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How can I finance a arts and crafts business? Answered

I would like to know anyway I can finance a arts and crafts business.Information must be for U.S. and please provide links. thank you.

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rickharris

Best Answer 3 years ago

1. Borrow or save money to start, You may need to be able to buy materials and support yourself for a year or 2 to become established. most small businesses are underfunded at their inception.

2. Start very small, keep a job running to finance the srts and crafts, sell on ETSY or Ebay, or in local shops, flea markets etc. Advertise your products on social media, aim to build a reputation, a clientele and the business until it can becom full time.

3. Make a business plan, look it up on line, you will never get finance without one.

4. Always search for good and better suppliers. Cheap may not always be best be aware of your market and what the product is worth.

5. Have a definable style so people recognise your work.

6. No matter how you start out think of it as a job even if it is part time, work consistently.

For a number of years I made and sold jewellery, mainly ear rings at the UKs equivalent of a flea market, making costs £0.10 selling price £1 to £1:50 This looks like a huge profit BUt when you figure in how many i could make in a day then consider how many I needed to sell in the 8 hours at the flea market once a week it was never going to make a living wage, i did it for fun.

HOWEVER there is a huge difference between making things for fun and running it as a business, it suddenly becomes less fun wand more repetitive. Don't let that put you off.

Oh and research your market, know WHO you expect your customers to be and know WHAT they will want.

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Kitemanrickharris

Answer 3 years ago

Also, don't under-price your work.

It's easy to put yourself down, and just charge enough to cover materials, post, and a few pennies on the side.

That's OK if you never, ever expand, but what happens when somebody orders a lot? The thing you make takes time, wear and tear on tools, time, coffee for the late-night creativity sessions, time.

Don't make the mistake I did, and charge just £1.50 extra for a customisation task that took two hours of drawing. In my real job, that time would be worth a minimum of £50.

Imagine: what if somebody orders 1000 items (it happens) - could you fulfill the order in time, make money, and stay sane?

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rickharrisOmnivent

Answer 3 years ago

Could be although I have other shirts !- we were also under financed when I started my business in 1989 - didn't think so but we were, Lucky to get work almost immediately and the company survived for 20 years.

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CreativeKaila

3 years ago

thanks to everyone who responded.

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rickharris

3 years ago

I aught to know better by now, but the expectation of some kind of response to a reasonable answer still lingers - Sigh.

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Downunder35m

3 years ago

Most banks off credits these days...