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3 Steps to Improving Your Craft Show Profit
Here are those three things broken down even further for you:
1.) Simple products – OK, a pet rock might be a little too simple (however, it might come back), but living room furniture goes a little bit beyond the standard craft show item. When you are thinking about simple crafts it doesn't have to be simpleminded. Here is a good rule of thumb – it should be something that someone COULD make at home, but might be just out of the reach of most people who come to a craft show.
What this does is ensure a couple of things: first, it probably isn't that complicated to make.
Second, it probably won't cost you a fortune to produce because the components are relatively few, and inexpensive.
2.) Make them quickly – Let's go back to the living room furniture example for a moment. How long would it take someone to do that? Let's just say a nice rocking chair… a few weeks? You need to work for a year in order to make enough chairs to satisfy the demand!
The key to profitability is to make something that takes very little of your (or a helpers) time to make. This reduces any potential labor costs and it also ensures that you can produce enough of the craft to meet the need you will have at any of your craft shows.
3.) A great markup – Figuring out the price of a craft is going to be a tricky one. It might even differ between craft shows. When everything is accounted for, you should try to double or even triple the dollar value that it costs you to make the product. So, for example, if you produce something that costs $1 to make, you should be selling it for a minimum of $2 or $3 dollars.
This tip goes hand in hand with the others. If your craft is simple, and you can produce a quality product in very little time, chances are your cost for each item is going to be relatively low. The lower you reduce the cost to make a quality craft, the HIGHER your profit will be when you sell.
For anyone looking to profit from craft shows, this is a start. At first, it might look like it limits the choices you have for profits. That solely depends on you and the profit margin that you are expecting. It shouldn't prevent you from making a craft that you enjoy, but it should give you a better understanding of what you might need to do in order to make your craft show business as profitable as possible.
Copyright 2006 Natalie Goyette
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