Like any other business, hand made crafts consist of being able to make certain products according to what the customers want and need. However, because it is hand made crafts, and your own home based business, knowing the meaning of supply and demand on how to meet it is essential for reaching your financial and business related goals.
Supply and demand means knowing what customers want and need, and being able to reproduce your items for them. Here are five things to look for when finding what the demand of customers will be and how to supply them with the right hand made craft.
1. Know the Trends/Customer Need and Want.
Often times this means creating your own products, and knowing which ones that your customers like. If you have your own niche and style for products, then you can create a large inventory to make last a long time. You can not only find trends through observing and keeping track of what your customers buy, but also through things such as organizations that are consistently networking and providing information through a variety of sources about the crafting business.
As in all businesses, trends are usually short lasting. Because of this, your niche should be your focus, and trends should be there to simply compliment those items.
2. Have Plenty of Extra Inventories.
There are several ways that you can determine how much inventory you need to have. When taking orders at home or over the internet, it is easier to meet the needs of a customer. If you are going to a craft show, you should always have extra available. You can talk to those in charge of the craft show or others who have sold their items the year before.
Beyond this, make sure that you have an idea of what your best sellers may be, according to what other customers or you like. If it is a certain time of the year, always make sure to stock up on items that are popular for the season. While this will fluctuate from year to year, over time you will be able to see what the needs from customers are.
3. Stay ahead.
No matter what niche, always keep an extra supply of whatever may or may not sell. This makes it easier to meet the needs of customers, and will offer faster turn around time when needed. By having extra crafts available, it will make you look more professional as well. It is best to not be in a bind when you have potential customers asking you for an item that is becoming fairly popular.
4. Record what You Sell.
The easiest way to catch on to what inventory will be needed most is by keeping track of what you are selling. You can do this not only by keeping records of online products, but also different records for craft shows that you have gone to and what was popular that year. Because customer demand often grows through networking and word of mouth from other customers, it is likely that the crafts that sold the best the year before will also be a strong sale the next year.
5. Do Your Research.
If you are starting out in the crafting business and are unsure of what the supply and demand will be from customers, then find other places that will. There are plenty of organizations who will help you with placing how much you may need. There are also several other individuals who are willing to provide information. If you still are curious about what your estimates should be, there are places to go online, in magazines and newspapers, etc. that will be able to give you information on various aspects of the business of hand made crafts.
No matter what your types of craft, what niche you decide to use, and where you decide to sell your crafts, the most important thing is to be prepared with extra inventory of your products in order to reach the demand of customers. If you look into trends and know your most popular items, you will always be able to walk away from a sale successful and looking professional because of your preparations.