Congratulations on your decision to start a home sewing business; before you is a very exciting time in your life! To ensure that your business is the best it can possibly be, and has the best shot at being successful for the long-haul, you will need to follow some time-tested home business strategies. Let’s take a moment to briefly look at each of them:
The Business Plan
No matter what business you decide to start, you 100% have to have a solid business plan. There is no way possible to have a successful business venture without one. The best way to develop your business plan is to think about all of the variables which go into your unique business, and what your ultimate short-term and long-term goals are for the business. With all of this information, you can sit down and formulate a business plan without it taking you a lot of valuable time.
If you are attempting to obtain financing for your sewing business, you will have to have a business plan in place to show your potential lenders. Your business plan shows lenders that you are serious about your business, and also how it will be profitable to allow you to pay them back. Do not attempt financing without a good solid business plan because you are simply wasting your time.
Licensing and Regulations
Depending on the city, county, and possibly state you live in, you may have to get a business license to have a legal home-based business. The way to determine what the local rules and regulations are is to call up your local city and county government offices and ask them what you need to do. If you live in a state with sales tax, you should call up your state Controller’s Office and ask about obtaining a seller’s permit. You will most likely find that most government offices are supportive and helpful in getting you situated in a place where your business is legal.
If you are conducting business out of your home, then you need to have a business liability insurance policy. Your regular homeowner’s policy will not cover any aspects of your business in the case of disaster. Home business liability insurance is fairly inexpensive and an absolute must have.
The best thing you can do for yourself is to keep good business records from day one of your business. Start with the fees to get a business license, and start recording every single business expense that you have. By doing this as you go you will save both yourself and your tax preparer a ton of headaches come tax time.
Setting Your Prices
The number one mistake many home-based sewing businesses make is to charge too little for their services. You need to make a living, and you need to be pricing your items and services accordingly. Whatever you do, do not sell yourself short! Ask a going rate for your items and services and expect that people will pay you what your time and product is worth. This allows you to work smarter and not harder!
Marketing is simply getting the word out and letting others know your business exists. You can market online, through a press release sent to your local newspaper, flyers, brochures, craft fair booths, etc… Anywhere you come into contact with potential customers you can market your items and services. You can even do simple things like always carry business cards, available these days very inexpensively online, and hand them out to everyone you meet as you go through your days.
The absolute best way to market your business is through word-of-mouth. Once your business gets going, if you treat your customers well, then they will tell their friends and family about you; this will bring you more customers without having to pay a dime to advertise.
As you can see there are a lot of things for you to consider when you are thinking about starting a home-based sewing business. However, your business can be very successful and profitable if you take the time to make it so.