Published: Fri, 09 Dec 2016 11:07:31 +0000
2016-12-09T11:07:31ZThere are three types of financial statements: income statement, balance sheet and statement of cash flows. Each one serves a different purpose and contains different information. You should regularly review each one.
2016-12-09T11:07:31ZCrafts can be broken down into five major types: textile, paper, decorative, fashion and functional. See if you're ready to branch out your business.
2016-12-09T11:07:31ZOne of those many practical sides vying for your attention is keeping the books for your arts and crafts business. This article introduces you to bookkeeping and explains the basics of keeping the books for your arts and crafts business.
2016-12-09T11:07:31ZThinking about starting a knitting craft business? Your primary objective is to make sure you can make a profit while turning your love of knitting into a craft business. This article contains my tips on starting a knitting business from selecting knitting patterns to finding knitting resources.
2016-12-09T11:07:31ZUse these easy DIY instruction to make an adjustable bracelet knot so you can put it on and take it off easily. How to make a beaded string bracelet.
2016-12-09T11:07:31ZUse this list of the steps to take before starting a craft business. Learn quick tips about each step so you can begin your new enterprise smartly.
2016-12-09T11:07:31ZLearn about the different types of arts and crafs business types and entities. Get an introduction to business licenses. Decide whether you need to trademark your tagline.
2016-12-09T11:07:31ZInventory is probably one of the largest costs for your arts and crafts business. This cost is initially classified as a current asset on the balance sheet. As you use it to make arts and crafts items and sell them to customers, the cost moves to the income statement. Find out how to account for your arts and crafts inventory regardless if you are a retailer or manufacturer.
2016-12-09T11:07:31ZWhen thinking about collage, the first thing that pops into many heads is that collage is a paper craft. Certainly many wonderful pieces of collage art and craft are created using paper. However, collage technically involves combining any type of material that is the same. Therefore, in addition to paper collage artists can use other raw materials such as fabric, metal or wood. Collage using a mixture of materials is referred to as 'assemblage'.
2016-12-09T11:07:31ZHandling the tax obligations of self-employed arts/crafts businesses can be confusing. Federal, state and local government can assess taxes. These taxes can show up in the form of income, sales, and use taxes. Find out more about the different type of self-employment taxes and which ones you may be liable for.
2016-12-09T11:07:31ZAre you a part-time artist or crafter wondering if there is any limit under which you don't have to record your income from selling your arts and crafts items? An arts and crafts reader posed this question - find out the answer! Also discussed are garage sales and self-employment tax.
2016-12-09T11:07:31ZYour objective is to price your crafts so that you make a reasonable profit while not pricing yourself out of the market. It can be an art. Find out how variable and fixed costs plus perceived value factor into the equation.
2016-12-09T11:07:31ZSole proprietorships report items of income and expense on Schedule C. Gross income consists of revenue and cost of goods sold. Find out how to calculate gross income and fill out Part 1 of the form Schedule C.
2016-12-09T11:07:31ZWant to start an arts or crafts business? This business startup check sheet takes the mystery out of starting your business. It also reminds you of business start-up steps you may have forgotten about.
2016-12-09T11:07:31ZLearn how to use jump ring pliers to securely attach jump rings to charms and jewelry. Using a simple two-step method makes sure your finished jump ring stays closed without soldering or using glue. You learn this technique making a St. Christoper surfer rubber necklace.
2016-12-09T11:07:31ZFind out more about starting a paper craft business. Paper crafts are more than just origami or paper mache. A relatively inexpensive start-up craft business it includes greeting cards, wallpaper, lampshades and bookbinding.
2016-12-09T11:07:31ZIf you knit as a hobby and would like to turn your love of knitting into a profitable craft business, you may be afraid you'll never make a profit since it takes so long to knit a garment. To work around this problem, you may have to modify your knitting mindset somewhat. Check out my suggestions for transforming knitting from a hobby to a profitable craft business.
2016-12-09T11:07:31ZLearn how to prepare an income statements. Find out about the three major sections which are revenue, cost of goods sold and general and administrative expenses. All types of business entities prepare an income statement regardless if they are sole proprietorships, partnerships or corporations.
2016-12-09T11:07:31ZIf your arts and crafts business is a corporation you file Form 1120 to report your taxable income. Find out about Schedule J and K which you use to calculate your federal income tax and answer basic questions about your business.
2016-12-09T11:07:31ZUsing the right recipe and process, it's fairly easy to add color to brass and copper. Find out how to oxidize metals to add a colorful patina using cat litter and other household items.
