If you have ever taken a Personal Finance course, chances are you’ve heard this line over and over again:
Diversify your portfolio! Diversify your stocks! Diversify your income!
Investors and other independently wealthy individuals love this phrase because they understand how quickly trends rise and fall. But the same can actually be said for your Handmade Craft Business.
Styles appear… and disappear sometimes in an instant! And the market for what is hot (and what is not) will always be changing especially over time.
That’s why I’m sharing these 2 strategies for diversifying your income in your handmade biz. It’s the sure way to stabilize your income and NOT put all your eggs in one basket.
By diversifying your product offerings, you’ll be ready for any turn the market makes… without relying on a single source of income!
INTRODUCE A NEW PRODUCT
The first way to diversify your product offering is simple, but you’ll need to be creative.
That shouldn’t be a problem, right? Of course not! You’re a Handmade Hero flowing with creative ideas, so grab that pen and paper and let’s get to work adding a new product (or product line) to your business.
This can include:
- A Completely New Product
- A New Product Line or Expansion of a Single Product
- A Gift Set or Combination of Existing Products Together
- Seasonal or Limited Edition Items
Now, if you’re struggling to come up with ideas right now, that’s okay!
Start by identifying your most popular products (or the products you make the most profit on), and think of how you can enhance your customer experience with them.
Do your customers want this item in more colors or sizes?
Is there something you can pair with this product to make their experience using it better, more convenient, more fun, etc.?
What current trends can you incorporate into your product or product line?
But remember: when you add a new product, it should be for your customers… not you. Make sure it’s something they want. And that it’s aligned with your overall mission and values.
Not sure if your new product is a good idea? Ask your existing and potential customers! Reach out to your email list or on social media and see what your craft besties want more of from you.
This will not only make them feel appreciated and heard, but also spark that creative brain of yours!
TEACH YOUR CRAFT
Okay… this might just be my favorite strategy to grow your handmade craft business. You’ve spent years perfecting your craft and have grown a following that loves your creative abilities — and they want to see how you do it!
So, show them!
There are a few ways you can teach your craft. One way is to gather some of your fans together in a single location to workshop together. With this option, you’ll provide a semi-personalized experience with your customers and get to travel the country (or world)!
But, travelling can be taxing not only on the bank account but the body as well. So, it may be a smart option to provide an Online Workshop to teach your craft. This can be done either live or pre-recorded… ahhh, the magic of technology.
The pre-recorded option may be the least taxing option for the busy Handmade Hero. Simply record your lessons once, then sell it over and over! It really is that easy.
I can’t wait to see how well these two strategies work out for you! And if you’re ready to learn more about how to grow your business, CLICK HERE to get my 20 Smart Strategies to Make More Profit in Your Handmade Craft Business today!