Being profitable in a small arts & crafts business is not a matter of luck. There is a system to pricing merchandise to encourage people to buy your crafts. While covering your own cost to produce the item is important, there are other factors involved in making sure you get the best price for your merchandise.
James Dillehay is a craft artist, gallery owner, and author of nine respected finance books on this subject. In this book, he offers suggestions for an arts & crafts business owner to be successful. Topics such as studying the market and pricing your items appropriately, increasing perceived value, determining the cost per unit and your target profit margin, where to sell your merchandise, how to buy your supplies more cheaply, and working more efficiently are all covered in depth.
As an accountant, I reviewed the financial calculations and strategies closely, and Dillehay is accurate in his advice. However, in the realm of taxes, I would advise caution and the guidance of a tax professional, before implementing some of the suggestions offered. How to Price Crafts and Things You Make to Sell is a wealth of information that can ensure your small business is successful and profitable.
Reviewer: Alice Berger