Starting your own business in anything or in handmade crafts in particular, takes a lot of time and commitment to start. When deciding whether to start a handmade craft business, there are several different perspectives to look at to determine whether you will be making the right step.
By taking these different things into consideration, you will know what to do before investing your time and money in your own career.
1. The personality.
Running a handmade craft business means working from home. It also means managing inventory, order sheets, taxes, etc. You not only have to be organized, but also be able to commit and invest without knowing the outcomes of what your craft will be. Often times, beginning a business will include perseverance, chances, and different types of management skills. Discipline is also required to finish projects and to carry out with setting up craft shows and online businesses.
2. Business skills.
It is important to consider whether you have the right business skills for a craft business. Marketing, finding the right customers and going to the right places for business are all vital factors for success. At the same time, organization and filling out the right paperwork is important to be able to do.
3. The Business Plan.
This not only includes writing a business plan, but also carrying through with everything on this plan and being able to finish the tasks at hand. This also often times means doing research on potential target markets that are available for you.
4. Effects on the Family.
Because of handmade crafts being your own business, as well as it being in the home, there will be a change in family pace. This is partly because of hours you may need to commit, as well as finding spaces in your home that will not interfere with the family. It may often be hard to separate work from home, depending on what the business is demanding. Unless there is undivided support from the family, it will be hard to commit and invest into a handmade craft business.
5. Finding the Right Space.
Because handmade craft businesses are often in the home, there needs to be sufficient space that you can call a work area. Things that need to be considered deal with how much of an area you need, how this will interact with the family, and how to remain organized in your own home. It also involves being able to separate the business from the home when need.
6. Time Commitments.
Time commitments will change for you internally as well as from an outward perspective. There will be many times where you will be required to work long hours to prepare for a craft show or to meet the demands of certain customers. At the same time, those around will see that you are home all day, and may begin to demand more from you socially or for support. Knowing the limits of your timing is important before starting.
All of the things that a full time job at a business offers will not be available to you with your own business. Insurance, benefits, paid time off, sick days, etc. become non-existent with the craft business. If these different parts of a job and stability are important to you, it may be hard to invest in starting your own handmade craft business.
8. Social contacts.
The regular work area is an easy way to find friend and acquaintances to talk to. Often times, owning your own business will have long periods where networks and socialization is absent. If you are in need of being more social on a consistent basis, it can make the craft business difficult.
9. Crafting as more than a hobby.
If you decide to do handmade crafts, it means making the same product more than once, as well as moving it from a hobby to a job. If crafting is not something that you can see yourself doing for four to eight hours a day, it may not be the right avenue to take.
It is common knowledge that it takes about four to six months for a business to begin to profit. At the very beginning, investments for making the products, etc. will have to be made. It’s important to not be risky with the investments that have to be made in the beginning.
Because of this, sometimes the best way to invest is by using your craft business as a part time job on the side. If you decide to invest with money or with time at the beginning, it is important to know that you can do at least one before committing.