Starting a Home Craft Business
How can one forget the craft classes at school? You must have enjoyed putting together colorful pieces of paper and varied craft stuffs to give form to dolls, teddy bears, boats, aero planes, flowers and so on. Have you ever considered making innovative and attractive crafts could earn you a profitable and stable income? And you could work at home without having to set up any office or shop to sell your craft items.
You can set up a craft workshop at home with you being the boss. If required you can take the help of a few assistants. They could help you out with the various aspects of making craft products.
Does that sound interesting enough? You can surely give it a try! Starting a Home Craft Business is just so simple!
Overall Summary of Business:
Starting a Craft Business is a perfect idea for a home business. You can create wonderful and visually appealing craft items using your creativity and innovation. So a craft hobby can be converted into a lucrative home-based business. You can freely work in the relaxed environment of your home adjusting the working hours according to your personal preferences.
Now what kind of craft products do you want to sell? Well that depends on your interests and hobbies. What exactly you enjoy making/creating determines the collection of craft items on your sales list.
There are a variety of products you can make such as flower arrangements, jewelry, soft toys, hand embroidered sewn items, clay crafts, wood crafts, paper crafts, stained glass items, scrap craft (craft made out of scraps and thrown away products), leather craft, hand painting, electronic craft, and the list goes on. You can specialize in Japanese craft making styles such as Origami, Ikebana that are just so beautiful and pretty. Your customers will grab them like ‘hot cakes!’
Estimated Start-Up Costs:
The initial start up costs for a Home Crafts Business is extremely nominal. The major investment for a start up is in buying all the necessary equipment and accessories that will be needed to create and make the craft products. You do not have to worry about setting up a separate office for starting the home craft business. Any suitable room of your house can be converted into a craft workshop. And an additional space can be allotted to store the finished products ready to be sold. That’s not a big problem at all! This business does not need a huge amount of capital. Your start up cost can be as little as $50 dollars.
Financing Sources:
You can approach banks, financial institutions, moneylenders and trade associations for financing your Home Crafts Business at the initial setting up stages. However, since start-up costs are so low, you may not need financing at all.
Pricing Guidelines:
Price you items low enough to make sales, yet high enough to cover the cost of the materials. A general rule of thumb is to charge twice the amount of the cost. For example: Materials cost $4.50, you charge $9.00. If you plan on selling them at wholesale to retail outlets, you should charge $6.75. You split the profit with the retailer.
Advertising and Marketing Methods and Tips:
- Attend Craft Fairs
- Bring samples to jewelry stores and gift stores
- Build a website to promote your products
- Local Newspaper ads
- Yellow page advertising
- Print pamphlets and brochures
- Craft Home Parties
Essential Equipment:
The essential equipment needed to start a home crafts business depends on what kind of craft products will be making. In addition to the basic stationery item such as adhesives, tapes, scissors, craft papers, staples and so on you will need a computer to lookup information, latest designs and ideas, bookkeeping, website building, etc.
Recommended Training, Experience, or Needed Skills:
To start a home based Crafts Business you do not need any special skills, equipment or formal training. There numerous easy to follow instruction manuals available. Guidelines to make crafts and related items are also available on the Internet. Just use your creativity.
Income Potential:
$20,000 to $80,000 depending on the type of craft items you will be selling.
Target Market:
The target market for home made craft items is diverse. With proper marketing techniques you can target almost all kinds of people who love arts and crafts and indulge in collecting such items for themselves or for their friends and relatives. Crafts and related products are also used for decorating purposes at weddings, birthdays, and shower parties; they also serve as gift items. You can also sell your craft pieces to gift shops and craft stores.
Success Tips:
Research your market, watch TV craft shows, go to craft fairs and check out handcrafts in the marketplace.
The Author:
© Copyright Randy Wilson, All Rights Reserved.
Randy currently has a website dealing with Reviews of Coffee Related Products such as coffee makers, espresso makers, coffee, k-cups, and more plus articles on coffee enemas and other coffee and health related topics.
Photo. Laura Stanley
