Start Your Own Bead Crafts Business
A bead crafts business is an ideal venture for a creative entrepreneur. A crafting business is a stable choice even in tough economic times according to the 2009 Attitude and Usage study by the Craft and Hobby Association, which indicates a 0.5 percent increase from 2008 in sales. Jewelry making ranked sixth in their list of "Top Ten Craft Segments by Sales" with a total of $1,321 million. Although this is encouraging information, you will need to conduct research, carefully plan your business and produce an exceptional product in order to compete in this market.
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Things You'll Need
- Business plan
- Legal/tax documents
- Insurance
- Crafting space
- Bead crafting tools
- Bead crafting supplies
- Craft organization membership
- Interactive e-commerce website
- Advertising materials
Instructions
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Research your market carefully. Look at businesses that are similar to your business idea. Evaluate your skills and determine how you can compete within this market. Find local craft organizations and learn about the membership process. Research the online marketplace and develop a strategy to compete online.
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Write a detailed business plan based on your research and planning. Define your business goals through a well-written mission statement that describes your business in detail and include information about the craft shows you would attend, your designs, supplies you would need, your work space, website design, marketing strategy and financial projections. The plan should cover your first year in business. After a year, revisit your business plan and make adjustments to reflect the current direction of your business.
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Fill out and file all business and tax registration forms. If you plan to attend craft shows, you may need a permit as a local or transient vendor in your state. Local permits for vending may also be needed to attend craft fairs. Check with your local and state officials for specific regulations in your area.
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Meet with an insurance agent. Considerations for a bead craft business include claims of injury by craft fair customers, damage to your products and theft of your products.
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Set up a work area in your home, or, if you do not have a productive space within your home, you might consider a membership with a local craft cooperative where you can set up space based on your requirements.
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Purchase bead crafting tools such as small pliers, crimping tools, wire cutters and a wire gauge. A kit of basic tools might be the most cost-effective. Research your options to get the best deal.
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Draw designs of the beaded products you plan to create. Purchase beads and adornments based on these designs. Price your items based on the cost of the supplies, production time and market prices.
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Apply for membership in craft organizations that host craft fairs throughout the year. Depending on the type of craft fair, it may be a jury selection process or a simple form. Evaluate each craft fair based on your market research and projected financial benefit from joining.
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Create your bead crafts and photograph them for your website and any other future marketing campaigns. Keep track of the amount of time it takes to produce each item so that you can be sure your prices are correct.
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Work with a web designer to develop an interactive e-commerce website. Integrate social networking links on each of your product listings to allow users to share the products with contacts in their social networks. Write a blog to update your customers on new designs. Provide tips and tricks for bead crafting and insight into your designs. Develop a forum for your website to allow feedback and interaction.
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Tips & Warnings
Use feedback from your website to improve your bead products and gain ideas for new designs.
Be sure that you are fully insured prior to attending any craft fair.
References
Resources
- Photo Credit beads image by Greg Pickens from Fotolia.com
