How to Begin Turning Your Hobby into a Business
For those craftsmen and home-based artists, selling at craft shows and craft fairs is a great opportunity to bring in sales and also find a new customer base without any additional cost or overhead. Most craft shows sell booth space for a few hundred dollars, and artists can easily make that money back with the homemade goods they are selling to interested customers. Additionally, these profits do not have to be shared with a gallery or store owner. In order to be highly successful at a craft show or craft fair, home-based artists should follow some of these marketing tips.
Know Before You Go
Before signing up to be a vendor at a craft show, make sure to do your homework. Find out what types of customers typically attend and what turnout can be expected in terms of customers and vendors. You also want to know how much it costs to rent a booth (this varies greatly between shows) and add in how much travel and shipping is if you need to send material ahead of time. Knowing costs upfront and turnout can help determine whether the investment of time and money is worth any potential profits. As well, knowing how much space each vendor has gives an idea of what kind of advertising to use, such as banners or posters.
Set the Right Price
While it may be easy to sell inexpensive items, it is important to remember you need to sell more items in order to make a profit. Conversely, it is likely impossible to sell a piece with a $15,000 price tag. This is why it is recommended to offer pieces with a wide variety of price points that will appeal to all various types of customers at the show. Doubling is a good rule of thumb as well – if the materials to make the piece cost five dollars, charge ten dollars. If the materials to make the piece cost $100, then charge $200. Either way, you have doubled your profit.
Enlist Some Help
While going to your first craft show may be exciting, many artists do not realize how mentally, emotionally, and physically draining it can be. Until you are used to the pace of a busy craft fair, it is in your and your business’s best interest to bring along another person or persons to help work the booth. Having an extra set of hands makes set up easier and faster, allows you to wait on more than one customer at a time, and also allows for bathroom and snack breaks without having to miss out on sales.