Your decision to turn your love for bead craft into a business no doubt stemmed from a desire to make money from what you love to do. All the most successful business people know that the best way to be successful in a business is to do what you love to do. This is no different from your bead craft business. You already have the knowledge and talent that is takes to have a successful beading business, the next thing that you have to decide is exactly what crafts you should be doing.
It can be difficult to choose the most profitable beaded crafts for your business. While the ones that you love to do the most might be the best seller, the cost of making some of those beaded crafts may be too high to make a profit from.
So many different things come into play when you are trying to make a profit. Your love for bead craft takes a backseat to what your customers love and you will have to don your thinking cap and make some choices to come up with the best beaded crafts for making a profit.
The cost of making the various items is one element that will come into play when you are trying to decide which beaded crafts are the most profitable. The cost of the crafts includes everything that you use to make the item including the beads, the string, and any other materials that you use.
When you are trying to come up with the cost of the craft, you will not use the total cost of a package of beads. Instead, you will have to do some math to come up with the cost of beads used to produce one item. To do this, think about the number of crafts that you can make with one bag of beads. Alternatively, if it takes more than one bag of beads, the total number of beads that you use.
For example, say that you can make five items with one bag of beads and each bag of beads costs five dollars, then the cost of the beads for one craft is one dollar. Do this for each material used and then add each of the individual costs together for a total cost.
Once you have come up with a number for the total cost of the craft, think about how much you can reasonably charge for the finished item. The amount that you sell the craft for minus the amount that is costs to make is your profit. In the simplest form, the most profitable crafts are the ones that have the highest amount of profit.
Another factor that comes into play when you are choosing the most profitable crafts is the amount of sales that you can make. Even if you can make ten dollars or more from a single item, it will not amount to much if you only sell one item per month. Therefore, the profitable crafts are not only those that receive the most profit, but also those that have the highest number of sales.
If you have been in business for a while and have been keeping a record of your sales, you can use this information to determine which crafts sell the most. It will be a little more difficult to determine the best sellers without this information. Even if you do not have historical sales information, you can use your own judgment to figure out which crafts will be the best sellers.
You might consider doing some research among other bead craft sellers. Ask them which their best sellers are. When you are doing this kind of research, it might be best if you do not tell them that you are also selling similar items. This might cause the seller to be hesitant to give you the information that you need.
Even if you do not have all the information that you need, you can still do some work to figure out the best selling beaded crafts. Once you have started making sales, keep an accurate record of which crafts are selling the most. As you have more data, then you can begin to see which crafts you need to make more of and which of those you should be making less.