Last Updated: Jun 20, 2018
Are you a creative person? Do you enjoy working with your hands? Selling handmade crafts is a great way to earn a living. Here are five craft businesses that have good potential for success.
Starting a craft business isn’t as hard as it seems. Browse eBay and online shops like Etsy and you’ll see all sorts of crafters peddling their wares. You can do it too, but which craft businesses are the best ones to start in 2015?
The best way to evaluate craft business potential is to look at start up costs and potential profit. How much will it cost you to start your business and how much money can you expect to make in your business if you put in a reasonable amount of time? Of course, your third consideration (though not necessarily the least important) are your unique skills and talents. What do you like to do?
You could argue that the best craft business to start is the one that allows you to do what you enjoy doing most. But that’s not necessarily true. What if your hobby doesn’t have a market?
Ideally, you want to start a craft business where the following three values intersect:
You’re on your own with that first one, but here are five craft businesses with low start up costs and for which there seems to be a large enough market.
It’s not always easy to start a craft business. Some businesses, like craft beers, require licensing and are heavily regulated. The start-up costs are outrageous. On the other hand, there are some craft businesses you can start on a shoestring and which offer a reasonable demand. If you enjoy making these kinds of products, then the market is ripe for your talents.
Starting a business can be overwhelming! Use this free
Checklist to make sure you don’t miss any important steps. This
downloadable Word document lists the steps you need to take to get your business
up and running, and includes space for you to note your own comments and
deadlines. You can get the checklist free when you subscribe to the free
Business Know-How Newsletter.
As with any business, the income potential is dependent on your ability to craft products that people want and are willing to pay for, plus your ability to market them. While you have the potential to earn a six figure income with most of these businesses, your low end would realistically be in the $10,000 to $20,000 range. That’s not bad if you’re working part time out of your garage. To go full time, make great craft products and aggressively market them to a niche audience that really wants them.
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