Craft Business Potential
Here is some information about the Craft Business Potential on the market and start brainstorming for your business approach.
Remember when we refer to Craft Business Potential we are talking about its size and possible demand. So, what we need to look for in here is, to find out what kinds of crafts or product categories have demand in a particular market.
Here I am sharing research information by qualified authorities and by my own experience. I do hope it will give you a good idea about crafts to make, outsource or, discover that what you love to make has good chances.
For a successful craft business you will also need to expand your research. According to a study conducted by United Nations Development Program Special Unit 2008, Creative Economy Report, “The global market for arts and crafts is expanding and clearly is not negligible. World exports increased 31% during the period 2000-2005, from $17.7 billion in 2000 to $23.2 billion in 2005.”
This same study found that crafts that sell well are Home Accessories, “Gifts” and sometimes “Garden” products. The 2007 Universe Study of the U.S. Market by Home Accents Today estimates the market size at $74.2 billion.
“In addition to home accessories, other crafts that sell well are jewelry and fashion accessories, such as scarves, shawls, handbags and totes.
Sales in this category have been growing rapidly due to its expanding availability at all retail levels.”
On the other hand, I personally made my own research by opening a crafts store in a very important touristic place in Panama called Boquete. This is one of Panama’s main tourist attractions and where many international retirees call home.
Here I had the opportunity to do some market research and product testing with Guatemalan and Panamanian handicrafts during 7 months.
From my experience there, I found that a very important part of the Craft Market has nice potential in the ladies accessories line. I also had for sale home accessories and gifts.
However, my best sellers were ladies accessories such as handbags, purses, jewelry, sashes, scarves, head bands, belts, beach pants and
skirts, sandals, and t-shirts with ethnic motifs.
Through this and other experiences on my craft business, I can certainly tell you there is craft business potential on the market waiting to be exploited. It is the approach to that market that you will need to work hard on.
I encourage you to keep expanding your research about your particular craft and find its business potential.
I have learned through my journey so far that, you need to create Opportunities for yourself. Take the first step and soon you’ll be on your way to your craft business success.
Just in case you need some inspiration, I found it here: He/she, who neglects the necessary works of sowing and reaping because the weather is not exactly suitable to his/her desires, will lose his/her harvest.
Therefore sow without hesitancy or speculation as to results or because they may not seem promising.
There’s potential for almost anything online and there’s certainly craft business potetinal too.