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How much inventory shouid I have on hand?

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My Brother in law and I are thinking about setting up booths at the arts and crafts fairs in the area next year. We will be building up our inventory this winter for next year and the question we have is: How much inventory should we have on hand for an arts and crafts fair? We would both be doing the leather craft and he also does the "friendship braclets" and key rings with the string. Should I just go out and buy a bunch of the kits then we would just complete them? or should we get different patterns and cut the leather ourselves?

I was at a festival this week-end that had about 150,000 people expected over the 3 day week-end and was wondering how much I would want to have on hand if I wanted to do the same festival next year?

Do you want to have an inventory based on a percentage of the expected attendance, or just a fixed amount? We wouldn't want to run out of inventory half way through.

Thanks

Brad

(and John)

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My Brother in law and I are thinking about setting up booths at the arts and crafts fairs in the area next year. We will be building up our inventory this winter for next year and the question we have is: How much inventory should we have on hand for an arts and crafts fair? We would both be doing the leather craft and he also does the "friendship braclets" and key rings with the string. Should I just go out and buy a bunch of the kits then we would just complete them? or should we get different patterns and cut the leather ourselves?

I was at a festival this week-end that had about 150,000 people expected over the 3 day week-end and was wondering how much I would want to have on hand if I wanted to do the same festival next year?

Do you want to have an inventory based on a percentage of the expected attendance, or just a fixed amount? We wouldn't want to run out of inventory half way through.

Thanks

Brad

(and John)

I don't wish to sound facetious, but you need all the inventory to cover your sales. By that, I mean, first(1), you need to identify your market, then,

secondly(2), find your niche... and then make LOTS & LOTS of stuff to fill it- and then some...

(1) You're not going to sell hand carved purses at a place where plastic canvas is king. There are many events at which I wouldn't set up, simply because the creatures that attend them wouldn't spend $150 for a carved purse that wil last for at least 25 years, but would readily spend $49.99 every 8 or 9 months for a purse at WallyWorld because their plastic purse only lasts that long...

(2) If every other leathercrafter at an event is making stamped belts, wallets & keyfobs, you're NOT going to stand out & your sales will be relatively (or absolutely) dismal, because you have nothing to set you apart from the others.

(3) Kits are ok for patterns & templates to develop into other (& better) items. Kits are expensive. The thread & the lacing tend to be of poorer quality. Nothing says amateur more than a display of off-the-shelf kits.

(4) Some events are primarily retail (they allow any & everything in that is made in foreign countries & imported to undercut US markets- examples are knockoff sunglasses, watches & purses...)- you can't compete there- see the wallyworld creatures featured in (#1) above.

Best of luck, guys.

Do your research.

russ

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Thanks Russ..

The festival I was at yesterday actually only had 2 maybe 3 leather crafters there and I was really trying to pay attention to find anyone selling leather goods. One was selling belts, and the other one really wasnt a "leather crafter" but was selling other things and they just had a few really cheap looking leather bracelets and key fobs for sale. So I was thinking that at the last few fairs I was at, last week and this week, I have really only seen 1 stand selling belts, I think it was the same guy, and the one that had a few other things yesterday wasnt really a leather crafter. I have no desire to sell belts, at the moment, but other things like the key fobs, leather knife sheaths, knife cases, cell phone cases etc.

What I was thinking was some kind of "formula" to estimate how much to have on hand like, say out of 1000 people attending you might get "X"% that actually look at your stuff and "Y"% of those people may actually buy something. Anyone ever use that sort of "formula" to estimate what to have?

Thanks

Brad

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Thanks Russ..

The festival I was at yesterday actually only had 2 maybe 3 leather crafters there and I was really trying to pay attention to find anyone selling leather goods. One was selling belts, and the other one really wasnt a "leather crafter" but was selling other things and they just had a few really cheap looking leather bracelets and key fobs for sale. So I was thinking that at the last few fairs I was at, last week and this week, I have really only seen 1 stand selling belts, I think it was the same guy, and the one that had a few other things yesterday wasnt really a leather crafter. I have no desire to sell belts, at the moment, but other things like the key fobs, leather knife sheaths, knife cases, cell phone cases etc.

