Many machine knitting enthusiasts have turned their favorite pastime into a profitable business. If you have a passion for knitting and have lots of downtime, a knitting machine can help you jump-start your home knitting business and begin making money from your masterpieces.
A great way to start is by machine knitting little items such as socks, bonnets, mittens and scarves. Family members, friends, and the local community can help you build a stable customer base. As your knitting business grows, you can move on to more challenging pieces such as sweaters, cardigans, tea cozy sets, shawls, vests, throws, and afghans.
As with any other sales venture, pricing is crucial to a home knitting business. If knitting for money is your goal, treat your creations as works of art rather than clothes sold off the mill. Make sure the price of your machine-knitted garments reflect the true value of your skill and effort. If you charge too little you’ll end up losing money. If you charge too much, you won’t attract as many customers. Balance your expenses and pricing to produce a healthy profit.
Costing involves two factors: time and materials. Calculate the amount of machine knitting time you will spend on the creation of a piece. The price of your socks should be different from the price of your afghan line because of the obvious disparity in knitting time needed. Set an hourly rate for your work based on the minimum wage in your country. Your hourly rate should never be lower than $7.25 in the US, and £5.73 in the UK.
Knitting machine yarn will make up the bulk of your material expenses. Always count knitting yarn as a whole, even though you’re only using 75% of the batch. This way your yarn cost is completely covered whether you use the remaining 25% or not. Other expenses you may incur in your home knitting business include trimmings, fastenings, linings, labels, packing materials and shipping.
Don’t worry about pricing your homemade machine knitted pieces higher that those sold online or in shopping malls. Although you’re using a knitting machine, each garment you knit is crafted especially for your customer and not mass-produced for the general public.
With a knitting machine, you make money and save money. Machine knitting socks, mitts, scarves, hats and sweaters for you and your family can save you hundreds of dollars in wardrobe expenses. Your machine knitting skills should also come in handy during special occasions such as Christmas and birthdays that call for personalized gifts.
There are also some great resources online where you can learn more about how to make money knitting. I would strongly recommend you visit Liz Raad’s blog www.knittingforprofit.com/blog for lots of great free information on how you can make money from knitting. She has also written an extensive E-Book on the topic of making money from knitting and you can get all the details plus order a copy for yourself by visiting: www.knittingforprofit.com.