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.
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 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.