According to latest research, many individuals especially women prefer to pursue a business of their own. The main reason behind this is the difficulty they face in balancing their work and family life. Due to this factor, home based ventures are becoming a fast growing business sector. Many women are now turning their creative talents/ hobbies into profitable businesses, be it floral arrangements, quilting, needlecraft, woodworking, etc. In addition to being able to spend more time with their families, this also provides women the opportunity to gain more prestige, wealth, personal worth and control of their time and destiny.
If you are a person who has creative talents and a passion for crafting, you can also turn your hobby into a profitable home based business. Besides the extraordinary talent you posses for creating your craft items, to be a successful entrepreneur you would require other personal skills and strengths as well. You should be a self motivated person who is willing to meet challenges and has a desire to succeed.
Time management skills and good organizational skills are vital in order to turn your venture into a success. Although a lot of fun and excitement is present when starting your own venture, keep in mind that this would also require you to make a lot of personal investments. For example you may need to invest a lot of time and effort to complete your orders on schedule.
When converting your crafting hobby into a business, it is important to have a separate area or a room where you would be able to work without being disturbed. Also schedule your work so that your housework will not interfere with your business work. No matter how small your business may be it is always advisable that you create a business plan for your venture. A business plan will help you to always keep the focus on the service which you are providing as well as manage the growth of your venture.
This should contain a brief introduction about your craft business together with the company plan, marketing plan and financial plan for your venture. The company plan should include the goals/objectives together with a complete description of the crafts you are selling and your operational plan. In your marketing plan you should specify your target market, competitors as well as your strategies for marketing and selling. And lastly in the financial plan you should note down the past, present and future financial needs.
When starting off you should first evaluate the market and find out the latest trends and what type of items are popular and sought after by the consumers. You should offer items which consumers are sure to buy. Your crafted items should be unique, useful and easy to make. At present cross-stitch items, home décor paintings, floral arrangements, crocheted products and memory crafts, are the most popularly sought after items in the market. After identifying the product/s which you would offer your clients you should analyze the market and find out your competitors. Pay attention to their offers, pricing and policies in order to identify the trends in the industry as well as existing opportunities in the market.
To start a home based craft business you would not require a large capital. Especially if you are currently carrying it out as a hobby, since you would already be having the equipment/resources which are required. If however you are planning on investing a sufficient amount of capital in the initial stage itself then you may need to obtain a loan.
The legal requirements involved in starting your own business may vary according to the state you reside in. So you would need to contact your local county clerk's office in order to obtain information regarding the paperwork required. When naming your venture ensure to use a unique, simple, short and easily memorable name in order for your customers to easily remember and refer it to their family and friends.
Fixing the correct price for your product is vital. It is important that you take into consideration the cost of production when fixing the price. Your fixed price should be able to cover the above cost as well as leave you with a decent profit. It is also recommended that you check out the prices of your competitors when deciding on your product values in order to obtain a competitive edge in the market.
Many home based business owners sell their products online. Not only is selling online cheap and risk free, it also provides you the opportunity to target to the biggest market ever. When selling your products online it is vital that you create a professional website to display your products. Ensure that the pictures of your products are clear and can be downloaded quickly. Also the correct pricing and your contact information should be easily available to all the visitors to your site. Enabling your customers to pay online through credit cards, debit cards, etc. would also be advantageous since it is mostly preferred by online shoppers.
Marketing or advertising your business is essential in order to make your potential customers aware of your product. You can conduct your marketing online as well as offline. Register your website with search engines, online directories and online communities. Pass your web address to everyone through flyers, posters, banners, emails, business cards and sales letters. Also you can advertise on magazines, newspapers, local directories and even the Yellow Pages. Word of mouth is a cheap but effective marketing tool. Ensure that you spread the word to your friends, family members and neighbors.
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