I touched on this topic a year ago, and think it is important for anyone thinking about opening a business to see all aspects of what they are getting themselves into. I've worked several different angles of being a self-proprietor over the years, but I've not been able to be anything more than a serious hobbyist, and I'm alright with that.
Even
the simplest of products take a significant amount of time and energy to
produce and sell. Right now, I’m selling mask covers for $3.45, though I may up
that price to cover the cost of an amazing amount of Velcro needed for this
product. Some may wonder why it costs so much for something so basic and as a
consumer I try to match what I think is the market value of a product. I believe in very short order these will be hanging on checkout counters for half what I'm charging. I really cannot compete with a product that is being mass produced. Rarely
as a hobbyist do I get out the wages in time spent on any given project; I just
hope to break even and/or make a small profit. Sometimes I ask myself why I would
go to all this effort. I guess it is just the entrepreneur in me as well as my
love of crafting.
For
example, to make a simple mask cover includes the following list of items
needed:
An assortment
of: Fabric,
Thread, Tools, Velco, Tabs
Office
Equipment:
Computer, Printer, Printer Ink, Paper, Business Cards, Envelopes, Tape,
Wrapping Tissue, Labels, etc.
Add-ons: Thank You Notes,
Instructions
Equipment: Camera, Shooting Box, Lighting, Editing Software (Adobe, Lightroom)
Fees: Posting Fee,
Transaction Fee, Advertisement, Postage
Profit and/or Loss:
Time invested in making product, posting product, editing, and marketing
It
seems like a lot to invest in an item that takes only minutes to assemble (once you've dug out the fabric, cut out the pattern, threaded the machine), because it is a lot of work. And once you've made the product it has to be marketed and/or shipped. Since I am a one-person business/hobbyist
I am unable to mass produce items and that is where the real money lies. I
come up with a design concept and pretty soon I’ll see it on the shelf in every
WalMart, Target, and grocery store in my neighborhood. I guess I’m not the only
one with ideas. I do try to customize my product and that makes it a little
more personal. Mostly I do it because I like the challenge of meeting
deadlines, pleasing customers, and it offers me a creative outlet. And if at
the end of the week I get to order a meal delivered because I ran out of time to cook, then that is a tradeoff I’m
willing to live with. Most days I’d rather sew than cook. And that's why I keep at it. No dreams of making it big or striking it rich. Just the satisfaction of creating something that someone will enjoy, and if I'm lucky, getting someone else to cook my dinner!
