Do you love knitting Turn your passion into profit by investing in a knitting machine. Top brands like Brother, Singer, and Silver Reed can help you start your own knitting business by increasing your production in no time without sacrificing artistry.
Start your career as a machine knitter with smaller items such as gloves, hats, socks and scarves. Friends, family members, and the local community can be your first customers. As your home knitwear business grows, you can make more sophisticated items like scarves, sweaters, vests, cardigans, cozy tea sets, afghans, and throws.
As with any other company, pricing is of the essence for a home knitting company. You don’t want to be undercharging and losing money. You also don’t want to overload and reject customers. Strike a balance between the two and make sure that the price of your machine-knitted products sufficiently rewards you for your skills and efforts.
To get an ideal price, do a cost analysis based on the amount of machine time you invest and the cost of materials you use. The price of a machine knitted sweater is obviously different from the price of a pair of socks, as the former use more yarn and take more time to knit. Think of an hourly rate that you will calculate for your work based on the minimum wage. The current labor rate is £ 5.73 in the UK and $ 7.25 in the US.
Most of your material cost is knitting machine yarn. When calculating yarn costs, make sure that you count the knitting yarn as a whole batch, regardless of what percentage you use. Trimmings, fastenings, linings, labels, and anything else that you attach to your machine-knitted garment should be included in your material costs, as well as incidental costs like packing materials and shipping.
Customers should expect that the price of your homemade machine knitted garments will be higher than the price sold in online and offline stores. Although a knitting machine helps you speed things up, every piece you knit carries your own personal touch. Remember, it is not mass produced for the general public, but made specifically for your customer or bespoke.
A knitting machine doesn’t just help you make money. A knitting machine can save you hundreds of dollars in cloakroom costs. Why spend on gloves, 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 like birthdays and Christmas, which are the ideal time for personalized gifts.