Enjoying a craft hobby is fulfilling, but what if you could turn your hobby into a career? According to Entrepreneur, it’s not unusual to turn a crafting hobby into a full-blown entrepreneurial venture. Here’s how you can make a hobby you’re passionate about into a business.
New York Times wrote that “having a hobby is good for you in many ways”, and it doesn’t necessarily mean you have to be good at it. Some people love to knit but end up with a scarf full of dropped stitches, but it doesn’t matter because it’s a fun and relaxing activity. However, to make a business out of your craft, you need to have a talent for it.
If you have friends and family members that look at your projects and say they want one for themselves, then you’re in luck and you can establish a business in no time. If there is a demand for something, you’ll see it, as your potential customers will always present themselves to you.
It’s up to you to decide whether enough people are approaching you for your product so that you can make a viable income out of it and turn your hobby into a career.
So, you’ve reached the point where you can see there’s a demand for the product you’re making, but what is the cost that goes into it? And how much time does it take up? There are many formulas you can utilize to calculate how much you should charge for a product.
Once you have your retail price, present it to your potential customers and see if they are willing to pay. Before committing fully to a business idea, always test your target market first to avoid the risk of overinvesting too much too fast, and not getting what you expected out of it.
You will always want to look at a wider audience for your product, not just a small circle of people who you know personally. This can be done by carefully watching the trends on social media.
It can take one video of an influencer using a product for it to go viral and start selling out in a couple of hours. The product does not need to be something you need, but something you can convince people they want.
A great way to stand out in a market filled with similar products is by adding a unique feature that you can upsell against your competitors. For example, the candle business is currently booming in 2022 as people have realized the importance of making their home feel like a safe haven and are investing in items that add to its ambiance.
This means the competition will be intense, but if your candles are made with vegan ingredients they’ll stand out against the competition. Many consumers have become eco-conscious in the last decade and live zero-waste, cruelty-free, vegan lifestyles. So, the candles they buy need to be vegan too. By marketing this you’ve tapped into a niche and allowed your business to have a unique selling point and clear identity.
Social media has completely revolutionized the game for new, small business owners. It has helped these businesses reach a global market and achieves goals they never imagined when they began.
Platforms like Instagram prioritize continent from business owners, in addition to being a great way to reach out to people with larger followings to help you grow your brand. You will benefit from social media if you have a clear brand identity and are confident that your product will stand out in its niche.
Marketing may be an extremely important part of owning a business, but the product you are selling is the most important. If there is no demand, or you cannot convince people they want it, there will be a limited number of sales until you can adjust accordingly.
There will be moments of doubt when your product is not selling as much as expected, but don’t let this deter you. Consider it as part of your market research and ask customers and target audiences to provide feedback to see where you can improve. A business is never done growing, so it’s important to keep learning and pushing forward.
Turning your crafting hobby into a business is an ever-evolving process, and one in which you never stop learning. If you do stop learning, you’ll stagnate, and that’s never a good for any business – no matter what your selling.