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How to Turn Your DIY Hobby into a Business

13 April, 2020 by KatBp 48 Comments

This is a guest post

Crafting is a rewarding passion, and many people have dreamed about turning their crafting passion into a small enterprise. It isn’t so surprising, though, because the handicraft industry has boomed so much over the past several years. 

According to the Global Arts and Crafts Market Report 2019, the crafts industry continues to thrive and climb, mainly because more and more people are leaning into DIY home projects. Additionally, the global crafts market is expected to grow by 5.6 percent. It is poised to be worth over $53 million, from $38 million in 2019. 

For the artisans and crafters, a DIY hobby or a passion project has the potential to generate an income because there’s the demand for it. So if you want to take your DIY project to the next level and start a small business, here are the steps to successfully making that transition. 

Have a Game Plan

Starting a small business is not an easy task, and having a plan makes all the difference. All entrepreneurs need to carry out market research before actually launching the business. Analyze the market, define the target audience, and understand the competition. 

Do not enter an already-saturated market where the product can easily get lost in the sea of similar items. Define what sets the product from the competition, what makes it unique, and how people will benefit from it. Do not enter the business landscape blindly, so draw out a solid plan before doing anything. 

Sort Out the Technicalities

If a DIY project or crafting hobby is to become a business, then it needs to follow the formalities and protocols to make it one. Start sorting out the technicalities of a soon-to-be enterprise, and work on the following:

  • Picking up a brand name
  • Deciding on the structure: sole proprietorship or limited liability (LLC)
  • Understanding the tax laws in one’s state
  • Financial planning for the business

Set Profitable Pricing

Next, it is essential to set up a profitable pricing strategy. Factor in the costs of labor and materials and other things included in the business costs. Do not undervalue the hard work by setting a low price for the products, but figure out the best price that provides rightful compensation. 

Work out a price that takes into account the materials, equipment, and labor used for the production of the products. Remember to add in a decent hourly wage and some margin at the bottom.

This may be a little tricky to maneuver, and there isn’t a universal pricing formula that can apply to everyone, but always remember to choose a sustainable route.  

Sell Your Crafts

Now, for the exciting part: selling. Pick a platform, and start selling crafts online. People who sell homemade products have the benefit of selling their products online, which significantly widens the reach and market. 

There are plenty of places to sell craft products online. There’s also the option to sell products via social media and other online marketplaces. 

Think of It as a Real Job

Finally, consider the business as more than just a hobby. The goal is to monetize the passion, so stop treating it as a mere pastime; instead, think of it as a real job. 

Carve a consistent work schedule to keep up with the demand and avoid backlogs. Make sure to keep the books, perform inventory, and file taxes. These may sound a little too much for one individual, but it’s an excellent start to have a great grasp of how to run the business more efficiently. 

Moreover, make the time to study the niche further and the market in general. Look up the trends, and see whether they apply to one’s business. Research how to better serve one’s clients and give the product more distinction in the marketplace. 

Parting Words

Turning a DIY hobby into a small business requires effort, determination, and commitment. Crafting is a fulfilling activity on a personal level. Most people even think of it as therapeutic. 

But bringing the craft into the business arena opens a whole new world of challenges and opportunities. You can turn your works of art into cash, and it’s possibly one of the best and enjoyable ways to earn money.

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Comments

  1. Jamie says

    13 April, 2020 at 12:55 pm

    Great information!! I’m trying to plan on doing something like this soon. Things have been quiet, so it doesn’t hurt to drum up new business, in another way. 🙂

    Reply
    • KatBp says

      14 April, 2020 at 3:20 pm

      Agreed! I think it’s a great idea.

      Reply
  2. Courtney Pies says

    13 April, 2020 at 1:02 pm

    During these times, it’s definitely nice to have different ways to make money. Turning something you love doing into a business is such a great idea!

    Reply
    • KatBp says

      14 April, 2020 at 3:21 pm

      I completely agree too.

      Reply
  3. melissa chapman says

    13 April, 2020 at 1:11 pm

    I wish I had the talent and craftiness to make a business like that. Like anything else it takes hard work and dedication and if it is something you love it could really work

    Reply
    • KatBp says

      14 April, 2020 at 3:21 pm

      It sure does take lots of work, but fun at the same time.

      Reply
  4. cait says

    13 April, 2020 at 2:29 pm

    great tips here- i have a friend that’s starting to get her business off the ground so ill share this with her

    Reply
    • KatBp says

      14 April, 2020 at 3:20 pm

      That’s always great to hear.

      Reply
  5. Celebrate Woman Today says

    13 April, 2020 at 2:43 pm

    What a beautiful post to begin with. Setting one’s mind on something they want is the first step for sure.

    Reply
    • KatBp says

      14 April, 2020 at 3:21 pm

      Right! Great for anyone wanting to run a business for sure.

      Reply
  6. Amber Myers says

    13 April, 2020 at 2:45 pm

    I know I buy from a lot of people on Etsy. I wish I were better at DIY but alas, I am not, so I pay others!

    Reply
    • KatBp says

      14 April, 2020 at 3:22 pm

      I hear of a lot getting from Etsy as well. That would be a good place to start.

      Reply
  7. Meagan Ivie says

    13 April, 2020 at 3:19 pm

    How great to make money doing something you love! Sounds like the ideal dream job!

    Reply
    • KatBp says

      14 April, 2020 at 8:04 pm

      Right!

