Business Essentials: 8 Reasons to organize your handmade business finances

Tax season is here, whoop whoop and that means it’s time to pull all my business documents together to take to my accountant. This blog post is an encouragement to you as much as it is to me to stay on top of these business financials, so we wanted to re-share.

There’s a reason people don’t take up business finance as a weekend hobby. Organizing your handmade business finances is one of those tedious business chores that’s easy to procrastinate in favor of buying more craft supplies (!), fulfilling orders, creating marketing content or good ‘ol watching Hulu.

But here’s the thing; getting your business financials together is too important to avoid or put off. Doing it right and consistently can be a game changer for your business. Here are eight reasons to show your finances some love.

1. Enjoy the fruit of your labor…i.e. make sure you’re actually making money. Running a handmade business requires a lot of blood, sweat and tears. Make sure you make it count by taking a look at whether your operation is profitable.

2. Take advantage of larger opportunities like grants, incubators or small business funding programs. Free money is always a good idea. Organizing your finances positions you to answer questions on grant applications about your revenue and profit trends without a last minute scramble.

3. Put more money in your pocket. Every business has waste and opportunities to improve. Taking a closer look as your expenses and income helps you to avoid waste, identify problems and address products that are not making money.

4. Evaluate investments like tradeshows, craft markets, software, photoshoots, etc. Craft markets are a lot of fun, but the associated expenses can add up. Looking at the numbers in totality as part of your financial process helps you make better decisions.

5. Celebrate your progress! You’ve come a long way with your handmade business. Clap for yourself and look at your numbers over time to appreciate your growth and set plans for where you want to go next.

6. Make decisions about new product introduction. This is similar to number 3, but the pre-emptive version. Launching new handmade products takes effort and resources; understanding profitability and projected sales ahead of time can help you decide if it’s worth it.

7. Make decisions about staffing and pay business taxes. On the fence about hiring help? You guessed it; understanding your cash flow from month to month can indicate whether you can afford it and how much you can afford.

8. Save time and avoid having to “cram” when you need to report earnings or loss when you file taxes at the end of the year. If you been there, you know. Pulling together 12 months worth of receipts, online expenses, sales reports, etc ahead of a tax filing deadline is NOT fun. Staying organized through out the year keeps things fun.

Struggling with your business financials? Consider getting help by hiring a bookkeeper and/or accountant. Can you relate to any of these reasons to get your finances organized? Share tips on what’s worked for you below.

5 Habits of Productive People

HAPPY NEW YEAR! 2022 really slid around the corner!!!

A new year for many means new chances to build new habits. One habit we are leaving behind in 2021 is this idea of trying to get more done in less time, often times at the expense of ourselves, our families and the people / things we cherish.

We slowed down tremendously while under COVID restrictions, but it seems like many people are going back to being more busy and consequently more stressed.

Here are five habits productive people practice:

Which of these are your strengths? Which are your opportunities for growth? What other practices keep you productive?

By: J. Harris

Year in Review

At the beginning of the year, the co-founders of Craft Savvy Market made a decision that we wanted to create more programs that serve makers while spending more time with our family. COVID had taught us a remarkable lesson – cherish what matters most. We made a decision at the beginning of the year that we could meet 3 times per month instead of weekly as we had been doing. By having more focus, building our team so we could operate in our strength and leaning on our experience of over four years of planning craft markets, we were able to create more programs for makers while still making more time for our family. This is 2021.

May 2021 – We planned a Virtual event for makers to level up their finances. Due to events outside of our control, we had to cancel the activity. While we were disappointed, we were determined than ever to continue to create more events to help makers soar.

August 2021 – We held our first craft market in over 18 months. We moved from Decatur to Atlanta. While the location had changed, the love in the room for handmade was as strong as ever.

Head to our Instagram to sign up for our final two events of 2021:

November 2021 – Resilience Virtual Conference – How to scale your business through smart customer marketing

Learn from three experts how to build and grow your business through marketing

December 2021 – Holiday Market

We have no doubt that 2021 will be our best year ever!

How to Meet Your Top Small Business Goals

You’ve been growing your business for a while, but maybe you’re stuck you feel that you’ve hit a wall and need some direction.Or maybe you are your business is soaring and ready to move to your next level. But you are not sure where to start.
Here are 3 ways to help you make progress towards your business (and maybe other)goals :

Invest in your education. Many times we are hesitant to pay for a course or conference that can help us get to where we want to be. Let’s face it, Google is great, but at some point we may not even know what to Google. Take advantage of online courses, business conferences, books, podcasts, etc. Check out our Resilient Conference playback here.
Find some business accountability partners. Everyone needs business buddies- people who will ask you the tough questions and hold you accountable for the things you need to do. Our Facebook group Makers Making Moves connects you to a private group of entrepreneurs just like yourself who also have similar goals and needs.
Write down your goals and make sure they are SMART goals. Be sure to outline action steps and timelines for each goals.

Specific (simple, sensible, significant).
Measurable (meaningful, motivating).
Achievable (agreed, attainable).
Relevant (reasonable, realistic and resourced, results-based).
Time bound (time-based, time limited, time/cost limited, timely, time-sensitive).

