Knitting items for family and friends is one of the joys of your life. You may have become really good at it and find that you want to pursue more intricate projects. In fact, as you get more and more into knitting, you may realize that your local yarn shops are unable to keep up with your demands. If you are in this situation, other knitters may be as well. There is a way to remedy this situation. You can start your own yarn business.
This is not unheard of. In fact, most independent yarn shops are owned and operated by active knitters. You would not be doing anything exceptional or ground-breaking. This is not a bad thing, as it leaves you with plenty of examples and models to choose from when you begin the process of business planning.
There are two good reasons to start a local yarn business. The first is the extremely limited or non-existence of yarn shops in the area these days. The second is the lack of supply for specialty yarn. For example, the only yarn you can find in big box craft retail stores is a synthetic fiber, and none of the yarn shops in your area carries yarn made of natural fiber. There are no shops that offer only this type of yarn, then there is an opportunity.
In most respects, starting a yarn business is like starting any other type of business. However, if the entire purpose of your shop will be to fulfill a niche need, you must be tuned to the tastes and preferences of your clientele and industry trends as a whole.
To get started, you will need three basic things: capital, people, and supply.
You must first raise money to purchase your initial stock of yarn. If you already know the kinds of yarn you want to sell, you will need to figure out how much of it you will need to keep in stock. The expense of the yarn, renting store space, and other start-up costs will determine the amount of initial capital you will need.
To keep your business running, you will also need the right people. If you intend to start off with a small shop that serves a limited customer base, it may be possible to employ other knitters. But this is not always possible, and you may have to develop a plan to train intelligent and motivated novices about knitting and yarn.
Finally, you must partner with a steady and reliable supplier. You must ensure that the yarn you receive is of the kind and quality you promise to your customers. You must also ensure that you have enough of it in stock to meet demand. This is really the lifeblood of your business.
It is also possible to start an online yarn business. Your capital requirements will be much lower. However, you will still need competent people to manage the site and act as virtual customer service representatives. You must also have a reliable supplier.
Are the local yarn shops in your area not serving the needs of the knitting community? You can do something about it. Learn how to start your own yarn business.
