Do you have a hobby that could be turned into a business? Whether you enjoy painting, pottery, knitting, making jewelry, or embroidery, turning this relaxing pastime into a home-based business can be a very rewarding thing to do. Making it a successful business and being able to quit your day job won’t happen overnight but it is within the realms of possibility. Here are 8 things you should do.
Are You Creating Something People Want to Buy?
This is the number one thing you need to be certain of. If the product you’re creating doesn’t have a buyer, then there’s no point in trying to sell it. You love the things you create but are other people going to be prepared to hand over their hard earned cash for your creations? Think about the answer to this question objectively and honestly.
Write an Action Plan
Careful planning is essential for anyone wanting to run their own business. As well as being very useful when you need to approach lenders for the money to start your business, it also helps to keep you focused.
Run Your Crafting Hobby as a Business
You need to change your mindset when you start selling your crafts for money. Rather than just being a hobby, it’s now your business. Think about the business structure you want to use. Make sure you have all the necessary business licenses and permits. Remember to file and pay your taxes and build profit into your pricing.
Plan for Your Future
When you start your own business, you need to make plans for the future and that includes purchasing a term life insurance policy. You can’t predict what’s around the corner and it’s important your loved ones are protected.
Check Out Your Competition
The home craft industry is a growing market and it’s likely you’re going to have some competition. You don’t want there to be too much, but on the other hand having no competition is not a good thing either.
When it was just a hobby, you probably didn’t need to worry about raw materials too often. Now you’re considering turning your hobby into a business you need to think about where you’re getting your materials from and their cost. Look for vendors who are willing to offer wholesale terms and negotiate a discount.
Create Your Workspace
Most craft businesses can be operated from home, however, you will need to find space for things such as inventory. You’ll also need to have a separate area where you can make your craft. If you’re always making things on the kitchen or dining room table, the rest of the family may feel a little put out. It’s also a good idea to have a clear line between your business and personal life.
Hone Your Skills
Think about whether there’s anything else you can learn to advance your crafting skills. There might be classes at your local college you can attend. As well as practical skills, there are a number of business skills that will come in handy, for example, business management and accounting skills.