Let us know what some of your goals are and which of methods have helped you stay on track with your business goals.

At the start of the year, most people are focused on goal setting . The same is true for small businesses. We get a change to envision our businesses progressing and dream big dreams.Here are 5 of the most common small business goals :Increase profitability of businessBe more productiveImprove business processesScale business for maximum growthImprove time management

Which goals would you add to this list? Which goals would you omit?

by J. Harris

Maker Lessons from Market 5

We had our fifth market on August 14. I learned three lessons as a maker from that market.

1. Sometimes new is one of the best decisions you can make.

After hosting four markets in Decatur, market 5 was the first in Atlanta.

As a maker, it’s easy to want to rest on what is comfortable and reliable. But being a maker sometimes means taking risks and and trying something new.

2. The energy in the room at market 5 was magnetic and remarkably special due to gathering handmade makers and people to love to purchase handmade goods in one room.

As a maker I can contribute to that energy by showing up ready to share my wonderful goods and by supporting other handmade makers by buying their goods.

3. With the push for more video contents through Social Media platforms, Market 5 was an opportunity to capture not just photos but great video content.

As a maker during times where video is becoming king, I have to be more intentional about finding moments to capture memories through video.

Jazz Up Your Planner Life

Planners are a great way to stay focused and timely throughout the week. As artisans, makers and creatives, our style often pushes us to stand out instead of fitting in. Here are three ways to jazz up your planning life so your planner looks as hip as you do.

Watch a live session of an influencer who is savvy with planning as you prep for the week. A live session will give you tips, insight and fresh ideas on new ways to make planning your week fun. Here are a few IG accounts to follow – @planwithilysee, @theplannersociety, @planherway.
Incorporating stickers in your planning time is a quick way to incorporate your style. Stickers add a freshness to planning that brings instant joy as you prep for the week. Here are some planner businesses to purchase unique stickers – @goldmineandcoco, @naomilovedesigns.
Make it colorful. Using colorful makers and even painting your favorite colors is a great way to make your planner really pop.

How will you plan this week?

3 MYTHS TO AVOID AS MAKER

Are you considering becoming a handmaker or helping a friend or family to make that decision? Hopefully this will answer some of your questions. With the large variety of creativity opportunities to choose from, it can be very overwhelming not knowing the truth or where to start as a maker.

Here are three myths about handmade businesses:

1. My business is just a hobby.

Your business can start as a hobby and become a “real business “.

As long as your intentions are to make a profit, you automatically have a business. A hobby is making things when you feel like it, making items without selling them. When you start investing into your craft and putting yourself out there, then you have a business and not a hobby.

2. A handmade business is a quick and easy way to make more money.

Where is the lie? If you are getting into a handmade business just to get rich quickly, you are setting yourself up for failure. First, you must have a passion for whatever handmade craft you want to focus on. You will get tired, overwhelmed, and feel like quitting many days. However, if you are passionate about your craft; you will get yourself back on track because of your love for it. You can become successful, but it will require a lot of effort, time and investment.

3. You don’t need to register your business, it’s just a hobby.

Yes, it’s very important that you register your business. You could run into IRS problems down the line with your business. It’s also important because it allows you to keep records of your business. Additionally, you will miss out on many financial benefits offered for small businesses. Overall, registering your your business gives it a more professional look.

These are just a few myths that people have about handmade businesses. Hopefully this gave you clarity on some of those myths. What other myths would you add to this list?

By Mina Mantor

Pros and Cons of Etsy

Pros and Cons of an Etsy platform by Ciatta-Mae Stubblefield

As we grow our maker business, we may have to determine the best online platform for our business. Many makers look to Esty for selling their products.

What are the pros and cons of selling on Etsy?

PROS

Etsy is easy to use and you can build a business on the platform with minimal technical experience.
There are low overhead costs for an initial start-up.
The Etsy brand is trusted and their built-in audience and network may put your potential customers at ease.

CONS

Etsy is increasingly becoming saturated and getting noticed could be a challenge.
Customers may not give purchase credit to you but to the platform. “I bought this on Etsy”
Etsy may promote other shops on your shop listing.

Source – The Eco Tree

3 Ways To Grow Your Handmade business

We all want to grow our businesses because we want to have financial freedom and pass generational wealth to our children and grandchildren. These are three ways we can grow our businesses:

Share your brand with everyone through daily conversations.

Sharing your business is a great way to let others know about your brand. Don’t be afraid to let your friends and family hear about your business. Word of mouth is a great advertising tool because it also increases your chances of sales and helps generate more leads to sustain your business.

2. Create a marketing strategy

Creating a marketing plan is a great way to reach a wide range of customers. It allows you to stay focused and on track. Advertising your business with a focused plan creates new connections that results in more sales for your business. When you have a strategic plan, you will see what’s working and what’s not working for your business.

3. Pray for your business

Prayer is important and it adds spiritual value to your business. Committing your business to God is very important, because it allows God to lead you. When you seek God’s guidance for your business, it gives you clarity, and more opportunities start to come your way. Covering your business in prayers allows you to reevaluate some things concerning your business ( good or bad) to make adjustments.

By Mina Mantor