Many knitters think about selling their creations but turning your hobby into a business isn’t quite as simple as charging a few bucks for a cute knitted hat. Let’s explore a few strategies to make your craft business a success.
Know your market
Before you cast on your first stitch, consider where you will be selling your
Many knitters think about selling their creations but turning your hobby into a business isn’t quite as simple as charging a few bucks for a cute knitted hat. Let’s explore a few strategies to make your craft business a success.
Know your market
Before you cast on your first stitch, consider where you will be selling your items. Not all craft shows are the same. They can vary from high end art exhibitions to craft festivals featuring local artisans, to informal church or school bazaars. Each kind of event will attract a different customer base, and this will be reflected in the prices. Attend a few events to get a feel for the kinds of crafts offered and how they are priced. Then decide where your style will be a good fit and plan accordingly.
What to make
When deciding which items to produce for sale, there are three main factors to consider. The first factor is artistic. Your crafts should be unique, high quality items your customers won’t easily find elsewhere. What makes your baby hats special? How do your scarves stand out? Perhaps your choice of stitch pattern, yarn color/texture, or embellishments will make the difference. The second factor must be financial. To be profitable, your products should be items that can be produced in a short period time using small amounts of yarn. Your inventory should also be easy to store and transport. Finally, whatever you decide to sell must be something you enjoy making. There’s nothing worse than filling an order for a dozen pairs of mittens if they aren’t your favorite thing to knit.
Here are some ideas to start with:
- Washcloths and dishcloths
- Headbands
- Bookmarks
- Fingerless gloves
- Beanies and hats
- Cell phone sleeves
- Small purses
- Baby booties
- Mug cozies
- Boot toppers
Setting prices
Fair pricing is essential for a successful craft business. Note that I said fair pricing and not low pricing. A fair price takes into account the cost of materials, supplies, booth rental, advertising, transportation, and most importantly your time. Consider a hat that takes 2 hours and $8 in yarn to produce. You might be tempted to double the yarn cost and sell it for $16, but then you wouldn’t even be paying yourself minimum wage. Raise your prices to include a living wage for yourself and find the customers who will appreciate your unique esthetic enough to pay that price. Don’t sell yourself or your work short.
Whether you view selling your knits as a fun way to share your work with the world or a serious business endeavor, be strategic when it comes to finding venues, making products, and setting prices. Value your time and skills and others will do the same.