Grow your handmade business: how to envision, develop, and sustain a successful creative business PDF
Preview Grow your handmade business: how to envision, develop, and sustain a successful creative business
Grow Your Handmade Business This page intentionally left blank How to Envision, Develop, and Sustain a Successful Creative Business Illustrations by ß Storey Publishing Jennifer Judd-McGee Dedication Copyright The mission of Storey Publishing is to serve our customers by publishing practical information that encourages personal independence in harmony with the environment. Edited by Deborah Balmuth and Dale Evva Gelfand Art direction and book design by Alethea Morrison Text production by Liseann Karandisecky Illustrations by © Jennifer Judd-McGee/Lilla Rogers Studio Indexed by Catherine Goddard © 2012 by Kari Chapin All rights reserved. No part of this book may be reproduced without written permission from To my community. the publisher, except by a reviewer who may quote brief passages or reproduce illustrations We’re all in this together. in a review with appropriate credits; nor may any part of this book be reproduced, stored in a retrieval system, or transmitted in any form or by any means — electronic, mechanical, Thank goodness. photocopying, recording, or other — without written permission from the publisher. The information in this book is true and complete to the best of our knowledge. All recommendations are made without guarantee on the part of the author or Storey Publishing. The author and publisher disclaim any liability in connection with the use of this information. Storey books are available for special premium and promotional uses and for customized editions. For further information, please call 1-800-793-9396. Storey Publishing 210 MASS MoCA Way North Adams, MA 01247 www.storey.com Printed in the United States by Versa Press 10 9 8 7 6 5 4 3 2 1 library of congress cataloging-in-publication data Chapin, Kari. Grow your handmade business / by Kari Chapin. p. cm. Includes index. ISBN 978-1-60342-989-4 (pbk. : alk. paper) 1. Handicraft industries—Management. 2. Handicraft—Marketing. 3. Selling—Handicraft. I. Title. HD9999.H362C528 2012 745.5068'4—dc23 2012004612 Dedication To my community. We’re all in this together. Thank goodness. Contents Contents Introduction 9 Meet the Creative Collective 17 Part 1: mapping Your Dream CHAPTER 1: IDENTIFY YOUR DREAM BUSINESS 26 What Form Does Your Dream Business Take? X What Direction(s) Will Your Dream Business Take? CHAPTER 2: DREAM BUSINESS FUNDAMENTALS 36 Do You Have a Hobby or a Business? X Where Are You Now, and Where Are You Going? X Onward and Upward CHAPTER 3: WORKING FOR YOUR VISION 42 A Business Takes Work, and Plenty of It X Visualize Your Perfect Workday X Practice Mindfulness around Feelings X Why Are You in Business? Formulate Your Mission Statement CHAPTER 4: TLC 58 Just Say No! X Who Cares? You Do! X Family Matters X Take Yourself on a Creative Retreat CHAPTER 5: GOALS AND INTENTIONS 69 Keep Yourself Honest X Determine Goals X Goals versus Intentions X Make Reasonable Goals X Keep Track of Your Goals and Intentions CHAPTER 6: BENCHMARKS 85 Measuring Your Success X What Does Success Look Like? X Calculating Success One Step at a Time CHAPTER 7: GET SOME HELP! 92 Say It Loud and Say It Proud: Help! X Mentors: Your Business Gurus X Your Personal Board of Directors X Build a Brain Trust Part 2: Planning for Success CHAPTER 8: TYPES OF BUSINESS MODELS 114 Business Model Defined X Running Your Business from Home X Renting a Studio or Office X Renting a Storefront and Keeping Shop Hours X The Off-Site Bottom Line CHAPTER 9: BUSINESS PLAN PRELIMINARIES 129 What Is a Business Plan, and Why Do You Need One? X Business Plan Basics CHAPTER 10: DO YOU MANAGE YOUR TIME, OR DOES YOUR TIME MANAGE YOU? 143 Time Management X Keep Your To-Do List in Check X Managing Time Is Easier Than You Think CHAPTER 11: THE NUTS AND BOLTS OF BUSINESS PLANS 155 Getting Started X Executive Summary X Who Exactly Are You, Anyway? X Business Plan Checklists Introduction CHAPTER 12: KNOW YOUR MARKETPLACE (OR MARKETING!) 165 Know Your Industry X Target Market, Say What? introduction CHAPTER 13: PUTTING IT ALL TOGETHER: YOUR MARKETING PLAN 173 Taking Stock X Marketing through Advertising X Marketing through the Media CHAPTER 14: WHAT DO YOU MAKE, AND HOW DO YOU MAKE IT? HAVING A PRODUCTION PLAN 183 Ready, Set, Produce! X Licensing CHAPTER 15: MONEY, MONEY, MONEY 191 They’re Just Numbers X Numbers ’R’ Us X Numbers Nomenclature CHAPTER 16: BUDGETS AND BUDGETING 202 First of All, What Exactly Is a Budget? X Monthly Budget CHAPTER 17: PROFIT AND LOSS 209 P&L Overview X Detailed P&L by Department CHAPTER 18: MONEY AND HOW TO GET SOME 219 Bank Loans X Grants X Angel Investors X Crowd-Funding X Family and Friends X Financing with Personal Credit Cards X Finding a Way CHAPTER 19: MAKING IT ALL LEGIT 233 What Kind of Business Are You? X Going into Business with a Loved One X Taxes X Payroll X Insurance CHAPTER 20: PROFESSIONAL SUPPORT AND WHERE TO FIND IT 246 Accountants and Lawyers and Agents, Oh My! Parting Advice 260 X Acknowledgments 262 Resources 264 X Index 267 Introduction introduction The first time I wrote up a business plan was in 2005. My husband, Eric, and I were living in Alabama, and we desperately wanted to get back to our native New England. Problem was, we had no money to make the move. Eric’s job had transferred us to Alabama, and we were stuck there, largely dependent on his salary and under contract to stay there for at least one year.
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