If you like to create craft items, did you know that you can turn this hobby into a good business? Exactly, you will be able to combine the useful with the pleasant. Crafts as a source of business is in fashion and is one of the simplest ways to start your own business in your own home.

 

All it takes are products you can have at home, have an internet connection, and have some knowledge to get started. This is an answer for anyone looking for an alternative to earn some extra money.

How to Make Money with Crafts

Creating craft items is a great way to earn money. As the start-up costs can be quite low and there are so many different types to make, it can be a bit difficult to get an idea of what value to place on items you create to sell.

 

If your city is a tourist spot, creating items that make reference to the most popular places in your city will be an obvious choice and can have a great output and give you good profits. Another attractive point is that as you will be creating your craft items at home and also selling them, rent expenses will not be a hindrance to your business.

 

If you have children, they can participate in the venture which will also greatly reduce costs and increase their allowance. Whether it’s a full-time job or just certain hours, you should have a business plan in mind in order to make a profit from your business.

How to Calculate the Selling Price

To calculate the costs to be able to decide what the price of the items is, use the formula below to make sure you will make a profit with your sales. The craft pricing formula may be useful as a general model:

 

Cost of materials + labor (the time taken to make the item) + 10-15% overhead = Total costs

 

Total costs x 2 = Wholesale price

 

Wholesale Price x 2 = Retail Price (the price of your item)

 

For example, if crafting materials cost $20 and you want a profit of $20 per hour of work, add the two together and add 15% overhead (in this case $6).

 

The total cost will be $46. So the $46 multiplied by two is equal to $92, which is your wholesale price. Then multiply your wholesale price of $92 by two, which equals $184, and that will be the item’s retail price.

 

The value of your products may include other factors, but as mentioned above, this formula will default in most cases.

8 Craft Items to Make Money

Let’s see some ideas that will serve as an example for those who want to start their new craft business:

1. Spreadsheets and Forms

Printouts are one of the most profitable types of crafts as they are very inexpensive to make. There are several templates and print ideas to choose from. The most popular ones are checklists, calendars, coloring pages, etc. Printouts are inexpensive as the person buying just downloads and prints.

2. Shirts on Demand

Who doesn’t like to wear a good T-shirt? You can create your own custom designs through Tshirtstorm.com, where you can preview the products to see how they will look before you sell them.

 

This platform integrates with the main websites and e-commerce platforms so that the user can sell their T-shirts on demand the way they want.

3. Personalized mugs

Personalized mugs are very popular and are often used in work environments to drink water, juices or coffee. Be creative and enter this craft market. You don’t have to be an artist to make really creative drawings. The best selling mugs are the ones with funny phrases or quotes, sayings, etc.

4. Handmade soap

Soaps can be adorable if made in fun shapes and are most appreciated by audiences of all ages. There are many varieties of recipes to try out before moving on to the final product. You can take advantage of your own homemade soap by adding your recipe.

 

You can make shapes of many different types. Search for suppliers and sites that are already dedicated to making handmade soaps and it might be interesting to be a reseller and advertise in your city.

5. Jewelry

Homemade jewelry is generally cheaper and can allow you to exercise your creativity and give someone an original and truly unique gift.

 

Jewelry is always a wonderful gift! The possibilities are many, from materials such as resin, leather, copper, steel, etc. There are so many tastes and styles that you’ll hardly know where to start. Try searching here for inspiration.