Business · October 21, 2022

How To Start Your Own Craft Business

How To Start Your Own Craft Business – If your craft business is a side project, it often means that you’re lacking some kind of time and money.

I started my craft business because I was tired of working for someone else and didn’t have enough creative control and wanted to do bigger, more meaningful work.

How To Start Your Own Craft Business

How To Start Your Own Craft Business

My (current) husband and I lived in a small one bedroom apartment and were saving up to purchase our first home (a two bedroom condo). So I was really short of money.

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I worked full time Monday through Friday and was trying to maintain relationships by not saying no to socializing.

It’s been years since I bought a condo, adjusted to the new costs of living as a homeowner, and saved enough money to take the leap and work full-time on my homemade business, but I still have the time and money was lacking.

Regardless of the size of your business, there is always a desire to spend more time and money.

However, there are ways to be strategic about how you spend your money and time in your business and how you can build your business to get more for less.

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>> With Focus, you can avoid wasting time and money trying to make something for everyone and ending up with most of your products not selling.

>> Prioritization allows you to spend time and money on tasks and products with a high return on investment instead of chasing low-value tasks (like commenting on Instagram posts to get more followers) .

Obviously, you can’t start a business with no money at all. You need some to buy materials and start selling.

How To Start Your Own Craft Business

The following steps will help you narrow down what’s important to your craft business and how to best spend your time and money when bootstrapping.

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Just because your craft business is small, home-based, or doesn’t have a lot of sales yet doesn’t mean there aren’t laws to follow.

Every homecraft business is different, and the laws you must follow depend on several factors, including:

Choosing who you want to sell to is the most important part of starting a business. Choosing an unprofitable target market, or creating a product without thinking about who it’s for and hoping someone will buy it can lead to a lot of waste.

A profitable target market is a group of people who are easy to find and market to, and who are likely to buy the right product for them (I’ll show you an example in a moment).

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>> Would you like a gift chosen with you in mind, according to your taste, style, interests, etc.?

>> Or would you rather have a gift that is chosen without any special feelings for anyone and that everyone will love?

But if you build a product without thinking about who it’s for, you’re building a product that isn’t special for everyone.

How To Start Your Own Craft Business

It doesn’t cost much to find a profitable target market. It just takes time to research a good target market.But it will ensure you stay on track and increase your chances of selling what you make.

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>> ‘Golfers’ is a good target market as it defines a group of people who can be easily found and sold (in large numbers).

You can also easily find groups of golfers. If you’re building a golf-related product, you can market it on golf magazines, golf blogs, golf Facebook groups, and golf-related hashtags on Instagram. You can also sell your products at golf shops and golf events. These are the places where you can definitely find your customers.

Don’t target unprofitable markets. It will be a waste of money.

There is no profit in that target market because there is nothing to suggest buying a particular type of product.

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Women don’t spend money on women’s products just because they are women. There should be a stronger connection.

This is where so many craft businesses go wrong. They think: I make jewelry for women. Almost all women wear jewelry, so there are millions of women who can sell it. But when you exhibit at a craft show or list jewelry on Etsy, you quickly realize that just because you make something for women and put it in front of them doesn’t mean they will buy it.

It’s also not a good definition of “target market” because there’s no way to identify and find women in their 30s.

How To Start Your Own Craft Business

Women are not grouped simply because they are of the same gender or fall into the same age group (they must have common interests that attract them). Just because you’re a woman in your 30s doesn’t mean you’re creating a group on Facebook or following an account on Instagram. There are no 30-something-themed blogs or shops targeting 30-something women. Instead, it targets women who practice yoga, follow fashion trends, or are pregnant.

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Say you have $100 to advertise somewhere and you want to make sure you reach a woman in her 30s who is guaranteed to be interested in your product. Where would you like the ad to appear? it would be impossible. Women in their 30s have an extremely wide range of interests in products.

On the other hand, if you’re selling a product made for a lucrative target market, such as female golfers, you might want to consider women’s golf magazines, local golf courses, golf-focused blogs, or Instagram. Becoming a golf influencer is guaranteed to reach people who are interested in my products.

Add one key factor to your target market, such as golfers, yoga, brides, and pregnant women, and you’ll be able to filter and find them easily.

Now let’s say you’ve chosen a profitable target market, perhaps female golfers. That information is useless unless you build a product that actually appeals to your target market.

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Sure, a “female golfer” can tell you what her target market is (golf courses, golf shops, reading golf magazines, watching golf videos, golf events, etc.), but now it’s time to figure out what products they’re sure to buy. must be presented.

Instead of making regular jewelry and putting it in front of female golfers, make golf-themed jewelry to target female golfers.

HOW TO FIND A GOLDMINE OF CUSTOMERS will help you find the perfect target market if you need help in that area.

How To Start Your Own Craft Business

>> Think about the different materials you need for each of these projects. I was only making small quantities of each product. This meant that materials could not be purchased in bulk to save costs.

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>> Also, I needed a different pattern for each product and needed time to perfect it before I was happy with the final product and was able to manufacture and sell multiple products.

>> A large variety of products also meant that we had to switch between materials, tools, patterns, techniques, etc. many times, and production times could not be handled efficiently.

As I slowly weeded out the product, I began to see more profits and a more efficient business.Get serious about your vision for your business, what you want to be known for and what you are passionate about creating. I had to think.

Pajamas didn’t excite me, nor did aprons.I’m not a big cook and I’ve never owned an apron, so why not understand aprons for people who own them? did you try to make it

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I was trying to build a business around what I could make and what people would buy at a craft show.

I wasn’t concentrating. I wasn’t thinking about what I really want. Who you want to serve, what you can see yourself making over and over again, or what you want your business to grow.

Don’t try to be a “one-stop-shop”, a business that offers a variety of gifts for every occasion, or a business that sells one category of products to a large target market (such as jewelry for all women). ).

How To Start Your Own Craft Business

At this point, don’t even try to build a “bath and body” business, for example. Offering bar soaps, cleansers, toners, lotions, creams, bubble baths, bath salts, and lip balms is too much for a bootstrap business to take on.

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Focus instead on building your bath or body business. Or, even better, specific to one of those categories.

Based on these examples, you can see just how creative you can be with just one category or even a subcategory of products.

If you’re building a part-time craft business for little money, focus as narrowly as possible on your products.

For example, EOS launched a company that sells lip balm. Lip balm ingredients and scents were nothing new. Burt’s Bees sold lip balms made with natural ingredients years before EOS hit the market. But EOS changed the shape of the package. Instead of the typical tube, EOS sold their lip balm in egg-shaped pods, which became their USP.

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USP helps when starting a craft business

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