Craft Business Plan
Sample Craft Business Plan
This is my personal Advice for your Craft Business Plan, which I used to get started and still use. I have kept reviewing my plan and made changes according to changing conditions on the market. I hope it will become your roadmap to success as it has been for me!
1) Identify Potential Customers. This is the first thing to do when setting your craft business plan. Start simple and local.
Start selling the crafts you like, make or those of other local artists. Sell these to friends, family, neighbors, at flea markets, local crafts fairs, and trade shows.
This will give you a taste of WHO your potential customers are. In addition, you will gain a good grasp as to whether your particular craft has potential (test your product here).
2) Product Development Ideas: Even if your are working strictly from home, try to attend flea markets, local craft fairs, trade shows, shopping malls, specialty stores, home and garden accessories stores, gifts and toys shops, and ladies accessories stores just to watch people’s behavior and the products sold there.
This practice will also give you craft ideas in Design, Colors and Trends. Carefully watch what sells well.
Another tip is that you try contacting Interior Designers in these shows, for ideas on what crafts they buy, as well as design trends. Who knows? You could even partner with them and make crafts for their interior décor needs.
A very important advice to apply on your craft business plan and that will make your business successful is to try to Understand your customer’s tastes and preferences. This understanding will answer two key
questions in the product development process:
2.1) What drives your customer’s demand?
2.2) Which product characteristics to incorporate into your creations.
3) Analyze your Competitors: While visiting crafts shops, fairs and other stores in this category you answer questions like:
3.1) What are these stores doing to sell crafts?
3.2) Are they offering value added service?
3.3) What are they doing to set them apart from each other?
So, in essence what you want to figure out is your own competitive advantage. What can You offer that no one else does?
Another way you can do very good research for your Craft business is Online. Remember that increasingly people are making shopping decisions online although not necessarily shopping there.
4) Develop a Distribution Strategy:Now that you know who your customers will be, what crafts to sell, and who your competition is, you need to decide HOW you will make your products Available to your
Try finding answers to these questions:
4.1) Will you sell your crafts retail or wholesale?
4.2) Will you have a physical or an online Business or both?
5) Develop a Marketing Strategy: Finally, my advice at this point of your craft business plan is that you try answering these questions:
5.1) How are you going to Sell and Market your crafts?
5.2) How much are you going to spend in promotion?
5.3) Which media will you use for this purpose?
Here's another way to create a successful biz plan.
To start testing waters online, the best way to do it is selling via Net Auctions (e-bay or others). This will help finding the perceived value of your craft for setting the perfect prices.
In addition, a Net Auction may be the easiest entry into E-Business. It is fun, easy, cheap and fast.
You can start today using the stuff in your basement, attic or closet. And this exercise will help you identify what sells best on your product category.