2016-12-09T11:07:31ZWondering what exactly goes into inventory and how to account for it? Find out about inventory items for retail and manufacturing inventory.
2016-12-09T11:07:31ZAn important first step when deciding whether to go ahead with a business idea, is whether you'll turn a profit. Breakeven point analysis helps you make this determination as it shows you how much you'll need to sell at a certain price to cover your costs.
2016-12-09T11:07:31ZLearn about sole proprietorships, corporations and flow throughs, which are the three different tyeps of business entities. When selecting a form of business entity, compare the tax, liability and management impacts of a sole proprietorship, corporation or flow through.
2016-12-09T11:07:31ZIf you have even one employee for your arts and crafts business, you have to submit Form 941 four times a years. While this form is pretty easy to fill out once you do it a few times, it can be confusing the first time you tackle the job. This article gives simple, easy-to-follow instructions on how to fill out Form 941: Employer's Quarterly Federal Tax Return.
2016-12-09T11:07:31ZWhich type of arts and crafts company do you own? Depending on how you operate your business you can be a service, merchandising or manufacturing company – or any combination of the three.
2016-12-09T11:07:31ZWhen creating an overall marketing plan for your arts and crafts business, your first step is to identify your target market. Find out about four key target market elements to consider.
2016-12-09T11:07:31ZPaper mache is one example of paper crafts. Dating back to AD 200, this type of craft is inexpensive and easy to learn. Plus, it can be incorporated into other arts and crafts designs to add surface interest. Find out the basics of making paper mache.
2016-12-09T11:07:31ZYour arts and crafts business will have a merchandise inventory if you operate a retail shop. Otherwise your inventory will consist of raw materials, work in process and finished goods.
2016-12-09T11:07:31ZIf you're starting a new arts and crafts business, learn how to pick a business name, choose a website domain name, and write a tagline to promote it.
2016-12-09T11:07:31ZIt's easy to understand the need to know the schedule of available arts and crafts shows within local driving distance. Many artists and crafters enjoy and find it profitable to exhibit at shows, but would prefer to do it locally. There is sound rational in that decision if you are a new artist or crafter or are just doing it part-time. Here are my suggestions on how to find local arts and crafts show.
2016-12-09T11:07:31ZOne method of jewelry making uses a hot torch to join pieces of metal using solder. Soldering is one of the most basic techniques in jewelry making, but also one of the hardest to master. Learn about the basics of soldering including jewelry making resources.
2016-12-09T11:07:31ZFind out the difference between collage, assemblage and papier mache.
2016-12-09T11:07:31ZIt may be impossible to please all your customers but you can increase customer satisfaction and decrease returns by including a complete product description for every item you sell. This is especially true for items you sell on the internet since your customer won't be able to see the art or craft product in person prior to purchase. Check out these examples of arts and crafts product descriptions.
2016-12-09T11:07:31ZMaking resin jewelry charms is quick, easy and inexpensive. This article shows you how to use two-part epoxy resin to make a resin pendant.
2016-12-09T11:07:31ZIf you operate as a sole proprietor, partnership, or S-Corporation to be able to write off your arts and crafts expenses, your work has to be regarded as a business rather than a hobby. Find out how to report arts and crafts revenue and expenses if you're deemed to be a hobby rather than a business. Page 2.
2016-12-09T11:07:31ZLearn about resin arts and crafts made from a two-part epoxy. While many jewelry artists use resin, it is a great medium for sculpting, mixed media and painting. Find out about resin basics and artists and crafters using it in their work.
2016-12-09T11:07:31ZFree and low cost advertising is always a good idea. Find out about different ways you can promote your arts and crafts business on the cheap.
2016-12-09T11:07:31ZBefore you start a crafts business, carefully consider why you want to do it. Being a self-employed owner of any type of business is not a direct pipeline to financial success. Going into a crafts business with this type of mindset can set you up for failure.
2016-12-09T11:07:31ZIf you drive your car in the normal course of running your arts / crafts business you have two methods to choose from when figuring your business mileage tax deduction. This article discusses using the standard mileage rate.
2016-12-09T11:07:31ZWriting a good product description is an art. However, once you have a base for your arts or crafts product descriptions, it can be quickly modified for most of your other items. Most arts or crafts products descriptions require size, weight and material information. Find out how to write good arts and crafts product descriptions.
