Why a Crochet and Knitting Business Is Probably Right For You

  Business Overview:

If you love to knit or crochet or would just love to have a business with homemade products, think about starting a knitting business. You don’t even have to make your own products to make money in the knitting or crochet business. Many people enjoy knitting as a hobby but have no idea where to start if they want to turn their hobby into a lucrative business. The secret is knowing which markets to needle your way into and which products sell best. Startup costs are low. You probably already have a computer and you can access free accounting software so you just need to get some wholesale supplies and you’re ready to go. Did you know you can earn a hefty profit without ever picking up a pair of knitting needles? If you know how to sell other knitters’ products, you can be very successful in this business. You just need to have some basic business knowledge and know where the highest profit areas are.

A day in the life of a knitting business owner:

A typical day for a knitting business owner will be different depending on whether you knit your own products or acquire them from other knitters. Either way, you will check your orders to see if you have those items in stock. If not, you may need to do some shopping (either online or locally) to pick up the materials you need then get started on your new orders. If you get your products from other knitters, you’ll hop online and see if your contacts have these items in their stock. Finally you’ll need to ship off any completed products.

The Good:

• If you’re already a knitter, making a profit with your products is easy.
• If you’re not a knitter, you can still make a profit with others’ products.
• There are extremely lucrative markets that you can focus on to make the highest profits.
• Startup costs are low; you can turn a profit quickly.

The Bad:

• If you try to sell in the wrong markets, your profit margin will be low.
• If you make the wrong products, you won’t be able to sell them.

Resources:

• The Knitting Guild Association
• Craft Yarn Council of America
• Wikipedia on Knitting

Technorati Tags: crochet business, knitting business