      Reply
  8. Heather says

    13 April, 2020 at 4:20 pm

    My daughter keeps wanting to sell something. 🙂 We’ve been doing a lot of thinking about what she could make to sell!

    Reply
    • KatBp says

      14 April, 2020 at 8:04 pm

      I hope she’s able to find something.

      Reply
  9. Lisa Joy Thompson says

    13 April, 2020 at 5:20 pm

    I’ve sold some crafts at craft fairs, but I’ve never sold them online. Some day I may try selling crafts online.

    Reply
    • KatBp says

      14 April, 2020 at 8:04 pm

      That’s always fun too.

      Reply
  10. Tasheena says

    13 April, 2020 at 5:23 pm

    I really enjoyed reading this post. These are really helpful tips. Looking forward to implementing some of them.

    Reply
    • KatBp says

      14 April, 2020 at 7:32 pm

      Glad to hear that.

      Reply
  11. Marysa says

    13 April, 2020 at 6:18 pm

    It would be great to be able to turn something you do for fun, into a business and to be able to make money from it! I guess in a way, it is how I ended up blogging. We have a cricut and it would be cool to make some designs to sell.

    Reply
    • KatBp says

      14 April, 2020 at 8:06 pm

      I need to get a cricut. I think you could make so many items to sell with that.

      Reply
  12. Heather says

    13 April, 2020 at 6:21 pm

    These are great tips. I love to support small business and people just starting out.

    Reply
    • KatBp says

      14 April, 2020 at 7:32 pm

      I do as well.

      Reply
  13. Beth says

    13 April, 2020 at 6:40 pm

    My sister and her best friend are very crafty. I keep telling them they need to turn their hobbies into a business, maybe this will help convince them!

    Reply
    • KatBp says

      14 April, 2020 at 7:32 pm

      I love to see how crafty people can get. It’s amazing.

      Reply
  14. Toni says

    14 April, 2020 at 2:09 am

    These are really great tips!! Thank you so much! I totally agree, turning your hobby into a small business needs proper planning, determination, and effort.

    Reply
    • KatBp says

      14 April, 2020 at 8:06 pm

      It can be so rewarding too.

      Reply
  15. Monica says

    14 April, 2020 at 7:46 am

    I am a floral designer and struggle with putting a price on my designs for people. I enjoy making things for my church or for friends. I have a hard time with the business side of it.

    Reply
    • KatBp says

      14 April, 2020 at 7:54 pm

      I know how that can be too. When I turned hobbies in to a business, I had trouble with prices too.

      Reply
  16. Lynndee says

    14 April, 2020 at 7:55 am

    Great tips! I have a friend whose hobby is creating handmade jewelry. And now she turned it into a business.

    Reply
    • KatBp says

      14 April, 2020 at 7:53 pm

      That is so great to hear.

      Reply
  17. Rena says

    14 April, 2020 at 7:57 am

    People don’t often think about it like this and I don’t know why. If you love to do something it makes sense to try to make money from it.

    Reply
    • KatBp says

      14 April, 2020 at 8:06 pm

      I agree.

      Reply
  18. Catalina says

    14 April, 2020 at 8:11 am

    My friend asked me these day if i know an on-line job. But you just gave me a brilliant idea. She has a lot of hobbies that can transform into a job.

    Reply
    • KatBp says

      14 April, 2020 at 8:07 pm

      I hope she’s able to do that. I love seeing everyone be able to turn hobbies in to a business.

      Reply
  19. Jenn @ EngineerMommy says

    14 April, 2020 at 9:30 am

    These are some smart tips. Turning a hobby into a business is a smart move for anyone in this economy. I will share this post with a few friends.

    Reply
    • KatBp says

      14 April, 2020 at 7:53 pm

      I completely agree. It’s great for anyone with a great hobby.

      Reply
  20. Kita Bryant says

    14 April, 2020 at 1:56 pm

    It really isn’t as hard as you think. Just remember to always have fun doing it.

    Reply
    • KatBp says

      14 April, 2020 at 7:53 pm

      Exactly.

      Reply
  21. Claudia Krusch says

    14 April, 2020 at 8:59 pm

    Love all the information you shared! It’s definitely nice to have different ways to make money.

    Reply
    • KatBp says

      15 April, 2020 at 9:29 am

      It sure is.

      Reply
  22. Lizzie Lau says

    14 April, 2020 at 9:28 pm

    At least once a week my nine year old tries to turn something she’s doing into a business. She has the right idea though. Right now she’s making jewelry. I’m setting her up a website and she will donate half of the profits to the food bank.

    Reply
    • KatBp says

      15 April, 2020 at 9:29 am

      That is so great! How wonderful.

      Reply
  23. rika says

    14 April, 2020 at 11:56 pm

    These are great ideas! I am trying to earn some extra income from home too!

    Reply
    • KatBp says

      15 April, 2020 at 9:30 am

      I think many of us certainly are right now too.

      Reply
  24. Swathi says

    15 April, 2020 at 3:21 pm

    Always it will be fun to make hobby into business. Blogging is hobby, I want to expand that too.

    Reply
    • KatBp says

      16 April, 2020 at 11:27 am

      I completely agree too.

      Reply

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About Me

Hello! I’m Kathy. I’m a full time mother of two daughters. I also have a husband who I’ve been married to for 16 years. I’m passionate about food, DIY, photography & animals. I enjoy cooking, traveling, taking photos, writing and spending time with my family.

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