Making a profitable business out of crafting is more work than just find an online venue to sell your stock. Growing a business takes years of work, countless hours networking, and knowledge on what the buyers really want. Here are a few tips to help you find some of that knowledge and grow your hobby into a money-making endeavor.
Know your audience before building your products.
Before you can settle into selling your goods, you'll need to figure out what types of people you want to be selling to. Marketing your crafts will be much easier when you find out who is generally interested in your items. One easy way of doing this is to create products that relate to a specific group of enthusiasts. By catering to a niche interest group, you will be able to easily target new consumers and find different outlets (conventions, craft fairs) to sell your products.
Use social media—All the time!
One of the hardest parts about building a business is being able to market it well. Many crafters will assume that their client base will come from like-minded enthusiasts scouring the web for unique trinkets. While these may be some of your clientele, a majority of consumers won't know about you without you taking the initiative to put yourself out there. Social media has made this fairly easy for new business owners, as long as you know where to look.
Research the top social media sites used by fellow lovers of your craft and network with your peers. Starting a blog will also help generate traffic as long as you update it regularly. Remember: the more present you are on the internet, the more potential clients you'll generate.
Buy wholesale and be thrifty.
Unfortunately, not everything can be free like creating a social media presence. Factoring in the finances for your new business into your budget can be extremely difficult. Buying too few supplies will create a backlog of work for you in the long run, but buying too much can replete your monetary resources.
When creating a crafting business, take a look at what you already have and make a list of what you will need. Reusing craft supplies you already have (and let's face it, crafters tend to have a ton) will help you create unique pieces for your business and save you money. When you do need to buy more supplies, switch to wholesale retailers that cater to small businesses like a bead importer. You'll receive a larger quantity to expand your stock for a fraction of the cost of going to a local art supply store.