When you own a handmade craft business, getting people to buy your products is undoubtedly crucial for success. You’re bound to be heavily focused on the creative process and sales side of your business to make sure that you’re constantly putting new products out there to attract new and existing customers.
Your product sales will likely be the bread and butter of your business, but there are also other ways that you can achieve additional business income at the same time as creating and selling handmade products.
In this post today, we explore some additional income streams that might work well for your business.
5 additional income streams for your handmade business
How many times have you been asked, “How did you knit/sew/bead that?” or “Where did you learn how to create those?” by someone who loves your products?
There are many people out there who are just itching to try out a new craft and the chances are, if you can have a particular craft skill, you can easily make money by teaching your skills to others.
When it comes to teaching handmade crafts, there are several ways you can go about this. You could run workshops from your home or studio for a group class session. You could teach one-to-one or you could even teach online, via platforms like Craftsy.
Having your own blog where you can post about your products and your creative process will be very useful for marketing your business. In addition, your own blog can bring you an entirely new source of income too.
Once your blog receives a certain amount of traffic, you can begin to monetize it through network and direct advertising and by working with affiliate partners e.g. companies or suppliers who you’d feel comfortable recommending to your blog readers.
A blog can take some time to set up and get running to the point where it receives quite a bit of traffic. Most bloggers don’t make much money at all for the first 6 months. However, once your blog is making money and you’ve established a routine of posting content, this can be a very nice little earner.
WordPress is a popular platform to use for blogging. To get started, check out this tutorial on how to set up a WordPress blog in just 5 minutes.
3. YouTube (vlogging)
You can add another income stream to your business by setting up your own YouTube channel and posting videos about your products or your craft skills. Many crafters offer tutorials through YouTube to show other people how to make things, plus it’s a great way to develop a loyal following that will also be interested in your products too.
The monetization part comes in through network advertising (like Google Ads) being shown on your videos. Every time someone clicks an advert, you’ll get paid.
Your videos will need a lot of hits to earn decent money, so if you’re planning to do this, it’s best to commit yourself to posting at least 10 videos to get you off to a good start. All you need is a video camera, good lighting and a video editing program like Windows Movie Maker to begin.
4. Selling supplies
Another way you can generate additional income for your handmade business is to sell off your excess supplies that you no longer need or use. If you have an online shop through Etsy or a similar platform, you can add a whole new section to your store for supplies.
5. Sell your patterns
Selling your patterns is a great way to earn passive income (the best type of income in the world)! This is where you do the work once (i.e. take the time to create a pattern that can be sold) and then you’ll earn money passively time and time again, every time your pattern sells. Without doing additional work!
Many crafters are understandably protective about their patterns because of the fear of being copied by competitors. If you’re considering selling your patterns, it’s worth only selling those ones where you’re happy to see the end product being sold by others.
Don’t consider selling patterns for your most popular products because you could end up losing business as a direct result. It’s a good idea to make sure you’re up to speed on copyright regulations in any case before going down this route.
Why additional income streams are important
The best thing about creating additional income streams for your craft business is that when you have a slow month with sales, you could potentially have a cushion of income to fall back on.
All of the income streams above are ideas that you can begin to look at during quiet times and start running them in the background, so that they begin to complement your main business.
We hope this post has given you some ideas to consider when looking at your overall business strategy this year. For more craft business tips, check out this section of our website.