How to Start a Basket Weaving Business

Part 1 - How to start a Basket Weaving business - Background

A basket weaving business crafts and sells handmade baskets to customers. Many entrepreneurs who start a basket weaving business sell their products through various outlets, including online, trade shows, farmer’s markets, and sometimes in brick-and-mortar stores. Some basketmakers focus on more creative products, while others are more interested in practical baskets. What they all have in common is a passion for basket weaving and a strong desire to share their creations with consumers.

Our guide is in 3 parts:

• Part 1 - How to start a Basket Weaving business - Background
• Part 2 - Our planner tool to see if this idea is the right fit for you
• Part 3 - Action plan to get started

What are the costs involved in opening a basket weaving business?

The costs required to open a basket weaving business are relatively low compared to other businesses. You will need basket weaving supplies, including reed, cane, and dyes. You will also need to create a website, set up an Etsy store, and pay for booth space at local events like trade shows and farmer’s markets. Fortunately, supplies are fairly cheap, and you can do most of your initial web setup and marketing on your own. Altogether, you can probably start your basket weaving business for under $2,000.

What are the ongoing expenses for a basket weaving business?

The ongoing expenses for a basket weaving business include materials for basket weaving, like reed and cane, along with marketing expenses, website hosting and maintenance, studio space (if not based out of your home), and employee wages if you have employees.

The costs can range widely depending on what you need to keep your business going. In your first year, you may only spend $5,000 for everything to run your business. In later years, especially if you have employees, your operating costs could be $100,000 a year or more.

Who is the target market?

Your target market is anyone interested in handmade crafts, either for collecting, home decorating, souvenirs, or other reasons. The business owners with Etsy shops for handmade crafts are overwhelmingly women — at 87% — and the market buying those crafts is likely to skew female as well. However, you could always buck the trend and design baskets for the more masculine buyer if you have interesting ideas in that area.

How does a basket weaving business make money?

A basket weaving business makes money by selling baskets to customers. There are multiple sales channels you can use depending on your preferences. You can set up an Etsy store, establish your ecommerce store, sell through retailers, sell in person at fairs and farmer’s markets, and so on. To make it a full-time venture, you will most likely need to sell through all of these channels.

How much can you charge customers?

You can charge anywhere between $10 and $300 or more for baskets. The price you charge is generally based on how much work and/or skill went into the finished product. A tiny basket for someone’s desk could cost $10 or $20, while a large basket for blankets in multiple colors could cost $200 or more.

How much profit can a basket weaving business make?

A new basket weaving business is typically the kind of business that provides supplemental income instead of full-time income. You might make a few thousand dollars in your first year. But if you do everything right and are lucky, you could become one of the big earners in the handmade crafts industry. The top earners on Etsy bring in around $300,000 a year.

How can you make your business more profitable?

You can help increase your profits in several ways. The better you get at weaving, the less time and effort it will take to make baskets. That increases your earnings. However, the real way to significantly increase profits is to build a reputation and attract a bigger customer pool. If you have highly-desirable products, you can charge much more for them. And if you double your customers, you can sell a lot more products.

Day-to-Day and Growth

What happens during a typical day at a basket weaving business?

There are two main aspects of a basket weaving business – basket weaving and sales. On some days, you will spend most of your time weaving baskets, which for many is the most enjoyable part. But on other days, you may need to market your products, negotiate deals with other business owners interested in selling your baskets, schedule appearances at events like farmer’s markets, and hang out at those events interacting with customers and selling products.

What are some skills and experiences that will help you build a successful basket weaving business?

The most obvious skill you need is basket weaving. If you don’t know how to weave baskets, fortunately, it is something that you can learn with a little practice. But, basket weaving is only a part of what you need to be a successful entrepreneur. You have to sell your products and do so consistently to earn a living from your business. Customer service skills, marketing skills, and bookkeeping skills are all important to keep your business going strong.

What is the growth potential for a basket weaving business?

Basket weaving falls under the umbrella of handicrafts. According to Businesswire, the North American market for handicrafts was $218 billion in 2018. It is projected to reach $400 billion by 2024. They attribute the growth to increased tourism in North America – tourists are willing to pay a premium for local crafts. Additionally, the rise of online platforms like Etsy has allowed craftspeople to reach a bigger market.

What are some insider tips for jump starting a basket weaving business?

If you want to get your business off of the ground as quickly as possible, become a part of the communities relevant to your business. For example, if you are friendly and helpful at the next trade show with other craftspeople, they will be much more likely to send business your way and tell you about opportunities. The same is true for online communities. The more connections you make, the easier it will be to grow your business.

How and when to build a team

Many basket weaving businesses consist of a single person both weaving and running the business. It can be challenging to start making enough money to justify employees in the handmade crafts business. However, if you find yourself overwhelmed by orders month after month, you may have reached the point where help is necessary. Keep meticulous records of your business affairs so you have the data to determine if you can make more money in the long run by spending some now on an employee.

Part 2 - Is a Basket Weaving business the right fit for you?

Part 3 - Action plan to launch your Basket Weaving business in 90 days