Grab a cup of coffee and check out our quick tip. We will be posting our tips weekly for the next few weeks, so do come back and catch up with us. Please subscribe and leave a comment on our Youtube channel. For more information on Craft Fayres, please check out our books
Image - Courtesy of The Royal Mint Website
If you handle cash in your business, you need to be prepare for the introduction of the new £1 coin in March 2017.
The new 12 sided shaped £1 coin is being introduced as legal tender in March 2017 when it will be in circulation with the current round £1 coin. Both coins will operate as legal tender for 6 months and in the Autumn of 2017, the current round style will be taken out of circulation and will no longer be legal tender.
If you trade at craft fayres and other outlets where you take cash, do be aware of this so you are not caught out. For more detailed information, please visit the Royal Mint information sites at: www.thenewpoundcoin.com/ or for a downloadable PDF document
Crafting is trendy. It is a popular pastime and people are getting involved in a wide range of craft interests. In the past few years, more and more people are turning their crafting hobby into a way to make extra money, either to supplement an income or as a full or part time career path. Enjoying your craftmaking and then selling your work is very popular, and there are numerous outlets that are available to help you do just that.
After attending many craft fayres over the years, both as a trader and customer I started to gain insight into what made a successful event for me. I took this one step further and conducted research amongst craft fayre organisers and stall holders. The dominating feature of my research is simply this -not all craft fayres are organised equally!
There are different types of events including (this list is not exhaustive)
There are several factors to carefully consider before deciding if an event is right for you. My top 3 tips are as follows:
There are many more areas for consideration to ensure you are choosing the right craft fayres for you and your products. We have detailed them in our latest book. Click here for more details and to receive your signed copy in the next few days.
Please feel free to contact us for more information.
Over the years that we have been working with creative business owners to start and grow their ventures, the one area that most people struggle with is pricing.
A wealth of research has been conducted by retail industry experts and psychologists into subjects related to pricing, price points and all the social behaviours that influence how, what, when, where and quantity people buy. I am sure, like me, you have gone into your local chain supermarket to purchase a loaf of bread and have come out with several bags of shopping and spent far more than you expected. Now that's not a coincident - the supermarket has used customer spending research and psychology to subtly sell you more. One of the main factors they use as part of this ploy is the price point, including offers, which has been carefully set to appeal to you. Other subtle factors include the display and position of goods on the shelf and around the store - research has shown that many customers go for the middle to most expensive priced products rather than the cheapest option, and of course, packaging has encouraged this as it appeals to people's sense of buying a quality item. Other insightful research shows that supermarkets spend time carefully choosing the area to open their store, based on the current and future demographics of the area, and then carefully selecting the type of products to sell.
The price you charge for your handmade items is only part of the picture and there will be other factors that will influence whether your price point will appeal to your customer. These factors are all contained in my Ebooklet about pricing which you can find here. Click Here
So, how do you price your items? There are many formulas and calculators widely available on the internet and in books that has been floating around for many years, but we have had many people come back and tell us that they don't work for them, for many reasons. Based on this, we decided to do extensive research and have developed the Edwards Pricing Formula™ which is a simple, quick and easy pricing system. There is nothing like it on the internet or in books - we know - we have searched! We are so confident in our system that we are seeking a Trademark! Click Here to access it.
To accompany the Edwards Pricing Formula™, we have written a comprehensive Ebook to help you understand the matter of pricing. Feedback from our Product Focus Group (a team of trusted industry experts who provide objective feedback on all our products and services) have informed us that our system is so simple, practical, easy to use and delivers good pricing levels they cannot understand why no one has ever thought of it before! We are extremely excited.
Our comprehensive Ebook entitled Pricing Your Work: A Practical Pricing System for Creative Business Owners is only available via our website at just £15. To access your copy, please click here. In addition, you will be entitled to a FREE email follow up session if you need any general help, advice and support on the subject of pricing.
