Crafts that make money from home

Crafts that make money from home

Author : Michelle Williams

How much can I earn from Craft?

Thank you for registering for my recent Time & Feedom Webinar. As you know, the Special Offer is only available for a very limited time, so I want to make sure that I provide you with as much information as I possibly can to ensure that you have all of the information that you need about stating your own Life Casting Business or Keepsake Jewellery Business.

Yesterday I went through in a little bit more detail about the profit margins  and earning potential for making Keepsake Jewelry, assuming that this is the route that you want to go down. But if you're more interested in the Life Casting opportunity and starting your own baby casting business, then I just want to do the same today and go through the profit margins and earning potentials for these types of products.

Crafts with the highest Profit Margins

I'm just going to share my screen and demonstrate this in a little more detail. As an example of crafts with the highest profit margins and crafts that make the most money, we're going to work through the actual component costs of producing a framed baby cast, as an example.

As you know, the training program, that I shared on my Time & Freedon Webinar,  will teach you how to make multiple profitable craft products, but to keep things very simple, let's just assume that you only have one product and it's a framed Baby Cast. To make this product, you would need around 100 grams of Plaster, which comes in a huge 25 kilogram sack. But, you would only need to use 100 grams of it, at a cost of around 16p. You'll also need around 600 grams of alginate, which would cost you about £6. You'll also need a tiny applicaton of Acrylic paint, which comes in a little £3 pot, but you'll only use the tiniest amount, around 6 pence worth at the most. You're also going to be using some decorative waxes to create a patina, which would cost you about 1p per application. Then, you've got the cost of the Frame.  Frames come in different shapes, sizes and depths, but I'll assume that you're using a standard baby casting frame, which will enable you to mount either a hand and foot cast, or two hands or two feet. This type of frame, would typically cost you about £20. So you can see from the spreadsheet, that the component cost to make this product, is around £26.00

The current recommended retail price of this type of product, is at present around £125 pounds, leaving you with a profit margin of £99 for each framed baby cost that you make. This gives you a markup of 377%, and a profit margin of 79%, which obviously is a fantastic craft business profit margin.

What Crafts make the most money?

Now, I just want to demonstrate the earning potential from this as well.  All of the product cost data that we just calculated, will be autmatically transferred over to my sales and cost forecast spreadsheet. This is where we now need to enter our sales forecast per month.  

Hopefully, you'll rememer that on my Time & Freedom Webinar,  I explained that the best place to start, when setting your sales forecasts and targets, is with what you want your desired target income to be. So, for example, if you want to earn £50,000 per annum from making and selling your crafts, in this scenario, you would need to sell about 33 Baby Casts per month, to reach your annual target.

Basically, you need to reverse engineer your annual sales target, to create your monthly sales forecast. So, in this example, to achieve an annual turnover of £50,000, you would need to make and sell 33 baby casts per month. Obviously,  when you're first starting out in business, it would be extremely unrealistic that you would sell 33  Baby Casts, in your first month. So, be realistic when you are setting your sales forecsts.  It is only naturally, that in the early days, you will experience slow progress, but your sales should begin to pick up, as your marketing efforts kicks into gear.

The figures that I am demonstrating with here, assume that you've got your marketing in place to achieve those figures. Naturally, you won't make many sales if customers don't know about you.  As with any business, you only get out, what you put in.  

For the purpose of this illustration, I'm just assuming that you have one product, a 3d baby casting in a frame, but in reality, if you take up my Webinar Special Offer, I'll be teaching you how to make a wide variety of handmade products, including; 3D Baby Casts, 2D Prints, Clay Imprints,  Resin Castings, Metal Cold Casting, Family Castings, Couples Castings etc, which would then expand your product range and your earning potential. Alternatively, you may be interested in learning how to make fingerprint jewellery, Artwork Jewellery and handprint jewellery, which is an equally profitable craft business idea. 

When first starting out in Business and doing your first sales forecast, be realistic, because, naturally, in the begining, the chances are that will sell 33 Baby Casts per month, right out of the gate, is unlikely. Ultimately, however, once you've got your marketing in place and customers are aware of the products and services that you over, the sky is your limit.

How much can you make from a Craft Business?

The great thing about starting a Baby Life Casting Craft Business or Keepsake Jewellery Business, is having a marketplace which is so easy to find and identify. Because your target market are new parents, marketing will be easy, because your target market is very easy to find, both on and offline.  You will want to focus your marketing efforts on the places where your target market are hanging out in groups, such as antenatal groups, postnatal groups, creche's, nurseries, mother and baby groups.  

In terms of online marketing, you could consider setting up  Facebook Adverts, which would enable you to target by demographic, so you can target people by their status (i.e new parents)  and interests (i.e. parenting/ baby goods etc). So there's lots of really amazing marketing opportunities out there for you to ensure that you do reach your target. But when you are running this type of business, it's very important that you have a clear vision of your objectives.  As I said in the webinar, if you want to earn £50,000 from your Baby Craft Business, you'll need to work out how many products you will need to sell per month to reach that target. Then, you need to break that figure down by week and day, to help you to create a marketing, which has your desired income in mind.

In this scenario. We're assuming that you want to earn a sales turnover of £50,000 per annum, which means that you need to sell 33 Baby Casts per month. So, when you start developing your marketing plan, you will need to plan your marketing activities ahead, so that you know exactly what you will be doing, from a marketing perspective, by month, week and day, to ensure that you reach your financial objective.

How to market your Craft Business?

In terms of marketing your Craft Business, to ensure that you can make money selling your Crafts, first begin by looking at what type of events you could attend to get in front of your target market.  For instance, this may be baby shows,  craft fairs, postnatal group talks, ante-natal group talks, postnatal coffee mornings. Basically, you want to be anywhere that new parents, hang out in groups. You could even offer Keepsake Party's,  where you could do casting sessions in one of the parents home, in return for them inviting a small group of friends, who also want their baby's hands and feet cast.  This offers the customer, not just convenience, but also a shared social experience with other new parents. Essentially, in this scenario, you would be offering a mobile service. Normally in the case of a Keepake Party, I would suggest that you offer the parent who is hosting the party, a discount, for their time and trouble and for inviting their friends to have their baby's hands and feet cast too. It's well worth you doing this, because by offering a 'group casting service' you will automatically incresse your sales from one, to multiple.

Online Marketing for your Craft Business?

As well, as local marketing, you will also need to formulate a digital marketing strategy, to get your  brand and your craft business in front of a wider volume of people.  Thankfully, in today's difital age, It's now easier than ever, to raise brand awareness and get your products and services in front of customers, with all of the many social media platforms and online marketing opportunities that we now have.

This is just a little illustration of how much money you can make from a craft business, with the right products, services and marketing strategies in place. I go into this in far much detail on my Time and Freedom Webinar, so if you haven't registerd for that yet, please do so now, by following the link below.

Links

http://go.thecraftecademy.co.uk/timeandfreedom