Knitting is an enjoyable hobby for the young and old. However, not everyone can pick up a pair of needles and whip up a pair of hand-knit socks or a sweater, and those who can't are eager to buy unique handmade knits. If you are an experienced and efficient knitter, turn your crafty past-time into a money-making opportunity to increase your savings or pay down debt.
Find a Niche
Choose a knitting niche and focus on a few specialty items. You will knit more efficiently and produce more items for sale than if you switch between many patterns and styles. It also helps establish your designs and handiwork as a knitter and will allow prospective customers to identify your work easily. As your business grows, introduce complementary products. For example, a mitten-knitter may expand a product line to include matching hats and scarves.
Locate Your Audience
Identify your target customer. Who will buy your knits? How old are they? Think about local markets and what type of knitted goods would sell well there. College towns in northeastern states are a great market for heavier wool hats, scarves, mittens and sweaters in modern styles and colors. Gauzy light knit stoles, purses and delicate baby items may find a good market in Southern climates and tourist destinations catering to baby boomers with grandchildren.
Determine a Venue
Select one or more sales methods. Selling handmade knits online is a quick and cost-effective way to get your knitted projects in front of a large number of potential customers. Sign up for an account on eBay or Etsy. Use a digital camera to take pictures of your work. Renting a booth at local craft fairs or flea markets is another popular method to sell handmade knits. Approach neighborhood designer boutiques and ask if they will display your original hand-knit sweaters, dresses or purses in their window for a commission when the piece sells.
Market and Network
Market your knitting online through Facebook, Pinterest and Twitter. Use lots of high-quality colorful pictures to show the detail and workmanship of each piece. Network with other professional knitters online and in your community. Let them know what your specialties are and send referrals their way when you can.
Other Things to Consider
Knit quickly and price your work fairly. Factor in the cost of your supplies and a reasonable hourly rate when pricing your items. Prepare to pay tax on the sales generated from your knitting business. In most states, you'll need a permit to sell your hand-knits.
- Market your knitting online through Facebook, Pinterest and Twitter. Use lots of high quality colorful pictures to show the detail and workmanship of each piece.
- Network with other professional knitters online and in your community. Let them know what your specialties are, and send referrals their way when you can.
- Knit quickly and price your work fairly. Factor in the cost of your supplies and a reasonable hourly rate when pricing your items.
- Prepare to pay tax on the sales generated from your knitting business. In most states you will require a permit to sell your hand-knits.
A former financial adviser with more than a decade of experience in personal finance and small business banking, Sarita Harbour is a professional writer specializing in personal finance, small business, technology, and content marketing techniques. Her writing appears online at sites such as Yahoo! Homes and Bob Vila. Harbour holds a bachelor's degree in psychology and computer science from the University of Guelph and the Personal Financial Planning designation from the Institute of Canadian Bankers.