There are over 2.1 million sellers on Etsy alone. You, too, can turn your fantasy of owning a craft business into a reality with a few solid tips.
Sure, Etsy has millions of active buyers. But even brick-and-mortar craft businesses can thrive with the right strategy.
If you love making crafts, you might as well do it for profit. Doing something you love for money is the most satisfying feeling ever.
Here’s what you should know about starting craft businesses:
Know Your Target Audience and Products
Research your target audience and the demographics they’re in. What kind of people do your crafts attract? Use the knowledge you gain to improve your products and business strategy.
For example, some people create jewelry with gemstones, religious/occult symbols, or natural materials. Consumers who are into crafts like these tend to be more spiritual. That’s why certain jewelry sellers often include spiritual information in their product descriptions.
Which of your crafts generate the most interest? You could take that product and create meaningful variations of it.
Sell Unique Products in Your Niche
Regardless of whether you’re starting an Etsy store or a business with a storefront, you’ll still need to find your niche. Your niche is defined by your business’s specialties that other businesses don’t offer.
For example, let’s pretend you create holiday crafts. You’d have to identify a holiday-related niche and research your competition thoroughly.
You can sell customizable products that both look good and promote your brand. Start creating unique merchandise by checking out the aforementioned link.
Choose a Good Brand Name
You need a catchy and relevant brand name to succeed. Your name should be original, memorable, and to-the-point.
For many people, your brand name will be the first thing they learn about your business. Make sure the name is descriptive but not too long.
Always check online to make sure there aren’t any other businesses with your name. Once you’ve picked a business name, an attorney will walk you through the process of registering it.
Set Up a Website
Engaging in any kind of craft eCommerce requires a website. Even if you’re not starting an online business, you still need a website to advertise your brand and collect leads.
People can also contact you through your website for more information.
You’ll need to create a tax ID number for your business, even if you’re only running an eCommerce business. After all, a craft business is still a business. Read an eCommerce guide for more information about officially registering an online business.
Find a place where you can get affordable but high-quality crafting materials. Your local craft store is a good place to start.
Your Craft Business Is Counting On You
The craft market exceeds $32 billion. You’ll need to differentiate your craft business from others in order to stand out.
Develop a business plan in advance. Writing down your goals makes you more likely to achieve them.
Get inspired—check out our Make It Monday section for more crafty ideas. A little imagination goes a long way in the craft world.