How to Start Handcraft Business Parody

Start-Up Considerations

If you are planning to turn your love for crafts into a business, there are a number of factors that you need to consider:

Decide why you're really starting this business. Your goals for converting your hobby into a business can spell the difference in the level of success that it can generate. If you want your craft business to generate or supplement your family's income, then you have to get serious and start treating it as a business.

 

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Verify the demand for your products. You need to know with certainty that people will want and buy your handicrafts. There are crafts that cater only to a very small market and cannot profitably support the operation of a business. 

One way to find out if your particular craft has a sizeable audience is by checking eBay. Do a search on eBay about your craft (e.g. bead art) and look at the auctions listed as "ending today." If most auctions ending that day have no bid, it may indicate that there is a lackluster demand for the product. Also do a search on Google to check how many e-commerce sites are selling your products. This approach can help you gauge your competitors, find out what they offer, and identify your possible niche or selling point.

 

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Understand the business basics. Creating crafts is one thing; knowing how to turn a profit from it is another. Understand all the requirements and have reserve capital to meet expenses before you are able to produce sales and earn a profit.

 

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Do your homework. If you have no previous background in business, now is the time to begin learning about the basics of managing and running a small business. You will not only produce the products, but you will handle its marketing, selling, bookkeeping, purchasing and a thousand other things. If you will hire other people to help you produce your products, you will need to learn about managing and keeping personnel. Buy or borrow books from your local library on how to run a small business. If you feel that you are weak in bookkeeping, you may want to take a crash course on the topic from your community college.

 

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Find out about local regulations. As a business owner, you should familiarize yourself with local regulations, including licenses and permits that you need to operate your business. Even if you intend to sell only at the local flea market, you will be asked for your permit and will need to collect sales tax.

 

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Separate your business from your personal account. While this is not essential to your start-up phase, having a separate business account from your personal account can make life easier for you especially at tax time. You need to prove that your craft business is not a hobby - and that it is indeed a business - before you can be allowed to deduct your business expenses from your income. Getting a separate bank account under your business name is the first step.

 

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Know where you will work. Find an area where you can work, giving consideration to efficiency and the eventual expansion of your business. Whether you will be working in a spare room or rent a workshop area, your studio must fit your needs in terms of size, services, security and safety. You may want to work from home during the startup phase to help you operate with lower overhead and start with a smaller amount of capital. Make sure that your workplace has an adequate electrical service and ventilation system, particularly if you are using chemical dyes.

 

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