Dream of chucking it all in so you can follow your passion and start your own online craft business?
You’re not alone.
Many of us wish we could turn our creativity and skills into a money maker, instead of just something we do on the weekend.
But when you first get started, it’s hard to know how to make enough money online so that it doesn’t just provide you with handy extra cash but replaces your regular income, pays the bills and gives you enough to live the life you dream of.
Here are ten tips that will guide you in the right direction so you understand some insider tricks that will help your business grow from the ground up.
1. An action plan
Before you start your craft business, it’s a great idea to create an action plan that can help you outline your goals, review what you stand for and understand the direction you need to take.
This doesn’t need to be a formal business plan that is set in stone. Create an outline that can organically grow as your business develops and this will help you to feel more professional and have more direction in your business.
2. A product that people want to buy
You need to be sure that there is a profitable market for your crafts before you even consider starting your business.
Do people actually want to buy your products? Are they willing to pay for them? Choosing your product and making sure it has a viable market is vital to the success of your business.
No matter how incredible your creation is, you can’t build a business if the market doesn’t exist so make sure you explore your market before you do anything else.
Business success doesn’t happen overnight so you’ll need to be patient and understand that it will take time to grow your business.
Make sure you love what you’re doing, keep plugging away at it, doing what you love and sharing your creations with the world. Eventually, the customers will come.
4. Self belief
You’ll never sell your products if you don’t love them and believe that others will too. It’s almost impossible to keep up momentum if you don’t.
If you’re struggling because you love your crafts but you’re still unsure how to build a successful craft business, have a read of our free guide here.
5. Pricing that gives you a profit
One of the most difficult parts of being self-employed or starting your own business is working out how much you should be charging. You don’t want to overprice so that people won’t buy your crafts, but you don’t want to under price so you don’t make a penny in profit.
A good rule of thumb to use when starting a craft business is to work out a wholesale and a retail price. The following formula is what most professional craft businesses use to outline their pricing:
Cost Price (labour + price of materials) x 2 = Wholesale price
Wholesale price x 2 = Retail rice
Use your head and not your heart, even if this is outside of your comfort zone. It’s the only way to build a profitable business.
6. Your own business website
Although it’s a great help when you’re just getting started, it’s not enough to just have a page on Etsy or other online craft website. If you want to look professional, build your business and grow your brand, you need to create your own craft business website.
This allows you to showcase your work, sell directly to your customers and cut out the middleman so you can keep more of your profits.
7. A mailing list
Even though social media works great when it comes to marketing, the ultimate way to make sales is still via a mailing list.
When customers sign up to your list, they already love what you do because they’ve shared their details. This makes them the easiest people to sell to.
Stay in touch with them on a regular basis and make sure you provide value in the emails you send.
8. Products you can make again and again
Create a line of products that you can reproduce time and time again to maximise your profits and minimise the time and effort you need to spend photographing them, writing compelling titles and descriptions and everything else involved in online sales.
That doesn’t mean that you should never create one of a kind items, but if you do so, make sure they’re priced accordingly.
This will also help your business to become more ‘scalable’ so you can continue to grow and become even more successful.
9. Great photographs
Photographs can make or break your product sales. They’re a big part of the decision-making process, they help build your brand image and they can showcase the beauty of your crafts in an inspiring and compelling way.
Use the best camera you can, natural light, simple backgrounds and make sure the image is focused correctly to make your products look their best. Consider hiring a pro if you’re not happy with the results. This stuff matters!
For more information on how to take great product photography, check out our guide to how to take great product photos.
10. A willingness to learn
The growth of your craft business can only happen if you’re open minded and willing to listen to your customers and tweak your business to find the best solutions for you.
This includes creating new products, trying new ideas to market your business and being willing to take sensible risks.
Successful businesses have to start somewhere.
So don’t postpone your dream of starting your own craft business any longer- be brave and get started today. Learn from the tips we’ve shared here, have a read of our helpful online articles and you can launch your brand new life as an entrepreneur.
Need extra help getting started? Head to our website and read our beginner-friendly guide to getting started with your online craft business or get in touch to know more.