejection!
- Researching your market.
- How to demand respect from friends & family who think you don’t actually work.
- Should you pay for print ads for my craft business?
- What to do when you hit a creative slump.
- What are you gonna do about taxes?
Right now you’re thinking OMG that’s a lot of things to consider! Yep, no one ever said running a craft business was for the faint of heart. Sometimes a 9-5 is appealing because when you work for yourself it’s 24/7 baby. I always say – “the boss is a hard ass, the hours are long and the pay is lousy, but it beats working at the bank.” (Yes I used to work for a bank.) Being able to put your heart and soul into something you’ve created and then having people spend their hard earned cash to take it home is very rewarding and humbling. It’s not an easy way to make money but it is rewarding.
Here are a few articles by others to get you started:
Starting an Arts & Crafts Business
SBA article on starting a crafts business