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Category: Business
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10 Different Ways to Make Money In The Crafts Industry
The Crafts Industry is booming and it is a 14 Billion Dollar Business and growing, According to ASU Study. The majority of crafters start out in their homes… It is estimated that more than 126,000 people in the United States make their living from the products they create.
Many of the craft households fair better economically than the average American family, earning $50,000 annually versus $39,000 in terms of median income. A great topic like arts and crafts could be turned into many different types of businesses. There are different ways to enter into the crafts industry even if don’t actually make crafts.
1. Sell Handmade Products Online
Selling in an online marketplace such as Etsy or eBay is a low-cost way to begin selling your handmade products from the comfort of your home. Selling online is also one of the quickest and easiest ways to begin making make money online. And once you get your feet wet you can open your own online store and cut out the middle man.
2. Sell Your Crafts at Craft Shows
Check with your local chamber of commerce or search your State’s website for listings of upcoming shows and fairs. Many local colleges hold annual craft fairs. Some independent craft show promoters set up craft shows at local churches. Some churches host their own craft fair as a fundraiser.
3. Sell Your Crafts On Consignment
Selling on consignment is a practice frequently used by artists and craftspeople. It literally means that you are giving over your work to someone in the business of selling handmade products such as at a craft shop, for display and sale. The retailer keeps a percentage of the sale price as a commission once the sale is made.
The travel and tourism industry is the third-largest employer in the United States, supporting over 5.85 million travel-related jobs. Selling your crafts to tourists is a great way to earn an extra income. Check out local shops selling to tourists and see if they are willing to sell your handicrafts on consignment.
4. Sell Crafts For Craft Artists
Become a sales rep for Independent craft artists’. Sell their products on consignment online or offline. Work out a deal where you can take 10 to 50 percent of the retail price as commission.
5. Sell Craft Supplies.
Craft supplies are in high demand! Craftsmen, both amateurs, and professionals need craft supplies to produce their products. Craft supplies are hard to find in rural towns, making selling craft supplies a high-profit potential online business idea !.
6. Teach Craft Classes
There are craft shops that offer free classroom space to promote their products in your craft projects. Check with your local craft shop for teaching opportunities. Earn extra money teaching craft classes at a college or university through their community-based adult enrichment program. There are many retired people, who want to make good use of their leisure time and would enjoy learning new crafts.
Teach crafts as a freelance craft teacher or recreation aide in a retirement home. There are some churches that will allow you to teach a craft class to their members as a fundraiser. You would share a small percentage of the money charged, such as 10 to 20 % of the fee charged per student.
7. Teach Online
You can create how-to craft courses and sell them on your own website or you can teach on sites such as Udemy or Craftsy.
8. Start a Niche Craft Blog
With a niche craft blog, you can add affiliate programs and earn money. It is a great way to earn extra money which can lead to a full-time career!
9. Sell e-books
Publish and sell downloadable craft e-books on your topic of expertise. How-to books have always been popular even before e-books hit the market. People are naturally hungry for information.
10. Sell Craft Patterns
If you have a popular craft product, then selling how-to patterns online or instructions could be a good money maker for you. You could also develop patterns for publication in magazines and books.
Answer:
Some of the qualities Fin the Pin has which would lead you to believe he would be ideal for the business he is starting:
- Passion – He is passionate about the business he plans to start, he loves making things out of wood!
- Educational Background – He took up carpentry in high school.
- Experience- He worked with his uncles in the construction business doing carpentry work.
- Ambition – He taught himself what he needed to perfect his skill.
You should have some if not all of these basic qualities going into your new business venture. All these qualities will help you to stay committed and focused in the long run as you pursue your business endeavors.
Some other Entrepreneurial Skills you will need :
• Problem-solving
• Goal-oriented
• Self-confidence
• Risk-taker
• Good Decision-making skills
• Organized
• Persistent
• Communication skills
• Leadership ability
Any skills you don’t have now you can work on as you go along.
Legal Business Structures
- Sole Proprietorship – A sole proprietor is not only one of the common forms of business but it is also one of the easiest type of businesses to form. You are not required to do any kind of special incorporation filing. A sole proprietor is someone who owns an unincorporated business by himself or herself. A business, owned by one owner, that makes no legal distinction between the individual owner and the business itself for tax purposes. The owner is fully liable for any legal actions brought against the company.
- General Partnership – A business, owned by multiple owners, that makes no legal distinction between the individual owners and the business itself for tax purposes. Owners are fully liable for any legal actions brought against the company.
- Limited Liability Partnership – A business, owned by general partners and limited partners, that makes no legal distinction between the General Partners and the business itself for tax purposes. General Partners are also fully liable for any legal actions brought against the company while Limited Partners have limited liability. A limited liability company (LLC) or corporation helps protect your personal assets in case a law suit is brought against your business for products sold or services rendered. But may require the help of a professional to start.
- C-Corporation – A business, owned by owners and an unlimited number of shareholders, that is a separate legal entity from its owners and shareholders for tax purposes. Owners of a C-Corporation are taxed twice: once as owners and once as shareholders. Owners and shareholders are not legally liable for any legal actions brought against the company.
- S-Corporation – A business, owned one owner and a limited number of shareholders, that is a separate legal entity from the owner and the shareholders. The owner of a S-Corporation only gets taxed once, must be a U.S. citizen, and is not liable for any legal actions brought against the company. Shareholders are not liable for any legal actions brought against the company.
- Limited Liability Corporation (LLC) – A business, owned by one owner and an unlimited number of shareholders, that is a separate legal entity from the owner and the shareholders. LLCs need at least two people to be created. The owner of a LLC only gets taxed once and is not legally liable for any legal actions brought against the company. Shareholders are not liable for any legal actions brought against the company.