Arts and crafts are more than a way to pass the time for millions of Americans. For some, they are a way of life. For many others, they are a source of income. The arts and crafts business is unsurprisingly very lucrative, earning billions of dollars per annum. According to research presented by the Association for Creative Industries, the creative market in the United States has a total size of over $43 billion.
You can’t just set up shop in your living room and start selling products on Etsy. If you want to break into the arts and crafts industry, you will need some help.
Here are some tips on how you can start a lucrative arts and crafts business.
You must be honest with yourself and determine what are your goals for your arts and crafts business. Do you simply want an outlet for your creativity? If so, then you need not bother with upscaling production techniques.
Are you trying to open a boutique arts and craft store with unique items? Then you should advertise as such clearly. Do you wish to make the business as profitable as possible as a source of income? Then you should definitely begin improving your production techniques. Understanding what your goals are for your business will help determine how you are going to run it.
Everyone needs help; even if you are running a small arts and crafts business. Unless your hobby-based business expands to serve an international market, investing in an expensive collaborative robot may be too soon. For now, you may need a part-time employee or even several employees, depending on the size of your operation as determined by your goal.
Another employee may not seem so helpful, but arts and crafts businesses are very labor intensive. You will need someone to help pick up supplies, pack products and manufacture your crafts. Another pair of hands will be invaluable when you are rushing to meet orders or have to do multiple tasks at once just to keep up. And if your products require creativity and skillful hands, like fake septum rings or travel purses, choose assistants with experience in making them.
Look for Local Suppliers
Unless you have a huge starting capital, you will need to partner with local suppliers for your arts and crafts materials. Even if you did have a generous investor, partnering with local suppliers is definitely the way to go. There are plenty of benefits that showcase why you should entrust your materials to local suppliers.
First, their proximity to your business means you won’t have to wait as long if you need particular materials. Second, the reduced distance between source and destination means you can be looking at reduced prices because the transportation costs will be significantly lower. Finally, you will be supporting local industries, helping revitalize your area’s economy.
Research the Scene
Every industry is different and you will need a lot of information about the arts and craft scene in your area if you want to succeed. You need to ask the right questions when doing your research. How many other arts and crafts stores are there already in your neighborhood? What type of competitors will your business have to come up against if you want to survive? What about customers? Is there a burgeoning market for arts and crafts or will you need to expand online for customers? The answers to all these questions will be vital in ensuring your new business’s profitability.
Simplify Crafts Processes
Arts and crafts are tedious and time-consuming. Even some of the simplest projects can become complicated when you have to replicate them dozens, even hundreds of times. Its vital that you refine and even simplify your production process. This has multiple benefits for your business.
First, simplifying the process means that you will have a faster time making your products as the turnaround time will be shorter. Next, a simplified process can mean your employees can learn how to make them much faster and shortening training time. Finally, simplified crafts processes can decrease the operational cost of your business.
Hone Your Skills
Finally, arts and crafts are all about developing your skill. Your products are only as good as your abilities. Without constant training and development, your skills and your products may stalemate and fall behind the competition. You should always look for new seminars, new training videos and learning opportunities if you want to stay on top of the game and continue providing excellent products.
Arts and crafts can be very lucrative if you combine talent with diligence. Keeping this tips in mind will undoubtedly help your budding arts and crafts business not only survive but thrive in the current economy.