2016-12-09T11:07:31ZLearn how to prepare a chart of accounts. The Chart of Accounts report is a complete list of all the accounts you create for your business and their current balances. You can use these accounts to enter transactions to create various reports for determining profitability, cash liquidity, how much is due to you, and how much you owe.
2016-12-09T11:07:31ZIs your computer running slow? As a last-ditch effort consider restoring it to factory settings. Find out how to restore to factory settings and see a few alternatives to this extreme measure.
2016-12-09T11:07:31ZFind out more about creating a logo for your arts and crafts business. Understand the importance of considering your target demographic and tone.
2016-12-09T11:07:31ZThis article introduces the accounting system, which is the nuts and bolts of collecting, sorting through, and entering accounting data into business accounting software. Specifically, this article discusses the cash receipts journal which you use to record cash in and outs for your arts and crafts business.
2016-12-09T11:07:31ZYour first step to open an Etsy shop is to create a Etsy account. This requires you select a unique username representative of your shop concept.
2016-12-09T11:07:31ZLearn the ins and outs of opening a shop on Etsy. Walk through the seven basic steps from picking an Etsy username to finding out about the listing fees and the Etsy community of crafters.
2016-12-09T11:07:31ZJust about the only way to make money selling knitted goods is to use a knitting machine. Using a used home knitting machine at first before laying out the money for an expensive commercial knitting machine will give you a good idea if this is a venture you want to pursue.
2016-12-09T11:07:31ZThe S corporation is another example of a flow-through type of business entity. S Corporations have limited liability like corporations but taxed as a sole proprietorship. Find out more about how this type of business entity works.
2016-12-09T11:07:31ZThe second in a series of articles about organizing your accounting records, this article shows how to use a spreadsheet to track expenses. You also find out the definitions of key accounting terms like inventory and cost of goods sold.
2016-12-09T11:07:31ZWhen sole proprietors fill out a Schedule C to report business taxable income, they must include an activity code. Here is what you need to know.
2016-12-09T11:07:31ZFind out how to write a business plan by walking through the standard eight parts. Learn why writing a business plan is important and what type of information is contained in the appendix.
2016-12-09T11:07:31ZThinking about opening a yarn shop or are involved in fashion or textile arts or crafts? Find out how to find wholesale suppliers of yarn, textiles and related accessories.
2016-12-09T11:07:31ZWholesalecrafts.com brings retailers and arts and crafts business owners together for arts and crafts business owners who want to sell online. For an annual fee crafters build a web marketing presence to showcase their arts and crafts products to interested retailers.
2016-12-09T11:07:31ZWhen figuring out net and taxable income, you have to reduce your costs of goods sold for items still in inventory. This article discusses the different types of inventory and suggests ways to calculate your ending inventory.
2016-12-09T11:07:31ZOne of the many ways to sell your arts and crafts is to market them through museum gift shops. Think back to every time you’ve paid a visit to a museum, I’m sure you’ve noticed that a gift shop is usually front and center, luring you to come in and browse after your visit. If you’ve ever done so, you’ll find some of the items in museum gift shops are mass-produced, others are hand crafted.
2016-12-09T11:07:31ZIf you drive your car in the normal course of running your arts / crafts business you have two methods to choose from when figuring your business mileage tax deduction. This article discusses using the actual cost method.
2016-12-09T11:07:31ZAfter you’ve created your Etsy account, your next step is to create your shop. Ever open a brick and mortar craft shop? The concept online is not very different. You want your Etsy shop to be a visually appealing place for your online shoppers that is easy to navigate and clearly spells out all your shop policies.
2016-12-09T11:07:31Zcopyrights,copyright violations,derivative works, licensing
2016-12-09T11:07:31ZThe balance sheet is the financial statement showing your arts and crafts assets, liabilities and equity. You'll need this information to make business decisions, apply for loans and to write your business plan. While sole proprietorships don't include a balance sheet with their tax return, this is a requirement for all other business entities. Learn about the difference between assets, liabilities and equity and what types of accounts your arts and crafts business will have in each.
2016-12-09T11:07:31ZMost brand new arts / crafts businesses start out as a sole proprietorship because it is the easiest and cheapest type of business entity to start and maintain.
2016-12-09T11:07:31ZUsing an image of a celebrity for an arts or crafts product will more than likely involve copyright and model release issues. Find out the basic facts of using a celebrity image to sell your product.
2016-12-09T11:07:31ZTen useful tips on how to sell your arts and crafts online. These tips will help you get started with the design of your arts and crafts business website. Once you understand the basics you're on your way to making money by selling your arts and crafts online.
