Last Updated on
Do you love knitting? Turn your passion into profit by investing in a knitting machine. Top-of-the-line brands such as Brother, Singer and Silver Reed can help jump-start your own home knitting business by increasing your production in the least possible time without sacrificing artistry.
Launch your machine home knitting career with smaller items such as mittens, bonnets, socks and scarves. Friends, family members and local community can be your first customers. As your home knitting business expands, you can make more sophisticated pieces such as shawls, sweaters, vests, cardigans, tea cozy sets, afghans and throws.
Like any other business enterprise, pricing is critical to a home knitting business. You don’t want to undercharge and lose money. You also don’t want to overcharge and turn away customers. Strike a balance between the two and make certain the price of your machine-knitted products compensate you enough for your skill and efforts.
To come up with an ideal price, do a costing analysis based on the amount of machine time you will be putting in and the cost of materials you will be using. The price of a machine-knitted sweater will obviously be different to the price of a pair of socks because the former will consume more yarn and take more time to knit. Come up with an hourly rate you will charge for your work based around the minimum wage. The current labor rate is £5.73 in the UK and $7.25 in the US.
Topmost in your material expenses is knitting machine yarn. When doing yarn costing, make sure you count knitting yarn as a whole batch no matter what percentage you use up. Trimmings, fastenings, linings, labels and anything you attach to your machine-knitted garment should all be included in your material expenses, as well as incidental costs such as packing materials and shipping.
Customers should expect the price of your homemade machine knitted garments to be higher than those sold in online and offline stores. Although a knitting machine will help you speed up things, each piece you knit will still carry your personal touch. Remember, it is not mass-produced for the general public, but rather fashioned or custom made especially for your customer.
A knitting machine not only helps you make money. A knitting machine can help you save hundreds of dollars in wardrobe expenses. Why spend for mitts, socks, hats, scarves and sweaters when you can machine-knit these items for yourself and your friends/family. A knitting machine is also a great companion for special occasions such as birthdays and Christmas which are the ideal time for personalized gifts.