It’s quite common for individuals to turn a hobby into a business. If you frequently craft to relax and unwind, you could leverage your creativity and make some money. As e-commerce becomes mainstream, it’s become easier to launch a business and sell products.
According to Statista, the global art and crafts market will be worth about $50.9 billion by 2024. If you want to turn your craft into a full-time–or part-time–business, here are some things you should do.
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Research the Market
Before you launch your business, make sure there’s demand for your products. Identify the gaps in the market by researching what customers want to buy. To get this information, you can attend some craft shows and see what sells fast.
In addition, browse crafts marketplaces such as Etsy and Amazon Handmade to see what’s trending. By doing research, you’ll know what’s selling in your industry and determine the product niche for your business.
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Identify Your Target Audience
The craft business is vast, and different crafts appeal to different consumers. Analyze and define your target market to grow your business fast. You can also customize your craft items for different audiences, it all depends on the products you are selling.
If you are selling jewelry, your target market is individuals who are conscious about their looks. Once you have defined your target audience, you’ll have a better idea of the products to create and craft shows to attend.
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Get Crafting
If you’ve already created some crafts, you may need to make more to meet market demand. You may also have to take classes to hone your skills. For instance, if you love designing interior decor, you can join online workshops and watch videos on YouTube to improve your skills. You can also experiment with new ideas on your own and create unique pieces.
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Partner with a Manufacturer and Suppliers
In the beginning, you might have to do everything by yourself: create products, package them, market them, and ship them. However, it’s hard to scale a business when you’re doing everything by yourself. As the business grows, you’ll need assistance to achieve a work-life balance.
Loan Center, a company known for its car title loans online, advises entrepreneurs to find ways to keep their energy levels up as they run their businesses. One way to do this is by partnering with a manufacturer. A manufacturer can produce mass products when demand is high, easing the burden. Reliable suppliers can also streamline day-to-day activities.
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Develop a Selling Strategy
You need to develop a great selling strategy if you want to sell more products and scale your business. If you prefer selling your crafts at local craft shows, attend all the exhibits. You can also sell your items on online marketplaces.
Global eCommerce sales are projected to grow to $5.4 trillion by the end of 2022 as more people shift to online shopping. So make the most of online platforms and grow your craft business.
Crafting is a fun experience. And with the right strategy, you can turn your passion into a successful business. Use these tips to create a successful craft business.
