Whether it be Making Cupcakes, Remodeling old cars, Refurbishing old junk or Making Jewelry and Leather work, these crucial steps could help you to grow that hobby into revenue very quickly!
I sell supplies all day to enthused entrepreneurs such as myself who may take items such as some string, feathers and glue and turn that into a dreamcatcher or other beautiful craft that was made with purpose, creation energy and powerful passion. I am fortunate enough to see the creations people bring in to sell back into the store.
There is just one problem with that.. They were just here, giving me money to take home the supplies to make the beautiful craft, and now they come back to take some cash, very little cash that hardly covered the supplies of which they bought. This is not a good idea and let me tell you why.
Selling crafts back to the vendor enables that store to collect the revenue from you twice; he will be buying the crafts from you at wholesale and doubling that small cash profit into retail sale value therefore profiting 3/4 of the effort and time that you just put into it. That should be your profit, not his! Creating Revenue is the greatest thing since Gold Mining! Do not give your hard earned cash right back to your vendor of whom you have already given money to.
What are crafters to do to sell?
1. Sell your products at retail price when possible, sell either online or to the customer themselves rather than a store or boutique. This will provide a relationship with the customer and could get you referrals for the future and returned customers. Sell to a store or retail establishment as a last resort or if you have product you'd like to sell in bulk.
2. Always Track all Transactions Precisely
A balance sheet should include income as well as the cost of supplies. ALWAYS ask for a receipt when selling your product and put away receipts from supplies. This will not only track the money spent vs money earned for your own peace of mind but this kind of statement is extremely valuable when speaking with a financial consultant, investor or loan officer. Keep these records detailed, nice and neat to present a full portfolio of your business plan in the future.
I've been taught that the best way to master money is to manage money. What people do not realize is that creating revenue out of their hobby is more than getting paid for the things you love to do. They are turning work into play and play into cash already, but being able to watch your revenues grow is The Ultimate Creating Experience which can benefit your business in the future.
It is a good idea to calculate and include sales tax with your transactions even if you have not received your EIP / Business license yet so that when tax season comes around you do not have to pay it for your clients.
2. Start a Business Credit Card or Separate Account
You could easily write off that new baking pan, that new camera lens or a new MacBookPro as a business expense! This ties right into keeping those accurate records but with using Business CREDIT (Carefully) you can use the funds that you earn from your creations to go right back into the loan of which you used to pay for the supplies. This may not give you straight profit from the get go but this will keep you from buying supplies out of pocket. Once the supplies are paid off or at a decent revenue you could put that money into another account to gain interest. - Money Market accounts are a good start for earning interest, just make sure you can leave this account alone for a good couple of years. No withdrawals at all! Even this account can only be considered revenue (it is not profit until you have paid back what you have spent on the business start up and supply costs) Just think of having your own store that you sell exactly what you create; what you love, live and breathe! This is the account that will build up your revenues, profits and donations directly benefiting your business plan.
3. Keep it Positive
No, I don't mean just the account but our attitudes, too! It is extremely difficult to attempt to launch a business, there is no hiding it! Just be sure that if the negativity or the urge to give up is coming on to go for a drive, take time with friends and just take a break, even CEOs take breaks and we are allowed to take a step back even from our lives work. But only for a moment. Haha. Once the nerves have calmed down or the stress of that relationship has subsided state something like this to get your head back to that sole proprietorship:
I am going to fight and climb and run like hell to be in charge of my time and build the life I imagine. I want to build, create, make, produce and distribute my creations on my time and with my passion. No one else has a say in my business but me. (Unless you have a partnership, then scratch that last part) =)
I am freeing up time to donate to the things I want rather than the things I do not want in order to move forward with my dream. I get frustrated with the wait, or the doubt that falls down on me but I know that the roots produce the fruits, and what we cannot see is more
powerful than what we can see. It is all in progress if there is the
feeling of wanting. I am dedicated to making not only my needs met to live a free and abundant life but the needs of this rejuvenating Earth to also be abundant and peaceful.
I am determined to Learn, Educate and Invest in just the things that enrich my grateful wanting. My leading reason for fulfilling my dream is to grow, breed and renew what it is that I have to offer. I am so grateful to learn and to seek out ways to create in a world that has restrictions, loops and hoops to master. I take the challenge and I will continue to grow my business!
Whooh, Got a little carried away but these types of encouraging self talks are EXTREMELY Important. We must keep our spirits healthy and vitalized and these types of statements can do it!
4. Promote and Share the Word of Your Business!
Yes, it is already time to promote! Whooh!
Banks, investors, professors, Facebook, Pinterest, Tumblr, Weebly, Blogger the list goes on and on! Facebook is a very simple starter because we all know how to use it pretty well. We know our close friends and family are available to see what our business page will post and with the right posts they will be lured into giving us publicity, shares and get the subject of your business talked about with their own connections.
Connect blog to page and pins to posts and pretty soon your pages and articles will begin to be read, shared and spoken highly of - if you do so correctly.
There are bad ways of promoting so be careful! One must stay clear of nudity, profanity, sarcasm or sounding too much like a Spamming Advertiser. Instead, simply share photos of what it is you do. Perhaps share on your personal page something such as:
"Hello friends and family, I am beginning a page for my new business! I will be sharing updates, photos, related articles and personal experiences on how I am doing with this adventure Here. Please follow the link, like the page and feel free to spread the word!"
Keep it simple, let them know what to expect and then KEEP IT UP! Do not say you will post interesting updates and then fail to do so, people will forget all about your business. Be sure to keep enticing your close friends with photos, blogs or experiences that are DIRECTLY RELATED to your business and throw out some offers.
- Just because you sew does not mean you should post photos of kittens in sweaters to your business page, yes it is related but this will clog up your timeline to where people cannot see what you have tangibly accomplished. Maybe post things like that to your personal page instead and put a link above stating that:
"This is so cute, I would love to make something like this for my little Petey. Think I should make one?" Then post a link to the page of which you would create it through. Questions are wonderful when attempting to get publicity. You want people engaged and actively engaged in understanding what it is you are doing.
Just don't over do it, or under do it.
5. Always be producing products!
I know that we must work the job, feed the kids, go on the date, keep up with friends and now I'm asking you to Market and Produce! Where is the time?? I know, it is very, VERY difficult to plan a whole day and have something to show for it by bed time. Try and give yourself a daily schedule, even if you only have an hour a day to do your weaving, cooking, sewing or beading, be sure that projects are getting done and stocking up to sell to the perfect customer.
Know your customer! If your mom or best friend referred your business to a stranger; be exceptional, provide information and just fake it till you make it. The customer will not know what level you're on as a business owner so make them believe you are established and ready to meet their needs, create a pattern, design their T-shirt, whatever it is that you offer, Offer it well!
We are never as limited as we think we are, and the universe will always say Yes because we are Source Energy and if you create it, it is yours. <3
Happy Creating, Rainbow Warriors! The climb is worth the fight and the reward is indeed infinite!
