You enjoy making things with your own hands, such as baking the cutest cupcakes, or knitting dolls, sewing patchwork, etc.…and your friends and family simply love your creations? At this point, you are seriously starting to consider making a living by doing what you love and seem to be really talented at doing. But the question is – are you quite ready to start an actual business and sell your handmade stuff?
Here are some pointers which will help you decide whether or not you are ready for this big next step:
- Make sure you take the time and work out the costs and all numbers. Calculate your estimated expenditure for materials, time, marketing and shipping and then figure out whether you will be able to make a profit given the selling price you have set for your home-made products.
- Do you have the time to keep up with your potential customer’s orders? Can you spend more hours making your products, or do you need to go to work, run errands, spend time with your family and others? If you don’t – then maybe you should consider looking for a partner or for somebody to outsource part of the work to.
- Are you familiar with accounting and bookkeeping? If not – you better get prepared to do quite a bit of that or find somebody who can help you with the paperwork and accounts for your business.
- Do you think that you will continue enjoying making things with your own hands over and over again? Let’s admit it – it may become quite a boring and tedious job after a while…
- Do you have enough potential customers who are willing to buy your production? This is an important factor which you need to analyze and possibly do some research before going ahead and staring your own business with handcrafted stuff.
- How much of your time and your other hobbies or obligations are you willing to sacrifice in order to spend time making, selling and shipping your products?
- What are your actual personal and financial goals? Do you want this business to grow and become your main source of income, or do you see it as a side-job to earn some extra cash outside of your main job?
These are just some of the questions you need to think about and give honest answers to before even considering starting a business with homemade goods.
The answers will help you make the right decision and will keep you safe from possibly losing money, wasting your time and feeling disappointed because your business has not turned out to be as successful as you had hoped.
Having a realistic view and setting realistic goals is essential if you want to stay happy and if you want to feel satisfied with what you have achieved. Otherwise, you risk of becoming disappointed stressed and possibly suffer a potential burnout and a huge letdown!
If you are ready with the answers to these questions and have set your mind and heart on making money from the home-crafted products you love making, then you are ready to start your own business!