Careers in the crafts and hobby industry most often revolve around self-employment. While there are companies and places that hire people to create, they are few and far between. So, going on the notion that you will be self-employed… and selling something you create… here are a few ideas that should help you get started.
Accounting
Most small businesses fail due to poor bookkeeping and money management. Whether because of inadequate pricing, not watching expenses, or a variety of other issues, you must have a record keeping system for income and outgoing expenses. If you are not familiar with accounting, take a course in accounting to learn the basics of good record keeping.
Taxes
You will never succeed in business without paying your taxes. When you create an income, you must take care of tax responsibilities. Take a small business tax class in order to learn the ropes of filing and paying taxes as a business owner. After that, it never hurts to hire a good bookkeeper or CPA to help you properly execute the tasks.
Marketing
Marketing is one of the most important overlooked elements in maintaining a business today. Without effective marketing efforts, your business will not grow. While setting up a booth or table at a craft show used to be an adequate way to sell your creations, there are many other ways to obtain new clientele for your work. Take a marketing class. Read books on the subject of marketing. Watch your competition to see what seems effective for them.And don’t forget online marketing! The advent of the Internet has opened a whole new outlet for selling handmade products. With proper techniques, your online entity can become the most powerful and least expensive tool in your business arsenal.
Keep Debt Low or Non-existent
Do not borrow thousands of dollars to begin your business, and likewise do not borrow to “expand” your business as things begin to grow. Debt payments rob your business of profit. Start slowly and grow your venture with its own capital. If you must have expensive pieces of equipment in order to produce your product, lease until you can afford to pay cash. Then, as your business grows, expand it on its own accord.It can sometimes take a few years before your business begins to generate a positive, steady cash flow. Do not put your early efforts in jeopardy by becoming so “top-heavy” in payments that it takes even longer to achieve profitability.
The most successful companies in the U.S. keep overhead minimal by operating debt-free. Harley-Davidson and Microsoft are two highly successful, debt-free businesses. They did not become debt-free after achieving success; they became successful, among other reasons, because of the firm foundation set by not borrowing.
Of course, you could always check out the ECN Institute to learn most, if not all of these above things!