2016-12-09T11:07:31ZLearning how to use gem setting pliers will give you the opportunity to bring additional revenue streams into your arts and crafts business. You can charge customers to tighten loose prongs and add quick and easy jewelry pieces to your product line.
2016-12-09T11:07:31ZBefore you can sell on Etsy, you need to add items. Etsy has five templates to help walk you through this procedure. Your first step is to make sure you have a good description and images for your item.
2016-12-09T11:07:31ZThe executive summary portion of the business plan is in the beginning of the business plan. The purpose of the executive summary is to give your reader a thumbnail sketch of the business.
2016-12-09T11:07:31ZIf you’re a brand new arts and crafts business owner, you may be wondering if you need to register your business. The answer to this question depends on your individual business and where you operate it. Find out about zoning, business licenses, your Secretary of State and the Internal Revenue Service registration requirements.
2016-12-09T11:07:31ZConsidering selling your arts and crafts in an online marketplace? This articles gives you a heads-up on the most popular from Etsy to ArtFire to Artful Home and more! Get concise info to the policies and costs of each and come back frequently for updated information!
2016-12-09T11:07:31ZA dapping tool is a relatively inexpensive tool that makes forming metal into uniform shapes a snap. Find out how to which is best for the beginner and how to use one.
2016-12-09T11:07:31ZThis article explains variable costs, which are costs that go up and down depending on how much arts and crafts inventory or products you sell. This includes your cost of goods sold, credit card fees, shipping costs and sales commissions you may pay to sales staff who rep your arts and crafts items.
2016-12-09T11:07:31ZThis article shows you how to use QuickBooks types to organize your jobs so you can organize your customer base by grouping similar customer or jobs together. Using this info, you can run reports to provide timely and relevant information about which type of customer or job is the most profitable.
2016-12-09T11:07:31ZLearn the difference between copyrights, trademarks, patents and licensing - four ways you can protect your intellectual property from theft.
2016-12-09T11:07:31ZA pop-up shop is a short-term retail space that appears seemingly out of nowhere, quickly drawing in customers, and then disappears when the optimal selling season is over. Using pop-ups shops are a great way for artists and crafters to have a retail presence during major selling periods during the year without the hassle of maintaining a full time lease. Here are my tips for opening a arts and crafts retail pop-up store.
2016-12-09T11:07:31ZArtFire.com is a new online marketplace for artists and crafters. They offer a free 14-day trial. After that, an ArtFire studio costs $12.95 a month with unlimited listings with no fees or commissions. Find out more about ArtFire in a question and answer session with ArtFire's Member Engagement.
2016-12-09T11:07:31ZTrademarking protects your arts and crafts business name, logo or slogan. Your first trademarking step is to make sure it is available. This article walks you through my TESS search.
2016-12-09T11:07:31ZOwn an arts and crafts business and want to expand your business by going wholesale? Check out these wholesale tips and strategies from setting up a production line to finding a rep.
2016-12-09T11:07:31ZFollow my instructions to make a knotted sterling silver Figaro chain charm bracelet. No soldering skills required. Use split rings and split ring pliers to attach the charms and chain to the clasp.
2016-12-09T11:07:31ZThis article walks you through the procedure to electronically register a copyright on an original piece of work. Any original piece of work is automatically copyrighted regardless if it is published. However, registration is required to seek legal action against violators of your copyright.
2016-12-09T11:07:31ZIf eBay’s the king in online marketplaces, the queen for crafters is Etsy.com. Etsy accepts listings for handcrafted items, is an online marketplace for supplies and also allows listings for vintage items.
2016-12-09T11:07:31ZIf you've ever thought about starting and running your own successful craft business it's a good idea to get good practical experience working for another established craft business first. Don't have the time to be an intern? There are alternatives.
2016-12-09T11:07:31ZIf you want to participate in holiday-oriented arts and crafts, you're reaching the break-even point to get moving on your designs. While there are many arts and crafts shows during the 4th quarter of the year selling gift items, this article particularly addresses crafting and selling holiday decorations.
2016-12-09T11:07:31ZFrom the email box: I have less than 50 crafts in my finished goods inventory, is there an easy way to keep track of my inventory? This is a question I get a lot. You have a smaller arts and crafts business or maybe a large one with few finished goods and you don't want to go through all the hoopla of tracking it with accounting software. This article explains a quick and easy way to handle this accounting task!
2016-12-09T11:07:31ZRead my review of Outright, an online bookkeeping and accounting service that provides small business reporting. There is a free and subscription version.
