Do you dream of turning your craft hobby into a side hustle? Perhaps you want to leave your career to focus on setting up a craft business. Even though this has been achieved successfully by many people, you need to plan carefully. The whole point of a business is that it needs to make money, whereas a hobby does not!
Here we set out some vital steps that you will need to follow if you want to set up a craft business.
Set up an online store
According to Forbes, the best e-commerce platforms should make it both easy and affordable to set up an online presence for your business. There are plenty of options to choose from including Wix, Shopify and Square.
However, to support your online store, you need a comprehensive marketing plan. This may involve setting up a social media marketing strategy and investigating the most appropriate social media channel for your target market. You may also want to set up an email marketing campaign.
Create products
Your business is only going to succeed if you have products that people want to buy. A popular option is to create a product that makes a craft accessible to everyone, even beginners. An example would be crochet kits such as those detailed here: woolcouturecompany.com/collections/crochet-kits.
However, the principle can be applied to all crafts. You need to decide how many products you are going to offer and where you are going to source them from.
Plan your finances
You need a clear idea of how much it will cost to set up the business. This includes startup costs, direct costs, and overhead costs. You cannot run a profitable business without appropriate financial planning.
Right at the beginning, you need to estimate your expenses, price your products, and calculate your profit margin. If you do not have enough capital to finance launching the business yourself, you may be able to apply for a small business loan. In some areas, you can even get a grant to help you launch your enterprise.
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