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Sunday, 15 December 2013

Creative business planning – show me the money!

I recently had another catchup with my business-planning mentor. We're now moving into the serious stuff and starting the financial planning – including a start-up budget and the P&L (profit and loss statement) for the first three years. Once I've completed them both I'll go and see my accountant to talk about the best way to structure things in terms of business entity.

But back to the budget... I found the expenses part quite easy, listing everything from a new computer and studio fit-out; to accountant, solicitor and insurance; to travel and accommodation; to yarn, thread and fabric.

The part I found hard was the income. It just feels like such guesswork at the moment. I have lots of ideas, but each one opens up a whole new area of research. Still, it seems important to follow these through since textile craft isn't exactly the most lucrative line of business. There was a good interview on 99U about this recently. It's not just the product that might earn you an income, but a whole host of other things attached to it. I think having multiple income streams is definitely the key.

For those of you out there also in the business-planning phase, the Australian Government has a great business plan template you can download here. It's a bit detailed for what I'm looking to do, but for checking that you've covered everything, it's fantastic.

2013 has been a year of playing around for me. Getting my blog up and running, building a presence on Instagram and Pinterest, doing a few short courses and slowly getting back into creating. But it has been more about other people's patterns or products, rather than my own.

2014 needs to be the year that I consolidate a direction, work on the most promising income stream ideas and get myself to a point where I feel comfortable letting go of full-time employment as I move into 2015.


In news just in!

Our Folk Fibers' workshop quilt is finished and being auctioned on eBay very soon.
The minute we get all the details and links I'll post them – but for now I just know the proceeds will go towards sending a kid to camp – specifically the Penland Summer art camp.

I'm so happy with how it turned out! Maura has done such a great job finishing it.

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