• Understand your hobby will have to become a "business" to succeed.
  
  
• Have a record keeping system; record all expenses and income
  
  
• Check local and state agencies for proper paperwork needed like an occupational license or resale/tax exemption certificate.
  
  
• Know what it costs to make your product...down to the penny.
  
  
• Know how much time it takes to make your product...down to the second.
  
  
• Basic pricing formula is (SUPPLY COST x LABOR) x OVERHEAD = PRODUCT PRICE.
  
  
• Investigate your markets: Catalog, Sales Rep., Craft Shows, Co-ops, Consignment, Retail shops, Home shows, Direct Mail, Wholesale, Gift Markets, Gift Trade Shows, and so much more. What is the best one(s) for your specific product?
  
  
• Learn how to buy supplies wisely. Be prepared to invest in supply inventory. Think ahead. Don't except to be able to purchase red ribbon after August. Order your seasonal supplies at least six months ahead. Running out of supplies can cost you more in lost orders, than keeping the supplies on the shelve for a brief time before using. CreateForLess.com is a great place to find and order supplies.
  
  
• If you are just starting, watch for sales and stock-up on the supplies you use the most.
  
  
• Network with peers, always and be sure to give information as well as ask for information.
  
  
• Watch for trends in color, motifs, techniques, home decor, and
  
  
• Get involved in a local guild or join a national association in the craft or gift industry. You'll keep up-to-date with outside sources for information.
  
  
• Don't get discourage. Successful business takes time, hard work, and enthusiasm.
  
  

Maria Nerius is a Professional Crafter, Author, and Contributing Writer and Columnist to industry trade journal, Craftrends.