5 Awesome Benefits of Starting a Leather Business and Selling Your Leathergoods For Profit
I was talking to a friend the other day about how they had taken up leatherwork as a hobby.
This person loves tools, materials and gadgets so much that when you walk into their studio space, you feel like you’re standing in a Tandy Leather store!
They love shopping for tools and leather so much so that their spouse is beginning to become concerned about all of the money each month that is going towards their habit, I mean hobby.
Their spouse is like, “um honey we can’t afford this hobby!”
Now maybe you can relate to that.
If you live in a household where you have a spouse, kids and bills and expenses, of course your spouse is going to start to give you hell for spending to much on your leather hobby!
Or Maybe you've heard this from a spouse or loved one before,
"Another tool?? Geez how many burnishing tools do you need?"
But here’s the good news.
You don’t have to quit your leather hobby because it’s too expensive.
Instead what if you could start selling your leatherwork to generate extra income to cover your costs?
If you can sell a few leathergoods each month, this is extra money that you could put towards your leather tools and materials ADDICTION that your significant other is constantly keeping tabs on.
Next time someone comments on your tools purchase you can say,
"Hey, actually the business is paying for this one, thank you very much."
Here are 4 more awesome benefits of starting a business and selling your leatherwork for profit
1 | Make a profit and grow and scale your business
We talked about this a bit last week here, but without profit coming in each month, you don’t have the funds to reinvest in your small business. And if you don’t have profit to reinvest you will never be able to grow and scale your business.
I’m currently thinking a lot about scaling my own business to the next level and some examples of things that I might want to invest in for my business using the profit that i’m generating is a studio space so I don’t have to work out of my home any more.
This would be especially helpful so that I can also hire a parttime production person who can help me cut and assemble my bags. And i’m going to need to pay this worker, using the profits of my business.
Both of these things I cannot do if i’m not generating profit in my business. Of course I could use my own personal funds to invest in my company, which is fine if you have it, but you can only fund your business so long before the money runs out.
When the business makes a profit, you’re able to scale and grow and take it to the next level. The more profit, the quicker and bigger you can grow.
2 | Reach more people with your great work.
If you're creating leatherwork and giving it away as gifts to friends and family, after a while (unless you are an independently wealthy person with unlimited funds), you're not going to be able to keep it up, right?
Affterall, it costs time and money to produce leatherwork.
But if you focus on building a sustainable leathergoods business - meaning one that takes into consideration your costs and overhead, you can keep creating new work for your friends, family and customers who love what you do.
And you’ll also be able to share your awesome work with a lot more people.
3 | Make an impact and do good in the world.
I know some people who don’t sell their work, simply because they are uncomfortable with exchanging money for their work. They’re uncomfortable asking people to buy? Anything remotely related to selling, makes them feel icky and kinda gross.
But it is a fact of life that we use money as a unit of value. And if you value your leathergoods (which you should) then you need to get comfortable pricing them that reflects that value.
One way to get more comfortable with this is to think about this: the more money you can generate in your business, the more that you are able to do "good" with it. The world needs more “good” people generating money to help other people.
This "good" comes in a few different forms.
This could be good for your family because you can pay your mortgage or get a new car.
It could be good for your community because now you can give to a local charity that you believe in.
Or on a big scale you can do good for the world by joining a global charitable organization that maybe builds schools for underprivileged kids in Ghana.
These are just a few examples, but with more money in the hands of good people, imagine how much better you could make the world.
4 | Freedom to design the type of life that you want to live
The profits that you earn from selling your leathergoods could be big or small. They could be only a supplement to your current job or they could be the result of a full-time major operational business.
So what does “designing a life that you want to life mean”, exactly?
Well it could be as simple as having the extra income to afford to go out eat a few extra nights per month or it could mean bigger things.
Like for me, part of designing the life that I want to live is getting out of debt (and staying out of debt). I really want to pay off my student loans and I then I want to buy a house with cash... eventually.
Now these are big goals that I have and they're not going to happen overnight but I know that i'm way more likely to achieve them by running my own leathergoods business where the sky is the limit to my earning potential rather the working for someone else and waiting for that raise.
These are just a few of the awesome benefits and outcomes that happen when you start a leather business and sell your leathergoods for profit (instead of under-pricing your leathergoods).
Whether you have really big dreams and you want to impact the world or you just want to be able to buy a few extra tools and materials without getting the side-eye from you know who, starting to sell your leathergoods for profit is a great way to achieve this and so much more.
Are you selling your leathergoods in order to have extra cash to cashflow your hobby?
Are you selling your leathergoods in hopes of creating more freedom for yourself and your family?