2016-12-09T11:07:31ZOne area of confusion when deducting business related expenses is office in the home. Find out how to prepare the tax return Form 8829 allowing business related expenses. This article talks about the top section, Part I: Part of Your Home Used for Business
2016-12-09T11:07:31ZWalk through the different parts of a simple home knitting machine. You'll find out how to set the gauge and what different needle positions mean. Plus, you'll discover that even simple home knitting machines have the ability to produce more than the stockinette stitch.
2016-12-09T11:07:31ZAn arts or crafts manufacturer handcrafts the products sold directly to the consumer - for example at a craft show or through a website. A manufacturer can also sell on a larger scale to unrelated retail businesses like a craft boutique or art gallery. If you are an arts or crafts manufacturer, find out how to account for your expenses on your income statement.
2016-12-09T11:07:31ZThis article explains fixed and mixed costs. Fixed costs remain the same no matter if you make one or one million arts and crafts products. Mixed costs can fluctuate somewhat. Find out more about fixed and mixed costs.
2016-12-09T11:07:31ZUse breakeven point analysis to figure out the volume of craft items you have to sell to cover costs for your arts and crafts business. This article shows you a quick and easy way to figure breakeven point using an Excel spreadsheet.
2016-12-09T11:07:31ZFinding great,reliable vendors is one of your first steps in starting an arts and crafts business. Without knowing how much your vendors are going to charge you for the art or crafts supplies you use to make your product, how can you set a reasonable retail price? It's also important to have reliable art and craft supply vendors that you can count on to ship the crafts supplies and arts materials when you need them.
2016-12-09T11:07:31ZEquity shows the combined total of your investment in the business. Another term for equity is net assets, which is the difference between assets, which are resources a company owns, and liabilities, which are claims against the company. Find out how to record equity on a sole proprietorship balance sheet.
2016-12-09T11:07:31ZBeehive Co-ops offer both arts / crafts business franchise opportunities and select highly qualified arts / crafts busineeses to work with Beehive as wholesalers. Find out about the franchise fees, the advantages and how to get started with Beehive.
2016-12-09T11:07:31ZDIY instructions on how to organize your accounting records so you can figure out your net income and taxable income. This article discusses using an off-the-shelf accounting software program like QuickBooks or old-schooling it by using spreadsheets.
2016-12-09T11:07:31ZIf you hire employees for your arts and crafts business or incorporate your business, you'll need to find out how to write payroll checks. This article walks you through writing a payroll checks from gross to net wages.
2016-12-09T11:07:31ZA fundamental of owning any type of business is preparing customer invoices. If you're a new arts and crafts business owner, you may be unsure about how to prepare one. Here are your customer invoicing basics.
2016-12-09T11:07:31ZNow that you have an introduction to dapping tools, this article shows you how to use a dapping block to form metal blanks into shapes. A beginners project that requires no soldering skills, build on these instruction to make more complicated works of art!
2016-12-09T11:07:31ZIt's very easy to make goats' milk soap from scratch. Find out what supplies and raw materials you need to make your own goats' milk soap. This articles provides information about the basics and add-ons such as essential oils, herbs, flowers and grated fruit peel.
2016-12-09T11:07:31ZIf your arts and crafts business is small or you sell just a few high-price items each month, you may feel it’s not worth the effort or expense to buy accounting software or spreadsheet software to prepare computerized invoices. In addition, if you are at a craft show or a similar type of venue, you probably won’t want to go through the hassle of bringing along your printer so you can prepare a computerized invoice for each sale. This article walks you through how to handwrite customer invoices.
2016-12-09T11:07:31ZSelling arts and crafts on consignment means you supply a shop, the consignee, with goods that their customers can buy. In return you receive a percentage of the retail cost when your arts or crafts item is sold. Find out the ins and outs of doing this and whether it's worth the effort.
2016-12-09T11:07:31ZPromote your arts and crafts business for free by setting up a Yahoo Local listing. These listings are organized by geographic location and you can set up your arts and crafts business in five different categories. This article walks you through the steps to set up a free Basic Yahoo Local listing.
2016-12-09T11:07:31ZThis article is an introduction to preparing payroll checks. Learn about the Circular E and the taxes you need to deduct from gross wages. These taxes include federal withholding, FICA and state income tax.
2016-12-09T11:07:31ZSuccessful businesses research the marketplace first and then design products that will sell in that market. Research and a little bit of basic human psychology are good jumping off points for tailoring your craft business to the market.