Starting a Craft Business – Research the Market

Homepreneurs recently discussed creating a home business from Arts and Crafts.  We believe this market is growing, cost-effective, and a business option for many.  Arts and Crafts can be done part-time, full-time, by the employed, retired or semi-retired.  Liam Hughes Shard Jewelry – recently featured as a Homepreneurs success story – is a full-time artisan.  Liam created a market niche in unique fashion accessories with shards of broken pottery.

Liam is one of many artisans that turn a hobby into a full-time business.  The steps needed to do this are not difficult, but require time and effort.  The process below is a typical research model for any interested in making a business of a craft or art.

1)     Self–appraisal:  what are your skills, interests, and motivation?  Can you carve, weave, paint or reshape existing materials into a saleable product?  Think green and recycling for the last point.

2)     Marketability:  simply, will people want to buy your creation?  Is the market saturated with similar items or do you have something unique or uncommon?

3)     Research:  surf the Internet for similar products.  eBay, Etsy, and assorted craft websites are good places to look.  Check out local craft shows and see if your product is shown.

4)     Pricing:  can you expect to cover your costs and earn a profit with your intended price point?  We will cover price setting in detail in part 4 of this series.

5)     Time:  how much time are you willing to put into this effort?  Consider all time spent: making the product, marketing, attending craft shows, updating websites, packing and shipping the product, buying or obtaining materials to make your product.

6)     Solo or partnership:  are you assuming all the responsibility for this endeavor?  Often, a partner is helpful for dividing the responsibilities.  The profit is halved of course, but you should be able to produce double the amount or spend half the time.

Creating a new product is exciting and personally rewarding.  Crafts allow individuals to express their ideas in visible form and may be a wonderful relief to the 9-5 rigors of daily work schedules.

By Dion D. Shaw

Dion D Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New Day.  New Opportunity.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012

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