Are you curious about turning your passion for knitting into a business? Perhaps you’ve been inspired by the entrepreneurial tips in The Knitting Times, or maybe your loved ones have been inquiring about buying your scarves and mittens. Becoming a vendor at a craft fair is a great way to get started! These tips will guide you from applying for a spot to setting up your display.
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Form an LLC
Before you start sending out applications for craft fairs, you should consider choosing a business structure for your company. It’s especially important to take care of this task before tax season! By registering as an LLC and keeping careful sales records, you can earn tax breaks. With LLC status, you’ll also get flexibility in your business structure and limited liability. Filing on your own can be complicated, especially since each state has its own rules for the process. But you can avoid costly lawyer fees by using online company formation services.
Register in Advance
If you’re ready to start selling your knitwear at events, you’ll need to keep an eye out for opportunities in advance. When you find a local event where you want to sell your products, send in any appropriate application materials early. Booth spaces are generally limited, so you don’t want to miss out.
Chances are, you’ll have your hands full at the craft fair, so you might need another person on deck to help you out! Look into hiring temporary help for the day. You may want to ask your loved ones if they would be interested in working at your booth with you.
Price Your Products
You might be wondering how to price your products for the show, especially if you often give away your knitwear for free to loved ones or offer very flexible prices. To determine fair prices for your products, you can start by researching similar products online to see what they are selling for. This gives you a reasonable ballpark range of prices. However, you will also need to consider the cost of your own supplies and how much time you need to make each item. Ideally, you’ll want to set your prices around the average of your competitors if your supplies are of comparable quality.
Prepare Your Inventory
Getting your inventory ready for the show can be overwhelming. Decide which products are most popular and plan to ramp up your productivity in the coming weeks! For instance, your customers might be interested in scarves, blankets, hats, gloves and mittens, slipovers, or even pillowcases. Spend extra time making more of these items before the event so you’ll be prepared.
You’ll also want to plan out your display design ahead of time. Meylah Blog recommends establishing a theme, choosing colors that will make your products stand out from the other booths, and selecting affordable items to display prominently. You could also use small hand or head mannequins to show people how your items will look when worn.
While accepting only cash for purchases might seem like a simpler option, you’ll want to set up a credit card processing system to make it easier for customers to buy your goods. Creative Income Blog suggests registering with your chosen system before the craft show and confirming that the venue will have internet connection to support processing.
Selling your creations at a craft fair is hard work! But it can help you build your small knitting business. With these tips, your first craft fair will be a success.
Need inspiration for future knitting projects? Check out the resources from The Knitting Times! Browse our website today for patterns, business tips, and more.