Several years ago, I did a series on how to turn your crafts into cash. I always get questions about how to make money from your crafty passions, so I wanted to provide you with a post that put everything together involving that question into one place. I’ll also link my YouTube videos with each section in the event you are more of a visual person.
How to Turn Your Crafts Into Cash
Although there is not much to do to actually start your business, one of the first things you should do is a bit of planning for what you want to call your business. This name should depict whatever it is you want to provide your customers. It’s also a good idea to check and see if your business name is already taken, especially before you proceed to the next step.
You’ll also want to go through the proper channels to make your business a legal business. Choose whether or not you want to register your business as a Sole proprietor or LLC. This will keep you protected from your state and the IRS. It’s free and not difficult to do this.
It’s also smart to open a business bank account. This will keep your business expenses and income separate from your personal money. There are many banks that offer free business checking and with perks. Taxes will also be a lot easier to do when your business account is separate from your personal bank account.
Once you have the legal aspects taken care of, it’s not time to consider how you want to market your business. My suggestion is to use FIVERR to help with getting a brand established, logos, marketing materials, etc.
With the legalities and preliminaries out of the way, the next step is to create a business plan. This can also be done first but with the prior step as one of the top things to do before actually launching your business.
The biggest things to put into your business plan are:
- Determine what you want out of your business. Do you want to make a little extra money or completely retire yourself (and/or your spouse).
- Establish your financial goals.
- Brainstorm the products you want to offer and how much they will cost (in profit). Then you can figure out how much you will need to make and sell to reach your goals.
- Create milestones that will help you eventually reach your goals. (Success doesn’t happen over night.)
- Set up business hours, a workspace, and how you are going to promote your business/products.
- Create an inspiration (or dream) board to help keep you inspired and give yourself a mental picture of what you are doing with your business.
There may be other things you’d like to add into your business plan, but the aforementioned are things you definitely don’t want to leave out.
Other Things to Consider When Starting Your Creative Business
Below is a list of other important topics and questions you may have about turning your crafts or creative ideas into cash:
- Should you buy wholesale and where to purchase?
- Should my business be on social media?
- Tips for running a successful Etsy Shop
- How to price products
- Keeping track of inventory
- Where to find craft fairs
The list above are some of the most popular questions I’ve received; however, I have an entire playlist put together that will help you learn how to turn your crafts into cash in no time.
As with any new business, you want to go into it with a positive mind all while expecting a few hiccups. It’s normal to have everything go smoothly only to hit a pothole and feel like you have been set back. No matter what, decide from the beginning that you are going to stick with your business and focus on the customers that you will be serving.
If you are looking for great advice and suggestions for starting your own business, be sure to check out my business group & design group to help you get started. Click here to read more.