We know you’ve been waiting for this part of the results because…
Who wouldn’t want to know how much handmade businesses make, right?
Did you know that more than half of handmade businesses are making a profit? But it’s not just money we’re talking about. We’ve also discussed about other incomes streams as well.
In this second part, we are talking about the results around:
- money and finance;
We recommend having the results/graphs in front of you as you listen to this if possible, it will make it easier to understand. If not, make sure to grab them anyway to refer to it later:
Enjoy and when you’re done let us know what most surprised you in our free FB group.
~ Jess, Mik & Deb
Been waiting for the results about how much makers are making? We all want to know about money, finance, and marketing so here’s the exciting second part of The State of Handmade Survey results.
in this episode we cover:
- Majority of hand makers are making a profit or breaking even;
- Some reasons why makers may be losing at the beginning;
- Your wage is an expense of the business;
- More than 50% are investing the profit back in the business than taking it for personal expenses;
- Main aim of making money is for fun stuff;
- Possible reasons why more people are reinvesting back in their business;
- Many makers also have other income streams;
- More than 20% of respondents puts profit for household income;
- A few number of people have no other income streams aside from their handmade business;
- Majority of businesses use USD as currency;
- The vast majority of Australians are earning under AUD5000 a year;
- It takes a long time to earn from handmade business;
- Many people desire to make more money than their real income;
- Every person has a different profit goals;
- Expectation grows as your business grows;
- Currency and cost of living will be different;
- People who have the privilege of having extra income can have the risk of having a handmade business;
- Women with partners with income are more willing to take risks;
- Social media is the most successful marketing channel followed by Etsy SEO and word of mouth;
- A huge number of makers are not sure which is the most successful marketing channel which is a problem;
- Facebook, Instagram, and Pinterest are the top social media platforms for marketing and where most of customers are;
- Makers love being able to do something they love as the best part of having a handmade business;
- Making handmade is not an easy choice to make a living;
- Having a handmade business is a lifestyle choice;
- Up to almost always, a vast majority of handmakers also buy handmade stuff.