New Year, New Plans for Your Craft Business

Happy New Year! It’s a time of celebrations, reflections, and a few resolutions for not only yourself, but your business. The start of a new year is a great time to review your business goals and to also take note of your successes! You might also want to put into writing new goals you have for your creativity and selling that creativity. And for most of us, tax time is around the corner so it is in your best interest to make sure you start the year organized.

 

First off, those celebrations! Did you sell out at a show? Did you have to restock your online store? Did you earn loyal customers and bring in new customers? And this is by no means a complete list of what you might have accomplished! Each of these events should be observed and honored. Each is a step to a better, more profitable income.

Then it’s time to review. Could you have created more items to sell? Any way to bring the supply cost down? Do you want to earn twice as much in 2012? Ask yourself lots of questions and if you don’t have answers today, you might next week, next month, or 3 months from now, but you need to write it all down and review it as much as you need to stay motivated.

Tax time comes every March whether we are ready or not. Most of us will simply be placing our income from our hobbies as extra income earned in 2012, but many may need to fill out the Schedule C available from the IRS. The best thing you can do is keep all your receipts in order, document all your sales and if applicable state sales tax collection, and keep a record keeping journal of all your expenses and income so you know with a glance what your bottom line is. If you aren’t comfortable with record keeping  seek help from an accountant.

You have at least three business tasks to fill your January.  We wish everyone a very successful, profitable New Year.

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By: Maria Nerius, FaveCrafts.com Resident Craft Expert