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Knitting as a Home-Based Business

Knitting has seen a major resurgence in interest in the past ten years or so. People young and old, from all walks of life, are discovering knitting in an entirely new way. And, the best part is that now some stay-at-home parents are using their love of knitting to create income for their families. As owners of a home-based knitting business, many are finding they can earn some extra money to support their family, while enjoying their craft as well.

There are many aspects to knitting which can be made into a home-based business venture. The most obvious one is selling the items which you knit. However, even more in demand is teaching knitting to others, and selling knitting items to others who knit for their hobby. With the proliferation of the Internet, you can now set up shop and be in business in just a couple days’ time.

Whether you choose to sell your items online, teach or sell retail, there are a few basic business guidelines that you will need to follow to be successful. Some of them are:

The Business Plan

No matter what business you decide to start, you 100% have to have a solid business plan. There is no way possible to have a successful business venture without one. The best way to develop your business plan is to think about all of the variables which go into your unique business, and what your ultimate short-term and long-term goals are for the business. With all of this information, you can sit down and formulate a business plan without it taking you a lot of valuable time. You can easily make a business plan with a pencil and a piece of paper.

Financial Records

The best thing you can do for yourself is to keep good business records from day one of your business. Start with the fees to get a business license, and start recording every single business expense that you have. By doing this as you go you will save both yourself and your tax preparer a ton of headaches come tax time.

Setting Your Prices

The number one mistake many home-based knitting businesses make is to charge too little for their services. You need to make a living, and you need to be pricing your items and services accordingly. Whatever you do, do not sell yourself short! Ask a going rate for your items and services and expect that people will pay you what your time and product is worth. This allows you to work smarter and not harder! And, it allows you to stay in business because you are seeing some profits from your time investment.

Marketing

Marketing is simply getting the word out and letting others know your business exists. You can market online, through a press release sent to your local newspaper, flyers, brochures, craft fair booths, etc… Anywhere you come into contact with potential customers you can market your items and services. You can even do simple things like always carry business cards, available these days very inexpensively online, and hand them out to everyone you meet as you go through your days.

The absolute best way to market your business is through word-of-mouth. Once your business gets going, if you treat your customers well, then they will tell their friends and family about you; this will bring you more customers without having to pay a dime to advertise.

As you can see there are a lot of things for you to consider when you are thinking about starting a home-based knitting business. However, your business can be very successful and profitable if you take the time to make it so.

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(19) Comments

  1. Thank you for talking about knitting as a home based business. Can you continue with this subject. How abut info on: Starting a knitting school or being a pattern tester, or how to sell knit designs…How to use knitting for therapy…

  2. I hope you can eliminate the negativity toward “grannies sitting in their rockers” in the future. Since I am one of them now, and I learned to knit from my grandmother, I am glad to have knitting in my life and I am glad that it has expanded to a wider demographic, which may be what you meant, but it sounded otherwise, when you say you are glad it has taken on a “different” connotation!

  3. I have a handmade knitting and crochet business having taken it up myself 2 years ago- but I just can’t produce fast enough and am struggling to find crafters that I can pay to make up patterns for me. Does anyone know of a portal specifically for this?? Preferably uk based??

  4. I would like to start a business where I finish knitted projects for people who have started something and then for whatever reason they don’t want to finish it. How do I go about finding out what to charge? And I would like to make custom-knitted things as well, but there again don’t know what to charge people. I had an acquaintance finish a crocheted shawl I’d started and while it was quite small, I was shocked when she charged me $125! I also realize that I had take into consideration her time and difficulty of the pattern. I also have lots of scarfs and shawls that I’m never going to wear, (current designs) however, I did purchase patterns to make them and have been told I can’t sell them. Really? Any help or advice you can offer me would be greatly appreciated.

  5. I love knitting, it is therapeutic – I would love to start this as a fun business – where do I sign up please ??

  6. This is a very good .l am retired and have done lot of knitting mainly for babies. There is so much l can gift . How do l advertise for work and sell goods.
    Any advise and help will be needed.
    Bindu

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