You want to start a summer business selling a single type of item you make to earn money. Consider how much money you can afford to invest in this business, how much it will cost you to make each item, and how much you’re going to charge for each item. Research something that would be reasonable to make and sell with the startup investment you have determined.
Ideas: Baked Goods, Handmade Jewelry, Crochet/Knit Items, Paintings
Question 1
What are you going to create for your business? What supplies will you need in order to create each item?(2 points)
I am going to create handmade jewelry for my business. The supplies I will need to create each item include:
1. Beads: Various types and sizes of beads
2. Wire: Jewelry wire for stringing beads and creating wire-wrapped designs
3. Findings: Clasps, jump rings, earring hooks, and other jewelry findings
4. Tools: Wire cutters, pliers, and jewelry-making tools
5. Stringing Materials: Beading threads or jewelry wire for stringing beads
6. Charms: Decorative charms for added design elements
7. Packaging Materials: Jewelry boxes or bags to package and display the finished jewelry pieces.
To determine what you are going to create for your business, you can start by considering your interests, skills, and the resources available to you. Once you have chosen a potential product, you can research its feasibility and market demand. Let's take a look at a few possible options and the supplies needed for each:
1. Baked Goods:
If you enjoy baking and have access to a kitchen, starting a business selling baked goods can be a great option. Some popular items you could make are cookies, cupcakes, or bread. The basic supplies you will need include flour, sugar, butter, eggs, baking soda/powder, and flavorings such as vanilla extract. Additionally, you might need baking pans, measuring tools, mixing bowls, an oven, and packaging materials.
2. Handmade Jewelry:
If you have a knack for crafting, creating and selling handmade jewelry can be a profitable venture. The supplies you'll need depend on the type of jewelry you choose to make. For example, if you want to create beaded jewelry, you'll require beads, wire, clasps, crimps, and tools like pliers and wire cutters. For metal jewelry making, you'll need metals, soldering equipment, polishing materials, and various jewelry findings.
3. Crochet/Knit Items:
If you have crochet or knitting skills, you can consider making and selling items like scarves, hats, or blankets. The supplies needed will depend on the specific item you choose to create. For example, for knitting, you'll need knitting needles, yarn, scissors, and stitch markers. For crocheting, you'll need crochet hooks, yarn, scissors, and stitch markers as well.
4. Paintings:
For those with artistic talents, creating and selling paintings can be a fulfilling business. The supplies you'll require depend on the medium you choose, such as acrylics, watercolors, or oils. You'll need paint, brushes, canvas/paper, easels or painting surfaces, and varnishes for preservation.
Remember to consider the cost and availability of supplies when determining which business idea is feasible for your startup investment. Conducting research on production costs, market demand, and potential profit margins will help you make an informed decision.
To determine what to create for your business, you could consider your personal interests, skills, and the market demand. Based on the ideas provided (baked goods, handmade jewelry, crochet/knit items, paintings), you would need to choose one of these options.
For example, if you choose baked goods, you will need supplies such as:
1. Baking ingredients (flour, sugar, butter, eggs, etc.)
2. Baking utensils (mixing bowls, measuring cups and spoons, baking pans)
3. Baking tools (whisks, spatulas, rolling pins)
4. Packaging materials (boxes, bags, ribbons)
The supplies needed may vary depending on the specific items you plan to make within the chosen category.