With many people seeing the new year as a fresh start, there comes a time for new and exciting opportunities. If you’ve been thinking of starting a craft business, the new year is the perfect time to make your dreams a reality.
At CraftCover, no matter what craft business you wish to start in the new year, we can provide the correct level of cover to suit your business needs.
Why should you start a craft business in the new year?
The new year is a great time to start new hobbies, as well as expanding your current skill set. Turning current hobbies into new business ventures has become a viable stream of income for many crafters.
Starting a business is a great way to encourage yourself to set new goals, and make achievable short-term milestones.
Many people view the new year as a clean start, which is why it is a good idea to create a plan for your desired business in November or December that you can stick to when the new year rolls around.
This way, you can set your new year off with a bang, reaching small achievable goals throughout the year.
Is it a good idea to set up a new craft business?
Setting up a craft business is a great way to join an exciting industry, especially if your business is based around a craft you love.
Many people dream of their hobbies making them a living. Craft businesses provide crafters the opportunity to keep enjoying their hobbies, all while having successful businesses based off the back of it.
Once you’ve found your niche and created a business plan, the next steps are to make your dream a reality.
Crafting trends for 2023
If your looking to expand your skill set to make trending crafts for the new year, some of the top crafts trends for 2023 include:
What to know about starting your own craft business
When you’re starting a craft business, the first thing you should consider is finding your niche. If you are unsure what route you wish to take, it can make the start up process much harder.
If you can’t decide on a specific niche, really consider the aims and ambitions of your business, as well as who you want your target market to be. This may help you decide which route to go by.
You should also be aware that it may take time to build your business, so if you aren’t getting in as many sales as you wish, try not to be disheartened.
Businesses can take some time to take off, which is why starting a craft business in the new year is a great time to start with a fresh, positive mindset.
How much does it cost to start a crafts business?
The cost of starting up your craft business may depend on the type of business you plan on creating. You should consider prices for the different materials you may need, such as equipment and raw materials.
For example, if you wish to start a pottery business, you may need to consider the prices of a turntable and the clay itself.
Other costs you may need to consider include:
Five tips to starting a craft business in the new year
Find a gap in the market
The first step in creating a craft business is deciding what products you want to sell.
Examine the industry you’re in and ask yourself: what kind of products would attract customers? If you’re looking to start a business with a new craft, it’s worth looking at craft business ideas to get an idea of which crafts you’re interested in.
For extra inspiration, you can use software such as Google Trends to discover what craft products people are talking about in your industry.
Create a business plan
When you’re starting a new business, it’s likely you’ll get carried away with the fine details that could be addressed later on.
To start, outline your plan by including the following points:
An executive summary
A brief description of your business
A mission statement
Your business plan is a must have. Think of it as a compass that will guide you through your business venture, keeping you going in the right direction.
One of the most important steps in creating a craft business is getting your business insured as soon as possible. You should have your craft insurance in place before you actually start selling your products to the general public.
Without the correct level of insurance, you could be held liable should an accident happen due to your products or production process. This can be extremely costly and damaging for small businesses, especially if you’re just starting up.
Using our fully automated service you could get your free no obligation quote today.
Click the link below and take the first step towards bespoke coverage tailored
to the unique needs of your business.