If I were to share my business learnings so far they'd be...
I preface this post with “so far” because the older I get the more I know I don’t know! And praise God for that because he teaches us more and more ways to be humble whether that be in business or life. I know there are still many things I will learn but I was thinking the other day if I were to coach someone through the fledging stages of a MAKER business what would I encourage them to do differently than I?
First I would highly encourage saving for taxes by putting a percentage of sales away each month. No one wakes up in the morning giddy to pay taxes however they are a fact of life. They will fluctuate with the administration in the big White House but they will occur. You can either prepare or be caught off guard and the latter has brought me nothing but stress. Growing up in a family business a “tax refund” was never a reality because the level self employed individuals are taxed at is just different than those who are W2 employees. No I am not an accountant so don’t trust my word over a professional but now I take 30% off the top and put it away for tax savings. I know that we aren’t taxed on gross income however I guess I like to be extra prepared and if I have leftover I can utilize those funds as needed.
Next I would say make items that you genuinely get excited about. For a very long time I made items and sold them but never kept anything I made. So whenever I was in public and told people what I did they would inevitably ask “oh, did you make what you are wearing” and I would say no! It’s a lot easier to sell and item that brings you joy and shows your passion for your trade, so make items that you want to wear/use and the marketing of your business will be easier.
Lastly value your work by pricing your items accuratly! No one will value your work if you don’t. Take the mentality of “feeling bad asking for money” and throw it out the window. It won’t serve you well and will take the wind out of your sails. Take into account material and time, mark them up to make a profit and ensure you get to make items another day!
Little secret…there is a course coming from Be A Maker School helping you with all things business…I cannot wait!!
So because you have opted to hear from me I will let you know before anyone else the plan for a little shop update! I will have a small update of the Essentials Line and the Here Collection that I am going to open a day early for you guys before the public.
JUne 13th @ 5pm PCT
I truly appreciate you and your support! If you need/want a silver item made by two hands I welcome you to check out the update and if not I love you anyway!