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Ten Steps to Starting your own Hand Made
Crafting Business
Starting your own craft
business is a huge step to take; it can even be a little bit daunting. One of
the biggest hurdles for any new business is actually getting the ball rolling
and knowing where and how to start.
Below are ten steps to help you on your way to starting the dream
business you’ve always wanted.
1) Concepts:
The idea stage to
starting your business is a very important step as it is where all of your ideas
come into play. Before you start delving into any stead fast plans ask yourself
some questions like:
- What sort of crafts do I want to create and sell?
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Will they be jewellery, statues, kits or something else?
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Has my craft been done before, if so how can I make it something people want to buy?
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Will my products be something another would like to buy?
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What type of people will be my primary target, adult, children, teenagers or all of them?
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Will you be willing to take bulk and consignment orders?
Stabilizing these
ideas will help know what sort of market you want to get into, and will help
you know who to target to sell your items.
2) Where and How:
Where you have your
business is important because with each way you will have different set of
circumstances and customers. Do you want to have your business at home, in a
shop, studio, on the internet or do you want to sell your crafts through a
craft show? If you choose to work through craft shows, will you have the
ability to travel regularly? If you decide to work through a shop or your home
you will have to consider if the place is easy for you customers to find and
for you to work in. Another thing you need to take into account is what sort of
layout and display you want and need.
3) Finances:
Once you have
worked out what sort of business you want to run and where, you will have to
figure out if you have the finances to support it.
- Will you have to keep your current job to fund your business until it takes off or do you have the funds already?
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Will you need to borrow?
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Have you taken your living expenses into account or any unexpected costs?
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How much will it cost for the initial materials and production?
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Getting an idea of your financial situation will help you in the planning of your business immensely.
4) Registrations, Licenses and Legal:
The next step in
the process of starting your own business is to register your business name and
getting all the licenses and permits necessary. There will be different types
of permits and regulations depending on what type of business you are running.
Ask your local business registration office as they will be able to advise you
on what you need.
5) Insurances:
If you are running
your business through your home or a shop make sure you get all the necessary
insurances to cover you. The three main types are:
- Business insurance, to cover any accidents and injuries.
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Public risk insurance, to protect yourself against claims of negligence.
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Income protection insurance, to protect your income if you cannot work for some reason.
Another insurance
you should take into account is health insurance, if you are no longer working
for someone else.
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