Can your craft support a family?
That was a title of an article in The Crafts Report, written by Patrice Lewis awhile back. In her article she provided insight into how one may make a living doing crafts. One of the statistics she provided was that there are about 115,000 crafts people in the United States with 22% of them are entirely supported by their crafts. I was surprised at the numbers – I thought there were more crafts people in business and only 22% making a small living at it seems rather low.
She describes being successful as having $2,000 a month after business expenses, but admits not many would be able to live on that and suggest that you “don’t give up your day job” – especially if it provides a regular income and health benefits.
The author talks about finding a niche – especially if you are making something that everyone else is doing, as well as how long it takes to make a piece and pricing strategies – for example if it costs you in labor and materials $80 to make an item, can you sell it for that? And what about costs for marketing, sales, legal, accounting, etc? What if you want to wholesale – that means your $80 product would have to retail for at least $160.
I found the article (actually two articles) thought provoking and wonder how those of you who are in the business of crafting are in it to make a living or content with a modest financial benefit but find greater satisfaction with the crafting itself?
Ms. Lewis’ articles can be found on The Crafts Report here. The magazine is a monthly magazine for craft professionals and I’ve found some interesting articles in it.
Let me know what you think!