In times of a major economic downturn, why not turn your hobby into a business and make some money for yourself. You will enjoy working on your hobby and turn it into a business that you can be proud of. If you enjoy quilting, you should certainly try to start your own quilting business. This will give you the ability to work from home at your own pace and yet give you the benefits of full time employment. There are a few things you should consider before starting you own quilting business.

Tip #1 - Start at Home

Firstly, start you business from home. This way you will not be under pressure to sell your quilts immediately. It will help keep overheads down as you will not have to pay rent or utility bills. Keep tabs of how much you spend on your business though and claim a tax refund or deduction for those expenses. Use the Internet to market your product. This way your business will be truly global. With the availability of high speed Internet, buyers will be able to surf and choose the designs they want.

Tip #2 -Set Goals

Next, formulate your goals for the business. This can be in terms of the number of quilts you sell in the first year or the time you will take to break even. Either way set clear goals that you can monitor and check to see if you are proceeding in the right direction.

Tip #3 -Research the Market

The third thing you have to do is study the market carefully. Customer tastes and preferences change quickly. Make sure you stock quilts that are in fashion. Or you could just display designs and make the quilts after the order has been placed. Mention this clearly in your site so that your customers are not misled. A bad word of mouth report can kill a business before it takes off.

Tip #4 -Market Your Products

Speaking of word of mouth reports, do not rely just on these for your business to pick up. Market your products through the Internet. Apart from your web site, try to advertise through social networking sites and blogs. Ask satisfied customers to refer you to their friends and in their blogs.

Tip #5 -Have a Financial Plan

Have a complete financial plan ready even before you start your business. Do not take this step lightly just because you are starting a home business. Any business should have a clear financial plan that will tell you when you have started making profits. Your pricing too should reflect not just the cost of the materials, but the cost of your time and skills.

By keeping these points in mind, you should be able to turn your hobby into a profitable business venture. Most homes business that fail, do so because of a lack of business plan and not because of a lack of skill in creating the products for sale. Keep this in mind and stick to your business plan to ensure that your enterprise is a roaring success.