Popular crafts are those which are handmade.
Running a craft business from home has advantages. There is no storefront overhead, work is within walking distance and you can work at any time of the day. A sound business plan is required for any business and a craft business from home is no different. Attention to detail and a solid marketing strategy can cause an in-home craft business to thrive. Dedicate a room or separate area in your home for the business to take advantage of small-business tax credits when filing your taxes. Before starting any home business, always check with your local zoning board for any restrictions or regulations.
Instructions
1. Develop a business plan which outlines the products you will carry and a marketing strategy for the sales. No detail is too small, from costs incurred for ordering supplies to the number of pieces you need to sell to make a profit. Explore every marketing venue when putting together the business plan, whether you plan to market on the Internet, through craft shows or at home parties.
2. Contact wholesale suppliers to get needed craft findings at cost. Paying retail drives up the cost of your final product. Some wholesalers offer discounts for buying in bulk. Ask the sales representative about discounts and sales.
3. Designate an area for your craft business so unfinished projects remain undisturbed. Design the area into stations, so as you complete one step of the manufacturing process, the item moves to the next stage towards completion. Set up an area for completed projects, and package them immediately to avoid damage to the items.
4. Educate yourself about the current trends in your particular product field. New items available may aid in manufacturing, packaging or distribution. Stay ahead of schedule when holidays are near. Christmas, Valentine's Day or other holiday orders may come in too quickly during the season. A stockpile of finished product takes the worry out of filling orders in time for the holiday.
5. Collect sales tax, if applicable, and a shipping and handling fee for each item sold, or incorporate these fees into the price of the item. You pay shipping charges each time you order from a supplier or when you ship an item. In most areas, you are responsible for paying the tax on every sale. Adding the fees to the subtotal keeps your out-of-pocket expenses down.
6. File business taxes quarterly to avoid a large fee at the end of the year. Paying quarterly breaks up the payments to a more affordable fee.
7. Update your business plan and marketing strategy each year to keep it current and utilize new technology and developments in your market.
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