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Is a Craft Business a Good Idea?

Have you been enjoying making crafts for a hobby and now you’re thinking about turning it into a business? If you've joined craft fairs and sold your products to a good number of people, then you probably know that your crafts will have good market potential.

Considering today’s economy, you’re probably wondering if opening a craft business is a good idea. We constantly hear about a recovery but does that translate into the craft industry?

In a study made by Morris Hargreaves McIntyre for the Crafts Council UK in 2010 which was four years ago now, the craft industry in the UK has a total of market and potential buyers of an estimated 26.5 million people, or that’s about 63% of England’s total adult population.  So when you take this study into consideration, that’s quite a big market for crafts right there.  If you want to get a slice of the market and you believe your products will sell, then starting a craft business could be a good idea.

Selling online is a great place to start, ebay, amazon, esty and folksy are just a handful of great places to really spring board your sales. Get a good production line going so you can meet the demand and then scale through outsourcing the basic parts of your crafts and you finishing off the detail. The key here is scale, if you can't scale you cant grow so always have that in mind.

Making a good living from crafts means working smart and buying smart. If you can figure out a production system then becoming a  wholesaler for your products could launch you into the big league.  Once you have found good retail buyers that buy regularly this lets you focus on production. So if you have a ribbon based craft business you could focus on getting better wholesale ribbon prices with better buying power from bigger orders you are receiving.

If you haven't started yet and you are looking for ideas then start looking at the top 3 sectors in the crafts industry.  Recent figures show that the textiles sector make up 34% of the market, while the ceramics sector make up 30% and the jewellery 21%.  These areas could be a great place to start looking at what interests you.

Britain has always given high regard to artisans and craftsmen, making a craft business good business in the UK.  In fact, the handmade industry makes up a big percentage of the UK’s GDP.  The most preferred choice of customers to search for handmade goods is still the store, gallery, or showroom but the World Wide Web is slowly changing that.

On-line sites like Folksy have been supporting independent designers and artisans in the UK since 2007.  On-line marketplaces such as these provide a platform for many small scale crafters to present their products to the world but still remain unique and independent.  The internet allows these small independent crafter to get a foothold in the market place with little overhead so being a crafter could prove to be a very smart move.

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