Thursday 31 December 2009
Happy New Year
I'd just like to wish everyone a Happy New Year and I shall be back with more useful hints and tips in 2010!
Friday 18 December 2009
Selling in retail outlets
Okay, so some people want to sell there items in a shop rather than online - or even as well as! but they don't want the outlay/ time investment of opening their own shop.
Why not try selling your wares in a local retail outlet?
Firstly, do your research. Find the perfect shop in regard to where your product will sell best. There's no hard fast rule however, some places you wouldnt think, sell handmade items on the side - for a cut of the profit of course.
Most gallery like shops charge around 40% commission, however, you can build this into your costs- hopefully without setting unrealistic prices (think what you would pay or ask family/ friends what they would pay) or perhaps consider negotiating a commission fee- they can only say no.
You find the perfect shop what next? Go in and ask! take an example or photos of your work (examples are best) and see what they say. Don't be disheartened if they say no, either suggest a trial run, find out why they say no and see if you can work around it or move on to the next place.
Have confidence in your work as you wont be able to sell it if you dont believe in it!
Once it's in the shop, think about packaging. You may want to make/supply your own packaging to the outlet. This will help it look more professional and is free marketing - you want them to remember your business name as well as the shops name. If you decide to do this can you cover the nominal costs or do you need to add it into the price?
Keep rotating your stock with the shop to keep it looking fresh and/or to replenish sold items (fingers crossed)-I dont mean take new stuff in daily but certainly bi-weekly for a high turn over shop or monthly for a smaller establishment.
Don't forget to keep tabs on both your stock and your fees from the outlet. Cross check whats going in with whats coming back, keep records of the prices they're selling at and a tally of what you're owed.
Some outlets what exclusivity so you may not be able to sell in other nearby shops but you can in another town! If you have the stock, sell in as many outlets as you can.
Lastly but not least, this is not the easy option. You still have to put some effort in - paperwork/keeping records, keeping good relations with the shop, making and replenishing stock, perhaps a little self marketing.....but other than than, let the pennies roll in.........(hopefully)
Why not try selling your wares in a local retail outlet?
Firstly, do your research. Find the perfect shop in regard to where your product will sell best. There's no hard fast rule however, some places you wouldnt think, sell handmade items on the side - for a cut of the profit of course.
Most gallery like shops charge around 40% commission, however, you can build this into your costs- hopefully without setting unrealistic prices (think what you would pay or ask family/ friends what they would pay) or perhaps consider negotiating a commission fee- they can only say no.
You find the perfect shop what next? Go in and ask! take an example or photos of your work (examples are best) and see what they say. Don't be disheartened if they say no, either suggest a trial run, find out why they say no and see if you can work around it or move on to the next place.
Have confidence in your work as you wont be able to sell it if you dont believe in it!
Once it's in the shop, think about packaging. You may want to make/supply your own packaging to the outlet. This will help it look more professional and is free marketing - you want them to remember your business name as well as the shops name. If you decide to do this can you cover the nominal costs or do you need to add it into the price?
Keep rotating your stock with the shop to keep it looking fresh and/or to replenish sold items (fingers crossed)-I dont mean take new stuff in daily but certainly bi-weekly for a high turn over shop or monthly for a smaller establishment.
Don't forget to keep tabs on both your stock and your fees from the outlet. Cross check whats going in with whats coming back, keep records of the prices they're selling at and a tally of what you're owed.
Some outlets what exclusivity so you may not be able to sell in other nearby shops but you can in another town! If you have the stock, sell in as many outlets as you can.
Lastly but not least, this is not the easy option. You still have to put some effort in - paperwork/keeping records, keeping good relations with the shop, making and replenishing stock, perhaps a little self marketing.....but other than than, let the pennies roll in.........(hopefully)
Sunday 13 December 2009
networking
Not been on here for a while having been caught up with the usual festive cheer and what not.
Anyway, whilst networking the other day I was told about this service http://www.mmucfe.co.uk/
It's a service to help young entrepreneurs start up. The lady I was talking to about it had been a part of the course/ scolarship where they help you learn about business, what you'll need etc and also provide funding at the end. I will certainly be looking into it when I'm ready to make that leap.
In the interim, why not check it out yourself if you're an entrprising entrepreneur!
Networking is a great way to get tips and advice from people who've done what you're trying to do. You dont have to give away all your trade secrets but I find it's just nice to talk to someone who knows about what you're trying to achieve - as they've done it or are doing it themselves.
They will tell you about places to go for help and funding, can recommend suppliers or even become your supplier! Once those relationships are made it might be that you can help each other in the future. Dont think that just because they're in a similar field that they are competition.
Networking can be as simple as joining an online forum or joining a business link near you. They regularly hold networking events. Or it could just be a day out introducing yourself to local businesses in your trading area.
There's an interesting article about networking here:
Anyway, whilst networking the other day I was told about this service http://www.mmucfe.co.uk/
It's a service to help young entrepreneurs start up. The lady I was talking to about it had been a part of the course/ scolarship where they help you learn about business, what you'll need etc and also provide funding at the end. I will certainly be looking into it when I'm ready to make that leap.
In the interim, why not check it out yourself if you're an entrprising entrepreneur!
Networking is a great way to get tips and advice from people who've done what you're trying to do. You dont have to give away all your trade secrets but I find it's just nice to talk to someone who knows about what you're trying to achieve - as they've done it or are doing it themselves.
They will tell you about places to go for help and funding, can recommend suppliers or even become your supplier! Once those relationships are made it might be that you can help each other in the future. Dont think that just because they're in a similar field that they are competition.
Networking can be as simple as joining an online forum or joining a business link near you. They regularly hold networking events. Or it could just be a day out introducing yourself to local businesses in your trading area.
