It is indeed a brilliant idea to start selling homemade craft items at the comfort of your home since you’ll not only be making good money but also following your passion. The truth of the matter is that not many people
are gifted with this skill and therefore the market for these products is remarkably enormous. There is however some key things that you need to keep in mind before setting out to start this business in order to ensure you’ve got everything right from the start. Below are some of the guidelines to help you start a solid homemade business.
How to start your home business
The first thing that you need to consider is the products that you want to sell and the quality of your work. With this you need to figure out whether your craft items meet the quality threshold that will attract customers who are avid lovers of Arts/Crafts. There is a wide range of products that you can make, such as jewelry, flower arrangements, clay crafts, scrap craft, stained glass, hand painting, leather craft paper crafts, and the list is endless. It is therefore imperative that you figure out the area you want to specialize in. The best thing here is to create what you know best since this will make you to be established in the market quite easily.
It is important to know how to set charges in such a way that you’ll eventually accrue good profits. One of the things that you can do is to look around and see how your competitors’ products are priced as this will give you a rough idea on the price ranges in the market. Secondly, you need to figure out your incurred expenses in the process of crafting your products. This is in terms of time, purchase of raw materials, electricity and other underlying expenses. The golden rule is that you should sell your wares twice the amount they’ve cost you to make. For example at item whose materials cost $5.00 should sell at $10.00.
The approximate start-up expenses
You don’t necessarily need to spend megabucks for you start a homemade craft business. The amount of capital is tremendously small since all you need to get are the requisite accessories and equipment to set the ball rolling. There is no need of being concerned with setting up an office since any suitable room in your house can be transformed into a craft workshop. Setting up this business may require you to spend as much less as $50 as the initial capital. In the event that you’d want to be selling your craft products in craft and antique malls, you may be required to pay as little as $60 per month.
Where to sell your craft items
This may at first appear to be a hard nut to crack, especially if you’re a newbie. The most important thing is to develop concrete marketing techniques in order to ensure people within your target market get access to your products. There are lots of free online markets in the form of auction sites where you can put up your craft items for sale. Basically what happens in selling crafts online is that you receive a certain percentage of earnings once your products have sold through these sites. You can also establish your own website and then start marketing both the website and the products accordingly.
Selling at craft shows also proves to be another great way through which you can make your products available to many prospects since this is where craft lovers usually converge. There are usually no restrictions on earnings from your craft items since it all depends on your marketing efforts.
Typically, a homemade craft business could fetch you an annual income between $12,000 and $40,000 if your craft items sell really well.
Permits and Licenses that might be required
It’s not out of ordinary for you to be required by local laws to acquire certain permits or licenses in a bid to legitimize your business. A business license is obviously a must because of the purposes of taxation, and you may also be required to have an occupational license. The best thing though is to check with your local laws and regulations so as to know how you can acquire the appropriate licenses.