Wondering how to start a fabric craft business? We take you step-by-step from start to success.
The Market for Fabric Crafts
There is a nearly infinite list of craft projects that can be undertaken with fabric. You can make a quilt, make a pillow, make a rag doll, make a table cloth, make curtains, make a dress, do some needlework -- it is a very long list.
For an aspiring entrepreneur who loves crafts, there are some great opportunities. Fabric crafters are passionate about what they do and they are very loyal to the businesses that help them with their fabric crafts. The key to success in starting a craft fabrics business is to understand your customers and find ways to help them that are not currently being addressed by others. For example, maybe the market has craft supply stores but they don't create community or provide how-to classes. If so, that could be your niche. Talk to prospective customers, find what's missing, and fill the gap!
Characteristics of a Good Fabric Craft Company Business Plan
Every business plan is unique. Yet good business plans universally hit on sound business plan elements:
- Mission Statement – A concise declaration of values, strategy and identity.
- Goals & Objectives – A list of mile markers on your fabric craft business's road to success.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your fabric craft business's strategy and direction.
Evaluate the Competition
Well in advance of opening a fabric craft business in your area, it's a smart move to find out what the competition looks like. Use the link below to generate a list of competitors in your city. Just enter your city, state and zip code to get a list of fabric craft businesses in your community.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are interested in starting a fabric craft business, it's essential that you have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
But, a person who owns a fabric craft business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How would you find a fabric craft business owner who is willing to advise you because you live in different cities?
Easy. Find them using our link below and start calling until you are successful.
Three Arguments for Buying a Fabric Craft Business
It's almost always preferable to buy a fabric craft business than to pursue a fabric craft business startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for a fabric craft business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Consider Buying a Franchise
The odds of surviving in business go up significantly if you become a franchisee rather than going it alone.
As part of your process in starting a fabric craft business, it's worthwhile to investigate whether there are good franchise opportunities available that might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a fabric craft business, these resources will come in handy:
If you sell to fabric craft businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.