Working from home has been a staple of my earnings. I have successfully been able to successfully run several businesses from home during slow economic times within my life. Crafting jewelry, selling supplies, bath products, creating artwork and nature crafting both through online sales and face to face sales to consumers has brought me needed income. These skills have helped me stay afloat during times of unemployment, underemployment or while my young family was starting to grow. Through my businesses, I have learned tricks and tips to share with other entrepreneurs.
One can find extra streams of income or primary income sources from selling goods that they create at home. Selling online, at craft fairs, at home parties or to an expanding circle of acquaintances all open opportunities to earn extra money with your spare time. I have learned through my multiple online businesses some tricks to success. I have been able to create beautiful jewelry, soothing bath products and other items for sale both at craft fairs and online.
The first thing you have to do is identify exactly what you want to do. This is a time of brainstorming. The more questions you ask, the more ideas you will have for successful businesses. Questions like:
What are you talented in? Is what you love to do something that can be done for a profit? Is there a lot of competition already in that area? What type of sales platform does your item work in best? In person, online?
Once you have defined your first project, do a little research. Find out about the competition in the market that you desire. For example, if you want to sell unique crocheted hairbows online, you would check out the major online market places for similar quality and price. How do yours compare?
Formula for Success
Next, its best to figure out how much it truly costs to create the item. Cost is more than just materials, but includes an hourly salary for you. Let’s say that crocheted hairbow takes 15 minutes to make and uses $0.75 worth of yarn. Assign yourself a salary, lets say $10 per hour. That would mean to make a profit, you would have to be able to sell that unique crocheted hairbow for $3.25 in order for it to be a viable product. There is additional time you will put into sales with customer service and shipping, but just count your basic time for now. The goal is to make a quality product at a competitive price that you will be able to sell at a reasonable rate.
A smart small business may also consider diversifying the goods offered. It is better to make $300 a month each on 3 different things rather than trying to crest one thing for $900. Because you have more wiggle room during the normal ebb and flow of business. With one focus, one must always prepare for feast and famine. That is to have times where orders are plenty and times when orders dry up completely.
Good luck, and happy crafting!