Unlike earlier when tufting was done for fun, it has now been turned into a major source of income. Today, the tufting market size is estimated to be slightly over $4 billion. This is attributed to a growing demand for tufted objects.
Growing demand for stylish decorative rugs and luxury lifestyles are some of the factors that have accelerated growth in the tufting market. Therefore, you can easily turn your tufting hobby into a lucrative business.
The good news about tufting is that it is versatile and easy to learn. While tufting may not be cheap due to the materials involved,you do not need many things to get started. If done properly,you can create a steady stream of income with tufting.
However, before you get started with tufting,it is important to factor in the cost of labor.For example, hand-tufted rugs are likely to cost higher than machine-made rugs.This is due to the effort and time put in creating hand-tufted rugs.
Once you ascertain the extra costs you are likely to incur in the tufting process, you will be able to understand how much you can make through tufting. This means you will have to adopt a business model that you can easily execute.
So how can you earn through tufting? In this article, we explore an array of income-generating options that you can adopt to earn through tufting.
Contents
Selling Online
Internet technology has made it easy for entrepreneurs to source for customers online. Studies indicate that there are slightly over 9 million retailers in the internet space.This signals that the majority of businesses now rely on the internet to generate sales.
If you intend to create custom rugs for sales then selling online is an ideal option. However, before you start selling online,it is important to know how much it costs to create one.That way, you will be able to set a price that enables you to earn profit from the sales.
Additionally,the internet space lets you showcase your artwork to the target market.This is not only fulfilling but also gives you access to people who are willing to pay to have your products.While it is exciting to create custom rugs for your households,it is even better to create one for others.
You can leverage an array of online tools to promote your artwork and generate sales.If you are new to tufting, there are many platforms you can use to promote your products and reach out to more customers. Such platforms include Shopify,WiX and many others.
Art Marketplace
You can list your artwork on your local marketplace to showcase your work and get more buyers.For example,you can search for stores where tufted rugs fit their product range.In this case the most important thing is having an agreement with the store owner on how you will share profit.
When the store owner can charge a higher price to get extra income,you will still get some profit from sales.The only undoing is that shipping products to foreign clients may be costly at the beginning. However, you can eventually realize a profit from sales should you be able to choose the right marketplace for your store.
Selling Commissioned Tufted Rugs
Selling commissioned tufted rugs is similar to showcasing your artwork at an online marketplace.On the contrary, this concept allows tufters to create custom-made rugs as per client requests. Compared to the previous approach,it comes with an array of advantages and disadvantages.
Since the concept entails creating custom artwork designs for your clients,you can choose to adjust the profit upwards. On the other hand, if you are making your designs,it is important to first create them and showcase them to buyers.
In the case of commissioned sales, you may not be able to create artwork without instructions from a buyer.In this type of business model, including a contact page on your website goes a long way in collecting customer details. It is also important to display all the relevant details of your business so that customers can have a clue about what they should expect.
You can look out for various online platforms that support commissioned rugs.This will make it easy for you to source customers and generate sales from your tufting business. With commissioned rugs, you will be able to create custom rugs as per customer needs.
Teach Others On How To Tuft
Teaching others how to tuft is an effective business model that you can adopt to generate income.If you have been tufting for a while and feel you can share the knowledge with others then teaching is the way to go.
In case you are unsure on how to start, you can start with a few close friends before reaching out to more people. With consistency and hard work, teaching others how to tuft can be a great way of earning income.
Depending on the mode of teaching that potential customers prefer,you can opt to blend both online and in-person classes.For example,you can create a curriculum that entails all the steps involved in the tufting process.
The good news is that after creating the tufting curriculum,you can promote the course on online platforms like Skillshare and Udemy.This can create passive income for your tufting skills.
Alternatively,you can teach others how to tuft via various online freelance platforms and generate income. Once you create more resources, you can choose to open a physical office to teach people how to tuft in your locality. While this can be a beneficial strategy for students who intend to venture into tufting, it can be an expensive affair compared to teaching virtually.
Conclusion
You can easily turn your tufting knowledge into a lucrative business if you understand the ropes. Whether you have limited capital or intend to expand operations to grow your income, tufting offers unlimited opportunities.
However,the choice of business model is heavily dependent on the amount of capital.The good news is that there are many ways you can get started with tufting without having to break the bank.All you need is to understand your target market and how to promote your craft.
The bottom line is that tufting can generate high returns if you understand the market needs. Just like any other business, knowing how to promote your products goes a long way in attracting new customers.
Therefore, we encourage you to try out the tips shared in this article so that you can expand your business and unlock more opportunities with tufting. Whether you intend to teach others or create custom tufted products or any other business model that suits you, the choice is yours. All in all, tufting is a cheap and easy business you can start from anywhere regardless of the amount you have.