There's an interesting article about networking here:
Saturday 14 November 2009
Motivation and time management
I recently had the discussion of how to stay motivated when you're self employed with my forum-pals and these are the handy hints everyone came up with!
If anyone has any other hints and tips, please do share it by leaving a comment!
- firstly, if you have some orders to fulfil, get them done! State the obvious, you say but there's nothing like leaving them to the last minute to cause a mad panic and mistakes can be made when you're rushing!
- Write a task list/ to do list - daily or weekly or both! I think this is an invaluable tip as sometimes you know you have a long list in your mind but if you write it down it is a lot less scary and you wont forget anything!
- have a few projects on the go so if you get bored doing one thing you can move to the another for a while. This includes paper work. How dull is it to spend a whole day doing paperwork! spread it out if you can by doing a bit everyday.
- If you're really feeling in a slump why not take a look back at projects you've done in the past and see how fantastic/successful you have been! If you receive great feedback from customers why not keep them in a folder so you can easily find them and read them again.
- keep a routine - structure your day like work, have a lunch break at a set time etc and don't put the tv on as it's very distracting!
- work in small blocks, a couple of hours and then have a treat - you can even make it business orientated - like having a chat to likeminded people on a forum.
- business projections are a great motivation as long as they're realistic. If you set yourself a target to turn over a million in a year but you only make £500 you're going to be a little deflated. Under estimate and you'll be over the moon when you exceed it!
- Like the best dieticians say - eat when you feel hungry. In a crafting world - craft when you feel the need. Some days you just might not be in the creative mood and new ideas are simply blocked. Why not spend that time catching up on the paperwork, supply ordering etc.
- Following from above, however, someone suggested creating something new at least daily which to me makes sense even if the next day you hate what you did and have to redo it :S
- project management software. I've yet to find a decent open source one (message me if you know of one) but if you have the money to invest in some and think you will find it useful do it!
If anyone has any other hints and tips, please do share it by leaving a comment!
Monday 9 November 2009
Becoming Self Employed
This morning I attended a free course, provided by the inland revenue on becoming self employed.
This covered what you should do when you want to be self employed, the timescale you have to do it in, what records to keep and why, what kind of items are tax-deductable, National Insurance contributions and how to work out what tax you'll be due to pay (if any).
Thinking about becoming self employed is a scary thing! There are so many things you need to think about and that you'll be liable for, that it could put you off leaving your 'employee' secure income where everything is done for you. However, this course is very useful in helping you get prepared and certainly made me feel more confident about it all.
I knew some of the information already- for example I knew some business items were tax deductable and I knew records/ accounts had to be kept but I didnt know that NI contributions have to be paid weekly by direct debit as soon as you register to become self employed, I didnt know that the assets I currently have, including the very computer I am typing this on are tax deductable to a certain degree and I didnt know how much I could earn before I would even owe any tax. Now I do :D
It also covered VAT liablilities briefly although there is a course for this seperately if it applies to you.
There is a lot of work involved but to be honest, once you're up and running, if you slot it into your weekly routine it won't take long and will make your self assessment tax return a lot easier. I plan to attend a course on self assessment as well nearer the time!
So to become self employed these are the key points you'll need to do/ consider:
This covered what you should do when you want to be self employed, the timescale you have to do it in, what records to keep and why, what kind of items are tax-deductable, National Insurance contributions and how to work out what tax you'll be due to pay (if any).
Thinking about becoming self employed is a scary thing! There are so many things you need to think about and that you'll be liable for, that it could put you off leaving your 'employee' secure income where everything is done for you. However, this course is very useful in helping you get prepared and certainly made me feel more confident about it all.
I knew some of the information already- for example I knew some business items were tax deductable and I knew records/ accounts had to be kept but I didnt know that NI contributions have to be paid weekly by direct debit as soon as you register to become self employed, I didnt know that the assets I currently have, including the very computer I am typing this on are tax deductable to a certain degree and I didnt know how much I could earn before I would even owe any tax. Now I do :D
It also covered VAT liablilities briefly although there is a course for this seperately if it applies to you.
There is a lot of work involved but to be honest, once you're up and running, if you slot it into your weekly routine it won't take long and will make your self assessment tax return a lot easier. I plan to attend a course on self assessment as well nearer the time!
So to become self employed these are the key points you'll need to do/ consider:
- Register that you're self employed by either phoning the helpline, completing a form or online. You can register even if you are still working (as an employee, full or part time) but you must register within three months of starting to trade/ as soon as you actively start seeking customers or you may be liable for penalties.
- Compile an assets register. This is a list of everything you already own which you plan to use for your business and their value at the time (you cannot claim full value and all valuations must be realistic- do your research). This would include any 'stock' you have ready for sale.
- Start an accounts book - either using specific software, accounts books or simple excel sheets. The course provided an example of account sheets.
- Start an efficient records system. This is to log all your incomings and outgoings. You will need to keep receipts or logs of everything otherwise you may not be able to deduct it from your tax bill.
- Consider a business bank account. As far as the Inland Revenue is concerned, it's not essential you can use your own but it may help you keep a track of your accounts better and sometimes there are benefits to having a seperate business account - for example some banks will offer freebies and free business support.
- Look into help/ support/ workshops specifically for starting up a business. Your local council or business link will most likely offer them. Not only will they give you advice, it's great networking and they may tell you about grants and funding that you did not know you are eligible for!
Sunday 8 November 2009
Self Employment - Getting Started
I'm preparing myself to become self-employed. It's a scary thought so this blog is to share the resources that I've found. I'm attending a free course provided by the inland revenue tomorrow to get more of an idea about self assessment and so tomorrow I may be able to provide more information to you but for now here is a list of resources, provided by the inland revenue!
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