How to start a small business?

ttmirror

I've always wanted to work for myself and im taking the first step here.

I want to gather some ideas on things i can do working from home. I was considering selling things i make but im not sure what to make. I'm a fantastic knitter but i still work 45 hours a week and it was taking up all of my time etc and i stopped enjoying it!

If you could give me some ideas on what is not every expensive to start making. I would like to sell them on etsy but not jewelry i see so much handmade jewelry out there! I'm open to alot of suggestions so please hit me with your ideas!

OhReally_2

ttmirror wrote: »

I've always wanted to work for myself and im taking the first step here.

I want to gather some ideas on things i can do working from home. I was considering selling things i make but im not sure what to make. I'm a fantastic knitter but i still work 45 hours a week and it was taking up all of my time etc and i stopped enjoying it!

If you could give me some ideas on what is not every expensive to start making. I would like to sell them on etsy but not jewelry i see so much handmade jewelry out there! I'm open to alot of suggestions so please hit me with your ideas!

In business, there are two basic ways you can approach trying to make & sell things

Make things you enjoy and hope someone out there might be interested in buying them.
That's basically the hard way to sell (although you will enjoy the making part )

Find out if there are any customers out there, what they are looking for and at what price. Then see if you can fulfill their needs.
That needs some hard work upfront, and you may not enjoy what you then have to make, but flogging it should be a doddle

martindow

Things you enjoy doing in your leisure time, like knitting, can be ruined if you are doing them full time.

Art and craft items can be very time consuming and potential buyers are often reluctant to pay sensible prices. If you are not careful you can end up being extremely busy and making a pittance if you calculate your hourly rate.

I would suggest that you try making some items that you think may sell and carefully note the time taken and all of the material costs. Set what you would like as an hourly rate - I would suggest at least the minimum wage and preferably considerably higher - and see what your selling price would need to be. Don't forget to add any costs of selling - fees on Etsy for instance.

If the prices are achievable give it a try and test the market while continuing with your current job. Lots of people start businesses based on their hobbies or existing knowledge.

Remember even on a small scale you will be self employed if you are making to sell and your profits are taxable and should be declared.

Gleeful

I always think that if you need to ask for help on what to sell, then people aren't going to help you as if it was profitable, they wouldn't want to give their secrets away

You either have a great business idea, or a niche item, or you don't. I'd say go away and think about it first. Find your item and find your market.

Mistral001

Have you bought something that you think is expensive and you could possibly make yourself? If you have, then perhaps these are the things you should consider making. Those items are relatively few at the minute due to imports from countries with low wage economies, but they might exist somewhere.

greensalad

Hello. Fellow knitter business person here.

You will never start a business selling knitwear that you make by hand unless you can find a real niche.

I sell handknitted scarves hats etc. I have one product which I sell loads of on Etsy and my own website (by loads I mean about 6 or 7 a month. Just as much as I can keep up with). But I am never going to be able to sustain a whole lifestyle on that. The particular scarves I sell are £24, cost about £8 in supplies and take 3 hours to make. Technically I'm working at a loss if I considered a skilled wage (say £10-£12 per hour). But I do it while I chill out and watch telly so it's not so much like "work".

As you will see with most fashion designers, craft maker-sellers and other such folk, it has to be a labour of love. Most of us start selling things that we enjoy making and make a little money on the side. Some of those folk are lucky enough to hit the jackpot where they find a balance on making things of a high enough standard to produce in bulk (batch production, mostly). Some of those are even luckier that they can then become well known enough to employ other people to do the making and just market their products.

FatVonD

Maybe consider customising something rather than starting from scratch?

You could sew an appliqued teapot onto a plain tea towel or (I've searched for pics of this and can't find them anywhere)... a few years back when I was working on an interiors magazine we featured a beautiful tea towel where the ends had a crocheted trim with little knitted/crocheted/stuffed teapots and teacups and saucers dangling like little charms. Totally impractical (and hugely expensive) but very beautiful.

Savvy_Sue

martindow wrote: »

Art and craft items can be very time consuming and potential buyers are often reluctant to pay sensible prices. If you are not careful you can end up being extremely busy and making a pittance if you calculate your hourly rate.

As an example, I have lots of pairs of socks which my mum knitted. One of my siblings saw some similar ones recently on sale for £25 - for a pair of socks!

But then, I was with Mum when she bought some more sock wool, and was shocked to discover she was spending £16 for I think enough wool for just one pair!

matt-comparison

Seems like everybody's extremely supportive but I will say what I really feel which is that a business set up for the sole purpose of being a business, without a clear idea or intent behind it, is bound for financial failure.

On the other hand, a financial failure to one (i.e. not being able to grow, not keeping a "proper" margin, doesn't generate enough income to justify itself etc.) might not apply to you personally, as long as you do whatever you enjoy and be your own boss.

My 2 cc.

Mrs_Huggett

There is a growing market for vintage, and knitwear is very hard to come by, 40's jumpers and landgirl jumpers would be a hoot, message me if you want to find out more info on where to start x