Get your copy TODAY and take the mystery and confusion out of pricing your handmade products.
Running a handmade jewellery business is just like going for a walk.
In October 2015, I decided to start walking regularly in an effort to improve my general health. I have the benefit of living a few minutes walk away from a beautiful nature reserve with stunning views and a wealth of wildlife.
In the early days, I really struggled to walk a few metres. I was suffering pain in my whole body and felt tired and breathless during the walk. I couldn't walk far and felt like giving up. With encouragement from my loved ones I decided to continue. In my effort to not give up, I decided to take a short cut and drive the short distance from my home to the entrance of the nature reserve. I had been doing this for a week or so, when one day, my son asked me why, if I wanted to get fit by walking, was I going to take the car. I explained that I found the walk very difficult and by driving to and from the nature reserve, it would make walking that little easier as it would reduce the distance. My son, in his wisdom explained that I was not making the situation any easier - just moving the problem. He told me that I needed to prepare properly if I was going to walk regularly as being unprepared could be costly to my health, causing more damage. Being the loving son that he is, he prepared a list of all the tools I needed to invest in if I was going to see any improvements in my health. I needed the following:
So why am I telling you this? Well, whilst I was walking yesterday, thinking about my clients and my own business, I realised the comparisons.
Just like my regular walks, running your handcrafted jewellery business can be a lot of fun and very rewarding when you are fully prepared.
For more information on this subject, please contact me at email@example.com
It is always wise and practical to have a bank account to keep track of your finances related to your creative business, that includes all monies coming in from sales and all expenditure.
There are two options available for doing this.
If you are a sole trader, you can open either a business bank account which is used solely for business purposes. Alternatively, you can use a personal account. Which ever you choose, it is important to monitor your account carefully to keep tract of all monies coming in and out. (If you run a partnership or limited company, there are specific requirements that will need to be adhered to).
In addition to your bank account, we would recommend keeping a simple spreadsheet to keep up to date of your money. The money is the lifeblood of your business and it is really important to keep on tract. Managing your money monthly or bi-monthly can really make a difference to keeping on top of your accounts. You will know how your business is doing on a regular basis, and if you are spending too much or not making enough sales, you can address this area quickly. If you leave it for 6 or 12 months, you may be in for a bit of a shock. When you need to submit your financial accounts to HMRC for Self Assessment purposes, it will be much easier to complete, rather than having to wade through a whole year of invoices, receipts and bank statements.
As part of your business, you must keep the following records:
You’ll also need to keep proof such as:
For more information, do visit HMRC's website and access their online training course for more information on Self Assessment, Keeping Business Records and Claiming Business Expenses
Keeping a spreadsheet on your computer, such as an Excel document to help you keep upto date with your finances. There are lots of free template available on Microsoft office Alternatively, keep a book with columns to detail your income and expenditure.
If you need more information, assistance or advice, please contact us at firstname.lastname@example.org and a member of our qualified accountancy team will be able to assist. Our team offers a full accountancy and bookkeeping service.
I enjoy crafting as a hobby and wish to sell items I make just to recover my costs. Do I need to register as a business?
Many people enjoy their crafting hobby and over the years have built up lots of items that they have made. They may be at the point where they have so many beautiful items, they wish to off load some items so they can recover some cash and continue with their hobby. They may see that their stock built up has been part of a hobby, and not a business and therefore are unsure whether they need to register. There is a fine line between making and selling as a hobby and running a business. To avoid any element of doubt, and for your safety, we always recommend talking to HM Revenue and Customs for advice. This UK Government Department will advise you based on your personal circumstances.
The UK government, HM Revenue and Customs is also clamping down on people earning a second income that is not being declared.
A second income could come from a variety of areas including
You can find out more about HMRC's second income campaign via their website.
There is help and advice available to find out about employment status if you’re unsure whether you’re employed.
If you are outside of the UK, the please seek advice from your local Government Department.