Knitting is creative handwork which involves the manipulation of yarn to create a textile or fabric. It is very easy to turn this craft into a profitable business once you have mastered it as a hobby. The business of knitting is about creating beautiful and unique hand-knitted products. This could include sweaters to other clothing materials. All the equipment you need is a creative spirit, knitting needles, and some yarn.
Knitting for Profit
Although many know how to knit, they do not know how to do this same for profit. Knitting is such a profitable business if one plays his or her cards right.
This article discusses various factors to consider and methods you can use to turn the craft of knitting into a profitable business venture. If you are interested in knitting as a business venture, then you are in the right place. Read on below:
Steps to take when starting a knitting business
- Determine your target market
You must decide the category of people you are knitting wears for. This could be men, women, teenagers, children, for designs, etc. Defining your target market and consumers help you to plan your business well
- Decide on your style and quality
- Determine what type of yarn you would be using e.g chunky yarn, thick yarn, cotton yarn
- Determine the price of your products and package.
- Determine your profitable target sale. i.e determine how much you will need to earn in order to stay in business.
- Get your patterns: You can obtain patterns from pattern books or browse for patterns on the internet. Note that some patterns in books are legally protected such that the numbers of sales you can make on such patterns are restricted. Ensure you check this out well.
- Decide on the medium through which you want to sell your products. You can display your pieces at a mini shop. Once you have become more established, you can go on to set up a standard shop. Determine how you want your products displayed and delivered: Do you want to own a shop, sell on other online shops, etc.
- Determine your marketing strategy: Every business needs to be properly advertised. You could begin with your close contacts such as your friends on Facebook and other social networks. Your market strategy includes how you would communicate with potential customers and existent customers using email, phone calls, newsletters, etc.
- Determine to keep your accounting books: Many make the mistake of not keeping accounts of sales because they still think of knitting as a craft and not a business.
- Finding Yarn Suppliers
Yarn is the main equipment you need when knitting. Ensure you find reliable suppliers of yarn, textiles and other related accessories to use on a wholesale basis. You can’t do any knitting without yarn. Find out how to find suppliers of yarn on a wholesale basis.
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Knitting From home
You can start a knitting business from home since it is a hobby.
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What to Knit
If you want to learn how to knit, there is a range of easy items you can start producing. The easiest, to begin with, is a scarf. After mastering how to knit the scarf, you can move onto other things such as bags, cushion covers, and blankets. Knitting is a craft that needs creativity. Start by experimenting with designs for yourself. You can do this by checking out the designs of other people and then adding your own style to it.
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Fixing a Price on Your Pieces
You can decide to bill by the hour. Determine what hourly rate would be profitable to you and worth the production of your knitting items. Think about how many items you can make in a week and how long it will take you. Put into consideration the cost of materials and equipment used and then the cost of labour. If you are just starting to knit, spend little by little on equipment until you become a pro at it.
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Buying materials
It is good to buy good needles rather than cheaper, fake ones. You can invest in this and save yourself a whole lot of stress. All you need to do is take good care of them.
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Observe competition
When deciding on the location of your shop, ensure you put into consideration the good markets in your area where those already in the business of knitting are operating. Make findings on how well-knitted materials sell in that area before applying for a shop.
Take advantage of online marketing as many people purchase such goods as this without going to a physical shop. You can also advertise on social media platforms. You can also take the products to your target market. For example, if you specialize in knitting cardigans, you can advertise them at different elementary schools.
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Teach others
If you’re just interested in making a profit from your art/craft, you might also want to check out teaching others what you know. Knitting is a great skill and many people would like to acquire the skill of knitting so they can produce beautiful knitted materials. Aside from knitting scarfs, Cardigans and other materials that could be time-consuming, you can also offer to teach people how to knit so they can do it themselves.
Teaching people how to knit requires relatively little time. Apprentices also come with their own equipment, so you will not have to spend on buying material. Teaching people how to knit also pays reasonably well if you market it well. For example, parents like to have their children learn this skill. You can target such parents and advertise a knitting class to them for their wards.
Before you can teach others this craft, you must have acquired a certain level of understanding and mastered the craft well. This will help you guide your apprentices. For example, if your apprentice(s) makes a mistake, you need to know how to correct it in the knitting process, sort the problem out and guide them in the right direction.