The Business Lottery

In my years as a freelancer, I've seen countless businesses flounder and fail. Sometimes it's because the owner is inexperienced; sometimes it's because the market wasn't ready for the product; sometimes it seems simply to be a matter of luck. If you want to manipulate your own luck, though, there are some tricks you can use--little things that will make it easier for you to get your new small business off the ground and keep it there. In this new blog, I'll be sharing those tips and tricks with you and answering your questions on how to help yourself as much as possible.

Two tips to remember if you plan to start selling handmade coin purses

Business Blog

If you're quite a creative person and would like to produce handmade purses and start selling them at local markets or online, here are two tips that you should try to remember:

Use rare earth neodymium magnets when making the clasps for your coin purses

Most coin purses feature magnetic clasps that are used in addition to or alongside zips to keep the purses closed. If the purses you're going to make will feature these clasps, then you will need to stock up on lots of small magnets. Rare earth magnets, which are made from a material called neodymium, would be an excellent choice for this type of craft work. The reason for this is that you must ensure that the coin purses have extremely secure clasps, made from magnets which will not detach from one another too easily. If the magnetic clasps you use in your purses are too weak and open at the drop of a hat, your customers will probably find that the coins they place in them will end up spilling out into their handbags or pockets.

If this happens to these individuals repeatedly, they may request refunds and might discuss your business and its product in an uncomplimentary manner with their friends, colleagues and relatives, and on any retail websites that sell your purses. This could result in a drop in your profits and affect the reputation of your business.

Simply by using the aforementioned rare earth magnets, which are exceptionally powerful and therefore won't be pulled apart too easily when your customers' purses are being tossed around inside their handbags, you can ensure that your business does not experience these difficulties.

Use a variety of fabrics to make your purses

It's a good idea to use a wide variety of fabrics to make your coin purses. Offering potential customers a vast range of purses, in velvet, satin, linen, canvas and leather, which vary in their colouring and prints, and checking which of the purses are in high demand will help you to ascertain which of these fabrics, prints and colours your demographic prefers. This, in turn, will allow you to narrow your focus and begin producing only the coin purses that your customers really love.

Whilst using a variety of materials can be financially risky for new business owners if they need to make large-scale items, as this would involve spending a lot of money on vast amounts of different materials, the same is not true for those who will be making very small products like coin purses. For example, you won't need to buy a dozen or more huge rolls of fabric, but can instead order a big, inexpensive stack of fat quarters in a variety of prints and fabrics. Each cheap-and-cheerful fat quarter could potentially provide enough material to make two coin purses, so you should be able to make a lot of product using a relatively small amount of affordable fabric. This should help you to start off your business with a bang, by offering your customers a great variety of purses without getting into debt.


12 January 2020