Today is a check-in on my business idea. Does it have the 3 key qualities that make it a great idea? These qualities are feasibility, profitability, and persuasivity. So let’s take these one by one.
Feasibility: Very. I have the tools and the skills I need to make interesting bags and knit/crocheted items, along with the aptitude and interest to scour flea markets, auctions, and antique places for interesting prints, and I think I have good judgement on what will re-sell (we shall see!) I am confident that I can set up an Etsy shop to start, and the material investment is low, and I’ve already started collecting fun materials & unique prints with a pretty low investment.
Profitability: I think that my biggest cost will be packing and shipping. So this is something I will need to learn how to deal with, and do some research as to shipping costs. For small zipper bags, my raw material costs will be low, labor will be mine to start, but I do realize I will need to factor that in in case at some point I need to hire someone to sew for me. Research indicates that contract seamstresses make $10 – $15/hr, so I think that I need to factor that into my pricing up front, as if I was paying myself.
Persuasive: I am reasonably sure that I am not the only person who likes to be able to find unique gifts for their friends and family at a reasonable cost. My intent is to start by making some for my relatives and my sons’ girlfriends (that doesn’t sound quite right – it’s all in the punctuation!) and encourage them to use them a lot, so their friends will be interested – it’s always fun to support someone you know, right? For the past several years, I have bought all of my Christmas gifts from local artists – and this seems to be a growing trend. I am very content to start small, learn what people like, and build from there with a few designs that I make in different fabrics. I also am planning to put pictures of the fabrics I have on the site, so that people can choose their own and I can make to order. By mid to late 2018, I want to be ready to take on a few craft shows.
At this point, I am not sure how it will scale, but I know that if I keep a learning mindset, I will find a path that works.
I am learning already about some of the watch-outs of crowdsourcing a logo. More on that later!
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