I design and make hand-knit, original hats. Some of the yarn that I use, I have designed and spun myself. For many years, I have thought about selling my hats at craft fairs. I am at the point now where I would like to actively begin to make this happen. The question I have is about inventory–I have no idea how many hats I would need to stock a booth for a fair. I realize that I would need plenty of hats for display and “decoration” around the booth, as well as hats to sell, and hats to replace those that have been sold so that the display/booth would look well stocked. Can you help me with this? I would be very grateful, since I have been trying to figure this out for a long while. Are there any “rules of thumb” for helping a craftsperson determine the amount of inventory they may need for their business?
-Ann Wang
I’m not sure there’s an easy answer to this or any rules of thumb. I do know that when I have guests for dinner I’m always fine having food left over, better not to be short. Many factors are going to determine the level of inventory for a show, with price point being the most influential. I assume since you spin some of your own yarn you make expensive hats. This would suggest you will sell fewer than the person with inexpensive hats but in the end you could show more profit for fewer sales. Expensive is a very subjective concept, the location and the overall makeup of the show will determine what’s expensive for each show. Go with more of your most popular designs, fewer of the new designs that are unproven.
Be sure you have a full written inventory of the goods you bring to a show. Take along a note book; record the weather and any other significant information that might impact sales. After the show contact the promoter and get attendance numbers. In this way you’re building a history that will enable you to stock more accurately for future shows. For now, knit away, better to have more than you need, your hats won’t go bad, and the leftovers can go to the next show.