With the COVID pandemic putting a strain on many families' finances, more people than ever before have been looking at ways they can turn their hobbies into side hustles to provide another income stream for their household.
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There is never a better time than the present to invest in your crafting skills and look at if this can be a viable income for you. But how can you tell if you should take the next step or keep your craft as a hobby only?
You Can Invest in the Best Tools and Materials
Once you decide to sell your wares to the general public, you need to make sure that you offer quality products that provide value for money and will last from heat transfer vinyl for creating logos on clothing to the best food container to package up your baked goods for sale.
Look at what other people are offering and the quality of their products and packaging to give you an idea of what people expect from you. If you can afford this investment, you will find you can get up and run quickly to recoup your investment.
There Is A Market
Check out local selling sites, neighborhood groups, selling sites such as eBay and Etsy to see who else is selling items similar to you and if there is indeed a market for your items. You need to find the right audience for your products or consider widening your target area for postage and delivery options to reach more people.
You Love What You Do
There is a big difference between loving what you do because you do it for fun and having to do it to earn an income. Test the waters with a small customer base to see how you feel about mass producing our products on demand, and then if you are ok with this being something you need to do each day, you can look at expanding what you offer and who you sell to.
What Is Your Markup?
You need to make sure you are being compensated for both your time and skills and the cost of materials when you put an item for sale. How much can you realistically expect to get for the item and yield a good enough product to justify the extra effort put into the market that you create?
Never knowingly undersell yourself or your skills; however, this can be a balancing act as if you charge too much, you might not sell anything. Taking notice of the RRP of similar items can help you reach a figure you are happy with but remember you are doing this to make many. If you cannot realistically make a lot of money, it might not be worth going through the motions to put them up for sale?
Legalities
Check with your local state what your tax requirements are for selling your crafts, so you don't get a shock from the taxman when it comes to submitting your taxes. Also, look into any permits or certifications you may need to allow you to carry out your business for commercial reasons and not just for fun.
