Crochet is a hobby that provides practitioners hours of relaxation and creative enjoyment. You can turn this hobby into a money-making venture, as well. Start-up costs for a crochet business are reasonable, but you need to know what sells and make a commitment to producing your crochet items quickly. Finding a wholesale supplier can help maximize your profits, as well.
Conduct market research for your crochet products. You might enjoy crocheting anything from large afghans to little toys, but a realistic approach in deciding upon items that can be crocheted easily and quickly is important. Talk to family and friends about their favorite crocheted items. Test the market by displaying your products at local craft fairs to see what attracts the crowds.
Determine a goal for your projected income. For example, if you want to earn about $300 a week, dividing that by five days comes out to $60 a day. Consider the patterns that you can make in such time, based on the market research you completed. Price your products accordingly, keeping in mind the cost of supplies and the time you spend on each item.
Meet flea market and craft fair organizers to determine how you can set up a booth and sell your products. Consider selling your crocheted items online, as well. To sell online, you will need to photograph your product and upload information about your work on websites where artisans sell handmade goods. Etsy.com is a popular site. You might not need to keep a large inventory when selling online since you make the item only when you get an order.
Advertise your products. Create fliers and distribute them in places like the doctor's office, gyms and local craft supply stores so that people are aware of your business. Get business cards to distribute with any orders you fulfill. Word of mouth generates good sales for a start-up. Create a website to showcase your products so people who are searching for crochet gifts can find you.
Maintain your budgets and accounts. This vital part of any new business helps you in filing tax information at the end of the fiscal year. Keep receipts from purchases made for supplies and any expenses you incur while running your business. Do not forget to pay yourself for your considerable labor and effort.
- Keep in touch with customers, following up after a sale and asking for references. Buy supplies wholesale to lower your cost of supplies.
- Keep accurate records of all expenses and income for tax filing purposes. Even seemingly minor expenses such as automobile mileage driven when picking up supplies can yield a nice deduction at year's end.
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