C.J. Braden • 3 Minute Read
How to Grow Your Craft Business Income
Learn to Supplement The Growth Of Your Craft Business Today
Are you the owner of a flourishing craft business? Are you one of the few success stories in turning your hobby into a business? If you are trying to develop your business, there are a few alternative investments you can make that may yield a higher return over time. Here are some suggestions you may not have considered to supplement the growth of your craft business.
Read on to learn how to start growing your craft business income today.
1- Consider Forex Trading
Forex Trading, or foreign exchange trading, is the process of transferring one currency into another. As a trader, you could benefit from the difference in the interest rate between two currencies, or generally benefit from rises and falls in the two currency pairs you are exchanging between. Foreign exchange may happen for practical purposes like the exchange of goods, but can also happen for the sole purpose of benefiting from an exchange between two currencies.
While you should only invest what you can afford, forex trading is a great way to expand your investment opportunities. If you want to benefit from forex trading without doing this yourself, working with a forex broker can help as you’ll have someone do this on your behalf who knows the market.
Try a Leather Tooling Craft
2- Purchase Exchange Traded Funds Or Mutual Funds
Exchange Traded Funds (ETFs) are a portfolio of investments that can be purchased in a similar way to stocks. They might contain bonds, shares and assets from a particular sector, and can help you to create a diverse investment portfolio.
Mutual funds work in a similar way except cannot be purchased in the same way as stocks. Mutual funds are traditionally run by a portfolio manager but also contain a diverse portfolio of investments.
Ever think about making fascinators as a crafter? They sell well during the months of April and May due to the rise of people buying them to attend The Kentucky Derby! (I would know because I lived in Kentucky…lol!)
Try one of my easy tutorials below or on my YouTube channel “Carolyn Braden”:
Try a Bath Bomb Craft Business
3-Consider Real Estate Investment Trusts
Real Estate Investment Trusts, like DiversyFund allow you to invest in real estate without having to put in huge sums of money. Real Estate Investment Trusts pool funds from multiple investors and use it to buy property.
The money made from that property is then divided between the multiple investors. You can usually invest a smaller amount, like $500, and then become a part of an investment portfolio co-managed between your other funders.
If you love this article, we know you’ll love this one too: How to Make Money Online-Side Hustles That Actually Pay!
Soap Making is a popular profitable craft
4- Have Another Side Hustle
Now this is slightly different to our previous investment suggestions, but if you need money in the short term then you might want to diversify your revenue streams. Do you also have another monetizable skill, like resume writing? Advertise another one of your skill sets so you can invest back into your business and also minimize risk by having other backups to your current craft company.
Seashells are a very popular crafting item
Conclusion
The best way to supplement the growth of your craft business is to minimize the risk of losing income. This could be through opening an investment portfolio through forex trading, ETF, mutual funds, or REIT portfolios, or through physically working on earning money through another skillset. Diversifying both your revenue streams and your investment portfolios are an excellent way to supplement the growth of your craft business.
C.J. (Carolyn) Braden is a regular contributor and editor for Carolyn’s Blooming Creations. She has been featured in numerous media publications such as InStyle Magazine, on HGTV, on Bustle.com, and more. She is the author of the books Georgia McMasters in Amethyst Lake Cemetery, How To Be Yourself: 3 Little Ways to Get Back To You Being You, and the illustrator for the children’s book Bridging Connections. She is a former classroom teacher that now dedicates her life to educating others on how to live their most healthy, creative and happy life. Learn more about her visiting our About Us page.
This is a collaborative post and may contain affiliate links. All opinions and ideas expressed in this post, however, are based on my personal point of view.