4 Tips for DIY Entrepreneurs

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There are many consumer-related factors that have contributed to DIY's spike in popularity. For example, homemade versions of common household items are often environmentally and budget-friendly, and if they're purchased from a local artisan, consumers can feel good about supporting a small business. But perhaps the biggest driver of the DIY industry is the technology behind it.

So what's the best way to break into the DIY business? Here are a few tips to help you navigate this growing industry.

Create a solid business plan. Because it's relatively easy for a potential handmade-product entrepreneur to open an online shop, it's also easy to forget that, at the core of it, you're running a business. And like any business, you'll need a plan to carry you over the long term, especially when it comes to the financial aspects of your company.

Test your idea. One huge advantage of using third-party marketplace platforms is that there's very low investment and risk involved in testing out your product with your target audience. Parker advised launching your store and putting yourself out there, both on the platform itself and on social media sites like Instagram and Pinterest, to see if there's a market for what you're selling.

Think ahead to future growth. If your goal is to transform your business from a side hobby to a full-time gig, you'll need to consider what that growth might entail, including staff expansion.

Remember that your story matters. For some businesses, the novelty of their product is enough to make them stand out in the marketplace. In the DIY space, with so many competing sellers making similar items, you need to emphasize what makes yours different.

"Products that are simple enough to manufacture and have a unique story to tell have the potential to be most successful in the DIY space," Song added. "Find something you're really passionate about, and focus on one or two items you can make better than anyone else. Then, make sure your product and the story behind it become one in the same."

Source: diy-industry-tips