Business Model for Knit & Knot Workshop
Business Name: Knit & Knot Workshop
Location: 96 St Francis Rd, Singapore 328073
Contact Information:
Phone: +65 8233 6871
Email: gmail@KnitKnotWorkshop.com
1. Executive Summary
Knit & Knot Workshop offers knitting courses for beginners and professionals alike, where participants can learn the art of knitting and create unique, handcrafted items. Our mission is to foster creativity and relaxation through the meditative practice of knitting, providing a space where individuals can learn, share ideas, and build a community of knitting enthusiasts. We offer a wide range of classes, workshops, and events, catering to all skill levels and interests.
2. Target Market
Demographics:
Age: 18-65
Gender: Primarily female, but open to all genders
Location: Singapore (local and expatriate communities)
Income Level: Middle to high income
Lifestyle: Craft enthusiasts, creative individuals, hobbyists, and those seeking relaxation or new skills
Psychographics:
People interested in DIY projects, sustainable fashion, and handmade crafts
Individuals looking for a relaxing and productive hobby
Professionals and retirees seeking creative outlets and social interaction
3. Value Proposition
Knit & Knot Workshop provides a hands-on learning experience in a comfortable and supportive environment, helping participants master knitting techniques and create one-of-a-kind, handcrafted pieces. Whether someone is a complete beginner or an experienced knitter, we offer personalized instruction, access to high-quality materials, and a warm community of crafters.
4. Services Offered
Knitting Courses:
Beginner Knitting: Introduction to knitting tools, basic stitches, and techniques
Intermediate Knitting: Advancing skills with complex patterns and projects
Advanced Knitting: Creating intricate designs, custom garments, and home décor items
Specialty Classes: Techniques such as lace knitting, colorwork, and textured knitting
Workshops and Events:
Seasonal Knitting Projects (e.g., winter scarves, holiday-themed items)
Group workshops focused on specific projects (e.g., sweaters, blankets)
Social knitting sessions: Meet-ups where participants can work on their projects while enjoying a community atmosphere
Private Sessions:
One-on-one coaching for personalized learning or specific projects
Custom group workshops for special occasions (e.g., birthday parties, corporate team-building)
Retail Products:
High-quality yarn, knitting needles, patterns, and knitting kits for sale
Exclusive, hand-dyed yarns and eco-friendly materials
5. Revenue Streams
Class Fees:
Paid classes for different skill levels (beginner, intermediate, advanced)
Package deals offering a series of classes at a discounted rate
Private sessions at a premium price point
Workshop and Event Fees:
Special workshops and seasonal events with higher pricing due to the materials provided
Retail Sales:
Yarn, knitting kits, needles, and other supplies
Limited edition or exclusive products sold in the studio and online
Membership Program:
Monthly memberships that offer unlimited access to social knitting events and discounts on classes and products
6. Marketing and Sales Strategy
Online Presence:
A vibrant website that showcases available classes, workshops, and products with an easy-to-use booking system
Active social media channels (Instagram, Facebook) featuring finished projects, knitting tips, and user-generated content from students
YouTube tutorials and Instagram Live sessions to engage a broader audience
Community Building:
Partner with local cafés and craft markets to host knitting events and pop-up workshops
Host free community knitting meetups to encourage new participants to join
Referral Program:
Offer discounts to students who refer friends or family to classes
Email Marketing:
Regular newsletters to subscribers featuring new classes, product arrivals, and inspirational content
SEO & Digital Advertising:
Invest in SEO and Google Ads to target people searching for knitting courses, creative hobbies, and DIY projects in Singapore
7. Cost Structure
Fixed Costs:
Studio rental and utilities
Instructor salaries
Equipment and material costs (yarn, knitting supplies)
Marketing expenses (social media ads, newsletters, etc.)
Variable Costs:
Materials for workshops and events
Retail product inventory
Seasonal promotions and giveaways
8. Key Partnerships
Yarn suppliers and knitting tool manufacturers to source high-quality materials for retail and workshops
Local craft stores and cafés for co-hosted events and cross-promotion
Corporate partners for team-building events and creative wellness programs
9. Competitive Analysis
Direct Competitors:
Other knitting or craft workshops in Singapore
Indirect Competitors:
Craft supply stores offering DIY kits and online resources for learning
Competitive Advantage:
Knit & Knot Workshop distinguishes itself by offering a blend of professional instruction and a welcoming community atmosphere. The focus on sustainability and high-quality, eco-friendly materials, combined with a wide range of skill levels and project options, ensures that participants of all backgrounds feel empowered to create beautiful, handmade items.
10. Growth Opportunities
Expand the online store to sell yarn, knitting supplies, and exclusive patterns internationally
Develop video courses or online knitting tutorials to reach a global audience
Collaborate with local fashion designers and craft brands to offer unique, branded knitting kits
11. Conclusion
Knit & Knot Workshop is positioned to become a leader in Singapore’s growing craft and DIY community, offering a creative and supportive space for people to learn and enjoy the art of knitting. Through a combination of hands-on classes, workshops, and community events, we aim to build a lasting connection with both hobbyists and experienced crafters. With diverse revenue streams from classes, retail products, and membership programs, Knit & Knot Workshop is set for sustainable growth and success.
