5 Myths That are Standing in the Way of Starting Your Leathergoods Business
When I asked my fellow leatherworkers a while back in a Facebook Group what the #1 thing was that was holding them back from starting their leathergoods business, I was shocked at the responses.
I got responses like...
I need a large leathergoods inventory before I can start selling my leathergoods
I need to make my customer realize the value of my handmade leathergoods
I need big chunk of money saved before I can get started with an online leather business
It's too hard to start a leather business - there is no money in it
The shocking thing was, that I didn't just hear these things once or twice, I heard them over and over again.
But guess what? I've got good news for you!
These are myths! None of these statements are true!
If any of these things are what is holding you back from starting your dream leather business, please keep reading!
Below are the top 5 myths or misconceptions that are holding you back from starting a leathergoods business and enjoying the freedom that comes with that.
Myth #1 | I NEED TO CREATE AN INVENTORY BEFORE I START SELLING MY LEATHERGOODS.
Waiting to start selling your leathergoods until you have inventory is a really big mistake. Because what happens if no one buys? It's a harsh reality, I know. But there is a better and easier way to start your leather business.
If you create an inventory and none of your leather handbags or belts sell, you now have $$$ wrapped up in stock that is sitting on a shelf and collecting dust. And in some cases, order to get it sold you’ll have to heavily discount it. Hopefully you can at least break even in this scenario!
So please don't make this huge mistake! You do not need inventory before you can start selling. You're actually better off if you DON’T create inventory first.
In Lucrative Leathercraft I teach you how to launch pre-sales to test out your product and how to get valuable feedback from your customer base before you make a ton of costly inventory. This in the end, will save you hundreds if not thousands of dollars.
Having an inventory as a small business is actually not something that you need to do until you’ve validated your product and you know that you have a demand.
Myth #2 | I NEED TO MAKE MY CUSTOMER REALIZE THE VALUE OF MY HANDMADE LEATHERGOODS.
Now I get where you're coming from with this thought, but you're looking at this problem all wrong.
Instead of trying to twist an un-interested customer’s arm and talk them into valuing and wanting to buy your leathergoods, (<- this seems rather difficult, no?) target the people that are an easy “yes”. These are the people that you don't have to talk into buying your leathergoods.
It’s so much easier to do business this way and it’s a way more efficient use of your time.
This myth stems from the lack of results that leather business owners experience when they don’t know who their target customer is, not knowing what they offer, who wants it, what problem it is going to help them with and how it's going to make their life better.
When you can describe these things clearly in your marketing and promotion, you won't need to make your customer realize anything. They'll automatically get it! It becomes an easy sell.
This is a huge part of section 1 in Lucrative Leathercraft. It’s possibly the most important section in my entire program because everything hinges on knowing this info about your brand and your customer.
Myth #3 | I NEED A LOT OF MONEY TO BE ABLE TO START SELLING MY LEATHERGOODS.
This is my favorite myth to talk about, because it couldn't be further from the truth and plus I love talking about money!
When I got my first business started, I think I had about $500 in the bank. Thats it! I wasn’t exactly rollin in it!
So the key to starting a business on a shoestring budget is to keep your overhead low and price your products for profit. This means don’t buy a lot of tools and equipment that are not essential to your product. And don’t build a lot of inventory before you test it on your audience and know what your customer actually wants.
You don’t need a lot of money to start a leather business but you do need some basics like an internet connection and a computer. But really thats it! I mean these days you can start a business on a real shoestring budget. It's really amazing and people just like you are doing it every day.
Myth #4 | IT'S TOO HARD TO START A LEATHER BUSINESS.
Actually I think the opposite is true.
Starting a business based on a handmade product that you make from scratch has never been easier to start! Don’t get me wrong...It's still A LOT of work, i’m not going to lie. But with social media, email marketing, unique and interesting ways of finding and attracting your customer and converting them to paying customers, is all LITERALLY at your fingertips.
This is where you need to put your energy when you first start your business.
I've developed a formula that will guarantee a profitable business and I lay this out in Lucrative Leathercraft in 3 key phases. First you lay your foundation and get clear on your business, your customer and marketing strategy, then you implement all of these things and start achieving your business goals and finally and you'll learn how to grow and scale your business by getting press and selling to stores.
Myth #5 | I CAN BUILD A SUCCESSFUL AND PROFITABLE LEATHER BUSINESS WITHOUT DOING THE RESEARCH ON MY CUSTOMER.
By this point, you probably know what i’m going to say here.
A business without doing the research on your customer. Yea, no. Or rather, your chances of succeeding by doing this is are slim to none.
Let me paint you the picture of how that’s going to go for you, or how it has gone for you in the past…. Tell me if i’m right…
You create a wallet or keychain some some other leathergood and put it up on Etsy or your website and mention it a few times on your instagram. Soon after, there is zero response, you get frustrated and quit the business. That was quick!
Please don’t make this mistake! It’s very rare that starting a business without researching your customer works.
Instead, you have to be thinking about your customer from the very beginning. Before you even start creating your leathergoods, designing your website or ordering business cards, make sure you know, who your customer is and why should they buy your leathergoods!
This is one of the biggest pitfalls and so in Lucrative Leathercraft we really dive into this, and give you multiple strategies for figuring out who your customer is.
Are any of these myths are holding you back from starting your leather business? Or is something else holding you back from taking your business to the next level? I know after reading this that you might still be feeling dicouraged or not sure how to avoid these pitfalls. But the biggest mistake that you can make is letting these misconceptions hold you back from taking the leap and building your leather business. As you know, it’s doesn’t happy over night and you have to put the work into building it and that takes time. Don't wait to start experiencing the freedom that having your own successful business can provide! Because that freedom is awesome!
How do you get started? Start by watching my free workshop and learn how to reach the customers that want to buy your leathergoods.