But how exactly should you go about getting started?
* Get Serious. If you want to start a craft business in your home, the first thing that you need to do is just to decide that you want to do it and that you are committed to it. Your crafting hobby is going to have to become more than just a hobby to you. This doesn’t mean that you can’t or won’t enjoy crafting; rather, it means that you are making a connection in your heart and your mind between crafting and making money. If you want to continue to craft as a hobby only, you will need to give up the idea of a crafting business and find some other home-based business.
* Choose a market to sell your crafts. Craft fairs and street fairs are great local places to sell. In some places you may be able to set up a craft booth at a Bazaar or charity function. Depending on the type of craft you choose to make, you might have some success advertising or even selling them on the Internet, as well.
* Do a Market Analysis. You’ve chosen a market to sell your crafts, now you need to know more about that market. You want to make sure that you will have somewhere to sell the crafts that you make. You need to do some market research. Are crafts similar to yours selling well in your local area? Are they selling well on the Internet? You might find, for example, that woven crafts are selling very well locally, but that you can’t seem to find anyone making any money on them online. A market analysis will also tell you how much you can charge for a particular item.
* Do A Cost Analysis. You will also need to figure out what crafting projects you can offer that will make the most money. After doing your market analysis you know how much you can sell a given craft for; now, you will need to be figuring out how much money you put into various crafts. The good news here is that, because you are working at home, the expenses will not be as high as they would be if your craft business was based outside of your home. Still, if a craft costs you $3 in materials and two hours of labor, you need to understand that selling the craft for $10 probably isn’t going to, in the long run, be truly profitable. Also, don’t forget to add in those hidden costs, such as sewing machine repairs, knitting needles, craft paints, or whatever sorts of craft materials you use.
* Be Comfortable with Profit. Don’t be afraid to charge whatever it is that the market will bear; while your materials may not cost much, your labor is very valuable. You are working at this not to give away your crafts, but to make money at your in-home crafts business. If you make something with $2 in materials but it takes you six hours, it is all right if someone wants to pay you $40 for the item.
* Be Ready to Grow! Once your in-home crafts business is going, you’ll want to keep on top of things. Try to get repeat customers. Make sure that your products are unique, and something that people want. Work on your business management skills. Be open to new ideas about what sorts of crafts you can sell, as well as ideas about how to sell them. Before you know it, you may have your own successful at-home craft business.