What I was thinking was some kind of "formula" to estimate how much to have on hand like, say out of 1000 people attending you might get "X"% that actually look at your stuff and "Y"% of those people may actually buy something. Anyone ever use that sort of "formula" to estimate what to have?

Thanks

Brad

I don't really have a 'formula'. What I look for are:

what other things are there in addition to leather(1),

then I look to see what things are really selling well [plastic canvas, plastic jewelry, doilies, twig wreaths, crappy yard stake decorations, etc, vs leather](2),

I also go up to other leathercrafters, feign interest in their stuff & ask how THEY are doing...

If the leather is decent but not selling well but the twig stuff is, then I know that either this is not the market for me, OR, there is a niche that definitely needs to be filled.

Others here might have a formula, but I look at my market & try to assess whether it's worth it to do a particular venue. I think you're trying to use probability theory when that really doesn't (or can't) apply at this stage.

russ

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I don't really have a 'formula'. What I look for are:

what other things are there in addition to leather(1),

then I look to see what things are really selling well [plastic canvas, plastic jewelry, doilies, twig wreaths, crappy yard stake decorations, etc, vs leather](2),

I also go up to other leathercrafters, feign interest in their stuff & ask how THEY are doing...

If the leather is decent but not selling well but the twig stuff is, then I know that either this is not the market for me, OR, there is a niche that definitely needs to be filled.

Others here might have a formula, but I look at my market & try to assess whether it's worth it to do a particular venue. I think you're trying to use probability theory when that really doesn't (or can't) apply at this stage.

russ

That confirms my own observations, Russ. And I really don't think it's so much leather vs everything else. It's a matter of determining what the pattern of consumer buying is, determining whether something can be produced in leather that is in line with that pattern, and whether or not it's something I care to produce. The medium could be a pattern (i.e., leather vs wood work, vs paper, vs soap, vs candles, etc.), but there are many others. The price range of most of what sells is a factor to take notice of. Maybe people are going after art that is more functional, rather than pieces that are purely art. Maybe toys are hot. Maybe jewelry. Maybe furniture. Maybe clothing. Maybe particular colors. Maybe a particular genre of art or craft. Most of them are niches that a leather artisan could easily fill, if they care to.

Another thing worth noticing is, which booths are attracting large numbers of people who are stopping to look. That will give you some clues about what display methods work the best at a particular event. It doesn't necessarily mean their stuff is selling, but getting people to spend time in your booth is half the battle.

Kate

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I think that choosing your 'fairs' wisely is the best advice. I found myself straying away from my leather to make beaded western jewelry to fill a niche that was not being filled in my area. I've been lucky that it really draws people to my booth and I do sell more jewelry than leather, but I get a lot of custom orders from the people I talk to. I've only been doing "shows" for about a year now and I don't have a formula...especially in this economy. I do know that I do my best to make decent money while still keeping my prices fair and under the competition by at least a little. I suggest having a few of your finest items no matter where you're setting up... and a photo album. I keep a scrapbook (try to make the pictures more appealing to look through with good colors and framing)

I'd rather not make the jewelry and saddle crosses, keychains etc, but seems to me that the shows sell mostly smaller stuff. I haven't been to any craft fairs etc. because of my product line...I stick to rodeos, horse shows etc. Sometimes you just cannot predict but its better to be prepared. Just remember, if you sell out...good for you. I think the important thing to think of is the cost you are paying to set up (vending fees, hotel, fuel, help, etc.) and decide how much profit you feel you need to make for it to be worth your while. Make up at least enough inventory to make the profit you're hoping for...and if you have the funds, make more!

Listen to your customers! I have people make suggestions all the time and I'm doing my best to fill the voids!

Good luck and have fun!

Natalie

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