Turning your passion for DIY crafting into a million (or even billion) dollar business isn’t impossible, especially when you look at examples of people who’ve done just that — like Michael J. Kittredge, whose love of candle making turned into the successful business known as Yankee Candle. However, for anyone thinking of launching their hobby into a fulfilling career, knowing where to begin is often overwhelming, to say the least. No matter what you create, here’s what you need to know in terms of how you can cultivate success in building your very own craft business.
The benefits of a side hustle
When looking to start a DIY craft business, taking small steps is a great way to foster success in the long run in a beginner-friendly way and the best approach for those new to the business realm. Taking time to do your research and explore business basics (such as learning how you can distinguish yourself from your competitors) will make the project much more manageable. Taking small steps can also be done by launching your business as a side hustle rather than taking the business on full time when you’re just starting out. Not only can this allow you to preserve financial security with your day job, but it will allow you to test the waters of starting a craft business and how everything works. Starting your business out as a side hustle is a great way to gain insight on which craft products are selling and can be a great way to learn the basics of maintaining a business as well — and this can be invaluable when it comes to balancing the business with your lifestyle.
The importance of investments
While your time will likely be consumed by setting up your business and creating stock, it’s necessary to consider that you may need to make financial investments upfront as well. For example, purchasing supplies to create your stock may be a major upfront investment when starting out, especially if the supplies you need are on the pricier side. Looking into insurance for your business is yet another financial consideration worth thinking about before actually starting your crafting business, particularly when it comes to protecting the business (and your employees) against unforeseen events. In fact, Cerity notes that investing in workers’ compensation insurance allows you to focus on growing your business while protecting it at the same time, and this is imperative when you’re establishing a new brand.
Those looking to start a business may also not realize just how much time needs to be invested in the journey, particularly in the crafting world. This is because in addition to basic business start-up work like initial research, creating a website, networking, and social media management, crafters also need to have adequate stock of their product before they start selling. Creating stock of your product and maintaining it will likely take a large chunk of time itself (especially if you’re on your own) — thus making it a crucial part of planning in the early days.
Starting your own craft business is a great way to profit from your hobby, but it’s important to consider things like the investments and hard work that will be required in order to garner success in the industry. By starting small with your craft business as a side hustle, to begin with, you can take your time in learning and honing a winning strategy.