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Answer from our Guest Expert Liz Folger of Bizy Moms - page 3
Your Competition -- Who Are They?
We hate to admit it, but there's always someone else out there "doing that thing you do." It could be the same craft or something very similar to yours. Don't get down! Competition often brings out the best in your work. Check out your competition and see if you can see any special niches in the market.
- Name your competitive crafters.
- Do you know of other crafters who have started their biz and failed? If so, why did they fail?
- How does your competition sell their crafts?
- How much is your competition charging?
- What are they doing right or wrong in customer relations?
Pricing -- What to Charge?
How to price your craft deserves some start-up attention, too. Crafter, Beth Fisher, shares her formula for pricing her handcrafted items.
Cost of Item x 10% Overhead = Wholesale Price
Wholesale Price x 30% Markup = Retail Price
Beth has found this the fairest way to price her items for her and her clients. Other crafters take the cost of materials and double it for the retail price. But it'll depend on how long it takes you to make your craft.
Are We Having Fun Yet?
Above all else, make sure crafting is something you truly enjoy doing. The more you like it, the longer you'll stick with it -- even if you aren't making a lot of dough at first.
Happy Crafting!
Liz Folger
Work-at-Home Mom Expert & Author of The Stay-at-Home Mom's Guide To Making Money
Extra Advice Resources
Arts and Crafts Careers by Elizabeth B. Gardner
The Crafts Business Answer Book & Resource Guide: Answers to Hundreds of Troublesome Questions About Starting, Marketing, and Managing a Home-Based Business by Barbara Brabec
Handmade for Profit : Hundreds of Secrets to Success in Selling Arts & Crafts by Barbara Brabec
Crafting for Dollars : Turn Your Hobby into Serious Cash by Sylvia Landman
Websites
Crafters.com
http://www.crafter.com/index4.htm
About.com
http://artsandcrafts.miningco.com/library/weekly/aa080697.htm
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