Today we want you to ask yourself the question…what kind of business do you REALLY want to have? Whether you’re just starting to explore the idea or are already selling patterns, this blog post aims to provide guidance and explore the various business options available to you so that you can make informed business decisions that will set you up for success!
“hobby” levels: from joyful pastime to a profitable venture
Let’s start by reading through the following list to identify where you are today vs where you want to be down the road.
level one: the joyful creator
At this stage, your craft brings in a little extra income. It covers the costs of making your patterns. The process is enjoyable, and you find it personally rewarding. Monetizing your hobby at this level adds a pinch of delight to your life, without transforming it into a full-fledged business.
level two: the side hustler
Congratulations! You’ve taken the leap and registered your business as an EIN and potentially even an LLC. Now, you’re using platforms like QuickBooks and perhaps have hired an accountant to manage your finances. You see potential in your patterns, and creating them has become a part-time job. Customer service and self-promotion now play a significant role in your process and you have included all of these additional business enhancements into your long-term cost structure.
level three: the full-blown professional
You’ve arrived at a stage where your passion for knitting and crochet has become a REAL revenue stream. You understand the difference between creating for the joy of the craft and creating for your business. And you have set time aside in your creative process for both. At this level, you have a keen insight into what sells, and what your audience is coming to you for. You analyze your analytics from website traffic and sales to social media engagement. You have a calendar of pattern releases and know when to put out your patterns to give them the highest chances for success.
taking an honest look: the roadmap to success
Before you set out on this exciting adventure, it’s essential to take an honest look at what you want your business to be today, and where you envision it in the future – in a year, five years, or even ten. Creating a roadmap with clear goals will help you stay focused and achieve your dreams. You can do this by working through the following thought starters:
define your vision
Ask yourself where you want your business to be in the short and long term. Do you want to turn this into your full-time job or maintain it as a passionate side hustle?
assess your commitment
Building a successful pattern-selling business requires time and dedication. Are you ready to invest the necessary effort? Releasing a pattern requires more time than the pattern creation process. When thinking about your answer to this question also consider the time spent on things like customer service and pattern errata…gosadi can help with that!
legal considerations
Decide whether you want to register as an LLC or operate as a sole proprietor. Understanding the legal aspects of your business is crucial for its growth and protection. Lawyers for The Creative Arts has an incredible scope of resources to help you get started on this journey. You can also get a lot of information on this topic at your local library or local small business chamber.
balancing passion and profit
While you turn your hobby into a business, remember to nurture your passion for creating. Finding the right balance between creating for the joy of it and creating for your business is key to staying inspired. Do you feel like you have a clear picture of the differences between the two?
know your audience
Identify your target market, understand their preferences, and tailor your patterns to meet their needs while remaining true to your brand identity. Engaging with your community and listening to feedback will help your business flourish.
