When the economy is on a downturn, people cut back on spending by not buying nonessential items. Unfortunately, one of those things is generally crafts. But don’t despair! There are things you can do to help your business survive and sometimes even thrive when economical times are tough. Here are some suggestions:
- Attend Shows Close to Home: Cut back on fuel costs by sticking closer to home when attending craft shows. By “staying local” you will not only cut back on the money you spend on gas, but you can also eliminate lodging expenses altogether.
- Attend More Shows: If you stay closer to home, you may benefit by attending more small shows instead of the larger shows which may require travel and higher booth fees to attend.
- Online Marketing: Every business can benefit by having an online presence. Costs can be minimal, and if you play your cards right by using proper online marketing techniques your business can really do well by selling on the Internet.
- Supplies: It is worth taking time to shop around for craft suppliers with lower costs. For instance, if your typical supply cost per product is $7.50 and you cut that price to say, $5.00 then you will show an increase in profits of $250 for every 100 pieces sold. For crafters who create a very large amount of inventory, this can add up very quickly.
- Raise Your Prices: Yes, I did say “raise prices”. When you focus on quality over quantity when selling handmade items, people expect to pay more. Even a small increase in what you ask for your crafts can help increase your bottom line. Just be careful not to overprice yourself out of the market! Watch for competitors and see what they are charging. If your prices are comparable after your increase, you should be OK with the raise.
