Who are your customers? What do they need? How are you giving them what they want?
“Market Need” is one of the elements of a business plan. New business owners often put off writing a business plan for months – years even. They imagine that it’s only needed if they seek a bank loan or formally present to investors. But a business plan is important to your arts success right from the beginning.
The Etsy Blog is a great source of business information for starting an online business, whether or not you choose to have a shop on Etsy. A recent post was titled “How to Write a Creative Business Plan In Under an Hour.” Blog author Caroline Cummings breaks down the standard parts of a formal business plan into short statements. She demonstrates the process with a fictitious Etsy store she calls Haley’s Vintage Hats.
The “Market Need” for Haleys? “My customers love the look of vintage women’s hats, but real vintage hats are difficult to find and very expensive if in excellent condition, while good replica hats are not common.” A short, simple statement.
And Haley’s solution? “I recreate hats from my collection of authentic designer vintage hats of the 1920s-60s and sell these affordably so my customers can own and wear hats in the style of their favorite vintage milliners.” Again, how clear is this? Cummings’ fictitious business owner easily defines her target audience (women who love and want to wear vintage designer fashions) and can fill their needs with handcrafted replica hats.
Why do your customers need the items you sell? What makes them like your work and place an order?
In “The Everything Guide to Selling Arts and Crafts Online” you’ll fine a simple common-sense chapter to help new business owners create a business plan. with sections including:
- Parts of a Business Plan
- Keep a Journal
- Product Line (yes, you will begin to think of your creative work as a product!)
- Your Twelve Monthly Landmarks
If you have not yet written a business plan for your new arts business, do it today. What a powerful tool for your success!
Even better than the fictitious Haley, our illustration is from a REAL vintage hat designer on Etsy! Illustration courtesy and ©Kimberley at TheWaughdrobe on Etsy: etsy.com/shop/TheWaughdrobe