Aaron Rome asked:
Plan!
First, it is important to have a good plan. A formal business plan isn’t necessary unless you aim to get a loan or investors, but the plan should be thorough, especially in the financial section. The bottom line for most of us is: can I make a profit doing this? How long will it take to turn a profit? And, is this worth my time? Below I have outlined a few key factors to think about while devising your plan. I want to be clear that this is just a guideline, not a “how to” since everyone’s circumstances is different – what may work for one person may not work for another.
1. Why do you want to do this?
Is this something that you want to do for strictly for the money? For the thrill of starting something from scratch? Because you need to make extra money to pay your bills? Etc. The answer to this question will create the context you need to think through your plan. For example, if you want to start a jewelry business because you absolutely have to have extra money to survive – that consideration will limit your choices greatly because you will need to make decisions that lead you to a quick profit.
2. Market & Products
What do you plan on selling and why? Think about whether the jewelry or other products you intend to sell are right for your intended market. Diamond jewelry is probably not the right product for a flea market! Some good ‘off-line’ venues that I have used include:
Craft fairs and outdoor festivals – generally in the summer time. You can usually get a table at these events for $20 $50 for the day. You will want to have a good selection of inventory; if you do you can usually gross anywhere between $150-$400 (based on my experience). Your sales will be directly related to your quantity of inventory.
Winter bazaars, church sales, holiday festivals
Plan!
First, it is important to have a good plan. A formal business plan isn’t necessary unless you aim to get a loan or investors, but the plan should be thorough, especially in the financial section. The bottom line for most of us is: can I make a profit doing this? How long will it take to turn a profit? And, is this worth my time? Below I have outlined a few key factors to think about while devising your plan. I want to be clear that this is just a guideline, not a “how to” since everyone’s circumstances is different – what may work for one person may not work for another.
1. Why do you want to do this?
Is this something that you want to do for strictly for the money? For the thrill of starting something from scratch? Because you need to make extra money to pay your bills? Etc. The answer to this question will create the context you need to think through your plan. For example, if you want to start a jewelry business because you absolutely have to have extra money to survive – that consideration will limit your choices greatly because you will need to make decisions that lead you to a quick profit.
2. Market & Products
What do you plan on selling and why? Think about whether the jewelry or other products you intend to sell are right for your intended market. Diamond jewelry is probably not the right product for a flea market! Some good ‘off-line’ venues that I have used include:
Craft fairs and outdoor festivals – generally in the summer time. You can usually get a table at these events for $20 $50 for the day. You will want to have a good selection of inventory; if you do you can usually gross anywhere between $150-$400 (based on my experience). Your sales will be directly related to your quantity of inventory.
Winter bazaars, church sales, holiday festivals
