Small Business Idea: How Make Money From Enamel Pins
Written by Robin Brown on May 18, 2021
●Small businesses account for 52.6% of all retail sales, 46.8% of all wholesale sales, and 24.8% of all manufacturing sales
●99% of businesses are small. 70% of businesses gross under 1 million a year.
●Nearly 53% of all retail is led by small businesses
●small businesses as a whole produce a GDP of around $6 trillion.
●Small businesses play a vital role in our economy , employing roughly 130 million U.S. workers and exporting 97% of all U.S. goods..
●Average small business turnover is $3.6 million.
●IDC says that there are 8 million business with under 100 employees.
●99.7% of employers and supply the majority of new jobs annually.
●Small businesses with websites make an average of just over $5 million in annual revenue..
Image Source: Volpeco
Are you interested in selling enamel pins but not sure where to start? Don't worry; you're not alone. Most people starting a small business are overwhelmed by everything that needs to be completed.
Don't worry; I'm here to help. In this post, I will go over the most important steps you need to follow to make money selling enamel pins.
Let's get started.
Design and Produce Your Enamel Pins
One of the first steps to making money with your enamel pins is creating your designs. For people who are artistically inclined, this can be an easy step, but for those of you who arent' this step can be overwhelming.
If you can't design your own pins, you can easily find someone to design your pins online. Many online platforms allow you to find freelancing graphic designers that help you turn your pin ideas into a reality.
Some of the best places to find enamel pin designers include:
Another option is having your manufacturers design your pins for you. Many manufacturers have their own designers. Often times they will allow you to work with these designers until you reach the perfect design.
Produce Your Pins
Once you have your designs, you want to select a manufacturer. Selecting the right manufacturer to make your pins is important. Prices can vary drastically depending on the manufacturer you choose and, in turn, affect how much money you make in the long run.
When selecting a manufacturer, you want to consider a companies
●Minimum order amount
●Customizability or limitations
You want to make sure you select a manufacturer that offers the best prices and the highest quality of enamel pins. You also want to make sure that the manufacturer's conditions such as color options, customizability, shipping time, and quality match your needs as a business.
I highly recommend that you request a sample of each manufacturer's work. Ideally, the sample should be one of your designs, but not all manufacturers offer a free sample.
Set Your Budget
Setting your budget is an important aspect of any business plan. Managing and controlling your budget will ensure that you make money and are as profitable as you can be.
To properly set your budget, you need to have an understanding of all the costs before you begin. This can be difficult if you are just starting out. To make this step easier, you want to research the cost in your industry, considering how you will be selling your enamel pins.
When doing this, you want to make sure that you split your cost into different categories with as much detail as possible. This will help manage your profitability in the future.
Below are some costs that you should consider when creating your budget.
●Brick and Mortar Rent
Price Your Enamel Pins
The way you price your enamel pins will determine how profitable you are; when pricing your pins, its important that you take your cost into account.
You want to make sure that you divide your cost evenly into the total quantity of pins you were able to produce. This will give you the cost to make one enamel pin.
Once you have this, you can determine a general markup for all your pins, such as 15% or 30%. Before deciding on your markup, you should compare the price of other comparable enamel pins on that market.
This will help you understand what customers expect to pay, and then you can have a better gauge on how much of a markup you can charge.
Capture Great Photos of Your Pins
The photos of your pins are the first and only thing that your customers will see. Therefore, investing in high-quality photos is a great way to improve your sales.
High-quality photos will make your pins look legitimate and professional. Quality photos will also capture the attention of your customers more effectively.
They also tend to highlight the colors, details, and quality of your product more than low-quality images.
Develop A Marketing Strategy
Developing a marketing strategy is a crucial step to making money as selling your enamel pins. An effective marketing strategy can help you sell pins quickly and profitable.
You need to consider how you are going to sell your pins and how you are going to reach your audience.
Some common marketing strategies include:
●Social Media Marketing
●Traditional flyers and ads
●Sell and promote on your own website
●Join an eCommerce platform to sell your enamel pins
When developing your marketing strategy, it's important that you understand internet trends and understand who your target audience is.
Different marketing strategies are more effective on different people. You also want to understand what the goal of your marketing strategy is.
Some common goals for an enamel pin marketing strategy include
●Raising brand awareness
Create a Website and Sell your Enamel Pins
In the past, creating a website was difficult, not to mention tracking orders and managing inventory. Today, many eCommerce platforms such as Shopify, Wix, and Woocommerce allow you to create a website and start selling your enamel pins easily.
Creating your own website is the quickest way to start making money with your enamel pins. Once you have your marketing strategy in place, you can direct your customers to your website.
Your website will allow you to be more effective because they can place orders online, request different shipping options, as well as message you with any questions.
Creating a website also makes you look more professional and legitimate. This is an important aspect when promoting your enamel pins to the online community. Your customers need to be able to trust you and feel comfortable buying your products online.
Don't let your pin ideas fall to the wayside. Turn those pins into cash by following the steps above. Making money selling enamel pins sounds like a challenging task. But, now you have steps you can follow to make your life easier so you can start making money as soon as possible.
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