Any person addicted to crafts will tell you that second only to having a passion for creating original, one-of-a-kind items is the desire to profit from selling those items. What crafter hasn't dreamed of the day when selling their creations provides them with financial freedom, or at the least, offers enough of a living to enable them to quit a boring day job? With these thoughts in mind, let's take a look at what's really involved in making a craft business a reality.

First, what are you selling? Is the marketplace flooded with the same or similar items? Obviously this will have a huge impact on how successful you are in selling your crafts. Take the time to study the marketplace so you know what's selling and if it's possible for you to offer something that no one else has out there yet. Some items that sell very well are collectible or nostalgic items, gift items, functional items that can be used daily, clothing, jewelry, and custom-designed products. There is an easy way to find out if a product you have will sell or not, take your products to a craft fair. Being able to see first hand the reaction buyers have to your product is very important market research which can help you refine or go in a completely different direction with your products.

Secondly, consider pricing. There's an easy formula for determining the price you will sell your work for. Simply add the cost of materials plus the value of your time, plus advertising costs, plus any other overhead costs to determine the wholesale price of the item. The wholesale price is generally half of what you would sell the item for at retail. One of the biggest mistakes beginning sellers make is under pricing their work. If you are selling whimsical or collectible one of a kind items, don't forget the psychology of the buyer. Most craft buyers are looking for a gift item or possibly an addition to a collection. Many times buyers are willing to pay more for these ?feel good? purchases simply because it satisfies a need for themselves or someone else.

And finally, don't forget to advertise! This includes business cards, personalized stationary, labels, flyers and brochures. A professional look is mandatory here. Nothing will turn off a potential buyer faster than poor print quality or design of your advertising tools. Allocating extra dollars to your advertising budget will go a long way in building your image as a professional craftsperson. There are other inventive ways to advertise that won't necessarily cost anything. Have you ever thought of teaching about your craft? There are lots of clubs and and groups that are always looking for a guest speaker. What a great opportunity for sharing your work and promoting yourself!