Tag: Industry

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We Have More In Common Than We Have Different

Common problems

Businesses have more in common than you think. Often times, we get bogged down on the amount of resources another business has access to, or how different their products are.

This happens in the craft industry as well. Owners of a quilt shop think they have nothing in common with a needle shop, or (in some eyes, especially) a boutique.

Every business is unique, but our problems aren’t. Common problems, like dealing with landlords, insurance, inventory, etc. are problems every business faces.

Read on to discover what you can learn from the next guy.

Translate common ideas

Do you ever read business books about Nike or Coca-Cola and have a hard time translating the concepts into your own business? Even though our businesses operate on a much smaller scale, some of the common themes (such as consistent training, empowerment, etc) still apply.

This includes how other industries have learned to innovate as well. Instead of a wine tasting, have a fabric tasting. Instead of renting tools and equipment, rent out your long arm machine quilter. Simply ask yourself “how might that work for my business?”

Plan, evaluate, repeat

Once you start thinking of ideas, it can be easy to want to implement them all. Start with one to make sure you do it well. Evaluate the idea once it’s at its first evaluation stage to see if the idea is worth keeping in your store. If it’s not, scrap it and move to the next one.

Inspiration for this post came from “Play Big!” by Gwen Bortner published in the October 2020 issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Quilt Market Audience

Believe it or not, quilting is a $3.7 billion industry.

With a number that large, it’s easy to feel optimistic about the futures of our businesses. The next step is to figure out who is contributing to that market, and cater to their wants and needs.

There are anywhere from 7 to 10 million quilters in the United States, and 72% of them are dedicated quilters showing this industry has both quality and quantity within it’s following.

The average dedicated quilter is a 63 year old female with a household income of $93,000 according to this report. They spend over $3,000 a year on quilting and prefer traditional quilting over modern techniques.

To keep in mind the future of the industry don’t forget quilters aged 45 and under, otherwise known as new quilters. Although they are not considered dedicated quilters due to time constraints with work and family, they still spend about 10 hours a week quilting and have an average household income of $98,000. They get their information mainly from video and social media and prefer modern quilting techniques.

By 2020, 72% of all social media posts will include video. Even though video can be a daunting task, it is what the industry is moving to—better to start now rather than later! Making your own videos will make it more likely that new quilters will attend an event in shop considering only 26% of new quilters attended a quilt show last year.

This article isn’t trying to persuade you to only cater to dedicated quilters or new quilters, variety is a good thing! Keep doing what you’re doing and continue to be your community’s expert on all things quilting.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.