Category: Motricity IT

A Guide to Owning a Successful Craft Company

Crafting is a billion dollar industry that appeals to creatives of all ages. Woodworking, resin pouring, and even homemade clay figures attract a myriad of customers who enjoy handmade and unique products. If you have always had a passion for crafting and you are thinking of launching a craft company of your own, there are a few tips to keep in mind to maximize your reach and ability to succeed.

Choose the Right Niche

Crafting companies range from providing wholesale materials and supplies to selling unique one-of-a-kind creations. When you are considering a crafting business of your own, choose a niche that is most relevant to you and the type of crafting you are well-versed in. If you are experienced with sewing, you may consider expanding your reach to those who also knit and work with latch hook projects. If you are thinking of selling unique resin pours or hosting classes, offering supplies such as molds, stirrers, alcohol inks, and mica powders can help to generate additional revenue.

Research Company Names

Brainstorm names for your craft company before moving forward with your business plan and the registration of trademarks. Research your desired names to verify that they are not already used by others in the crafting industry. When selecting a name for your business it is important to choose a name that is memorable, relevant, and easy to spell for new visitors and prospective customers. Search social media platforms to ensure that your name has not already been taken or is being used by another individual running an online or local craft business.

Select a Selling Method and Venue

Selecting the venue in which you will run your craft company is a major step to keep in mind once you have decided to go into business. Whether you are planning to open a local storefront, attend various craft shows, or sell using an online platform it is important to make a decision before purchasing and selling products.

Decide How You Will Accept Payments

Determine how you will accept payments based on the venue you are using for your craft company. If you want to accept credit card payments at a local craft or vendor fair, consider using a tool such as Square or PayPal to accept credit and debit card transactions while on-the-go. Choosing the right online setup is also an important element to keep in mind. Use a third-party eCommerce service such as Shopify to get started or opt to create your own using a CMS (content management system) such as WordPress in conjunction with WooCommerce for total control over your inventory and website layout.

Register Your Business

Register your business and choose how you want to operate your company. The most common method used when registering a new business or startup is an LLC, or Limited Liability Company. However, if you are interested in seeking investments and going public with your company, an S-corp or C-corp may be optimal for you.

Launch an Official Website and Blog

Launch your official website, eCommerce platform, and blog to maximize your online reach and potential for exposure. Using an official website boosts your professional appeal while providing you with a unique platform to showcase and sell products. Use a newsletter subscription to garner support and dedicated readers who have a genuine interest in learning more about your business.

Use your official website to share your previous works and sold products while also hyping new and upcoming items you plan to sell in your shop (online or locally). Host events and gatherings that are promoted using your website and blog to spread the word about your craft company to other users online and off.

Create a Social Media Presence

Creating a social media presence is essential when launching a crafting company, especially if you have chosen a highly competitive niche. Streamline your website’s name with your usernames on top platforms such as Facebook, Twitter, Pinterest, and Instagram. Update your social media account frequently with product images, videos, and special discounts or contests to keep users interested and coming back for more.

Once you have established your official website, blog, and social media presence, it is time to develop a sense of community among your current followers and prospective customers.