Inspite of the challenges a handicrafts business can be a very lucrative venture.
If you choose to setup a handicraft busines then it will be important to ensure that you pay close attention to the following issues you are likely to encounter.
Here are 5 issues to consider before you start:
1.You are solely responsibility for everything in your business.The buck stops with you in the handicrafts business.You will be the only one to blame for late orders,missed deadlines,lost contracts and any mistakes in your business.Unless you employ someone to start with you will be the cleaner,book keeper,manager and messenger in your handicrafts business.
2.The running of your own handicrafts business comes with a lot of flexibility and freedom as there would be no one looking over your shoulder to ensure you meet targets and deadlines.
The flexibility and freedom would require you to have time management skills to ensure your work is finished on time and you are meeting the business goals. A handicrafts business would demand a lot of time for any significant success.
It is important that you are self motivated to succeed in the handicarft business.
3.Financing a handicrafts business can be less expensive in comparison with other businesses.Inspite of this you will require some money to startup and operate your business.
It is important that you do not underestimate the costs of starting and running a handicrafts business to ensure that your business costs are not a lot higher then your expected costs since this could threaten the success of your business.
If you are starting your craft business on a very tight budget, it will be advisable to undertake a detailed financial analysis of your expected costs to ensure you can make the business work on your available budget.
As you are going to be self employed it is important to take into consideration the fact that you would not have a regular income for a while and make provision for it.This is more so especially where you have anyone financially dependent on you.
If you are giving up a job to start a handicraft business full time, you will have to consider whether you have the finances to make this change and its effect on your personal life.
4.A handicraft business would allow you to make money with art,using your creativity.It also means you will be doing everything yourself and will not have the choice to pick and choose what you do.
You must also be able to predict what supplies you would require and how long it will take you to produce large volumes of product.You must be prepared to do things ranging from making key market decisions to choosing the right merchant accounts for the handicrafts business.
5.Feedback mechanism
As an employee you have your colleagues to give you feedback on your ideas. When you start a handicraft business working on your own you will have to rely on your customers for feedback.
You could also join trade associations for the opportunity to talk to people who have already done hat you want to do and learn from their experiences.
A handicraft business can be a rewarding one inspite of the challenges.Its important that you research it thoroughly to enable you make an informed choice as to whether it will suit you.
Till next time goodbye and good luck.
