Craft Inc.: Turn Your Creative Hobby Into A Business

Reviewer: Alyice Edrich

Art Business Book

Author

Meg Mateo Ilazco

Review

Having been in business for quite some time, there probably isn’t a how-to book on starting your own home-based business that I haven’t read, skimmed, or flipped through. After awhile, they all begin to look the same, covering the same basic information—but that doesn’t mean that I don’t keep looking for that one book that breaks the mold. And while I cannot say that Craft Inc. broke the mold, I could heartily recommend it to crafters who’ve never read a “how to start a business” book and want to take their hobbies to the next level.

Craft Inc. speaks directly to creative types who want to do more with their hobbies. It focuses on the industry, as a whole, and touches on many aspects of running a craft business—from naming your company to obtaining proper licenses to getting insured and paying taxes. It also discusses things like finding the right legal structure, understanding copyrights, obtaining financing, setting goals, keeping proper records, networking, marketing, packaging, and sourcing materials. And it touches on tradeshow etiquette, getting paid, pricing product, and dealing with consignment shops.

If there is one thing lacking, from Craft Inc., I would say it was visual stimulation. I’ll never understand why a business book for creative types doesn’t have at least minimal visual stimulation—it’s a huge pet peeve of mine. If you’re going to interview artists via a Q&A section, show me some of their work, show me the area of their studio where they conduct business, show me the artist in action. And, if you’re going to explain something a bit more complicated, draw me a map or something. That being said, the lack of visual stimulation does not take away from the content in Craft Inc. one bit—this book is solid with or without visual stimulation.

If you want to take your creative talents to the next level and want to earn back some of that money you’ve been putting into your hobby, Craft Inc. is a great place to start.

“Pricing ties into a complex system of beliefs that go beyond affordability to issues such as desire, quality, and branding…The notion of affordability is subjective—the same person who balks at a $200 hand-loomed shawl might splurge on a $400 pair of machine-molded sunglasses.”

In 7 chapters you’ll uncover what it takes to turn your hobby into a business and begin setting healthy habits that will follow you throughout your business’s life. You’ll learn things like:

Why it’s important to pursue something you love and not something that will make a quick buck.
Why it’s important to “study every nuance of your craft” so that you build confidence in your talents and your talent becomes second nature.
How to find time to create when you think you don’t have any time to squeeze out of your schedule.
Why a creative space, separate from the rest of your home life, is vital to the success of your business—even if it’s just a corner of a room, an altered closet space, or your garage.
Why working for yourself can be very lonely and isolating and how important it is for your creativity to reach out and connect with others on a regular basis.
Why you must create a collection—or product line—that “varies in purpose, price, and production time”.
Why the best—and most profitable—collections are “focused and revolve around a single concept or source of inspiration” and “aspire to timeliness and staying power”.
Why your creative voice must be in every piece you create—but at the same time every piece must be something that others WANT to buy.
Why it’s important to study and incorporate current trends into your product line without losing your creative voice.
Why it’s important to set a minimum wholesale order quota and not deviate from it.
How to seek production quotes in “manageable, saleable” quantities.
Why you should hawk your product to local, independent, stores before seeking a big buyer.
Why your introduction letter should include a sample of your product and not just a catalog, photograph, and price sheet.

And you’ll discover more about the old rule of thumb for pricing your products for profit, which by the way is: the Wholesale price = the cost of materials + the cost of labor x 150% mark-up. Whereas, the Manufactured suggested retail price = the wholesale price x 100% mark-up (or x2).

Finally, there area handful of forms in the book like writing up a resale certificate, questions to ask when setting up a craft fair, and questions to ask when you decide to open up a little storefront or office space outside of your home.

Order Craft Inc. Today!