Business planning

Blog planning

Over the past few weeks I’ve really been hitting the “getting organised” button. I started in our dining room and it’s spiraled until the entire house is now fit for guests, finally (we’ve only been here 6 months).

Business planner

So I started off the day by looking on the lovely pinterest for some planning printables to organise my time a little better. I’m finding I’m procrastinating a lot at the moment and not enough progress is being made. I’ve found the following and printed them out.

Stash organisation

I also created an Excel spreadsheet and printed it off to keep track of all the different yarn and notions I have purchased. This should save me time and money in the future when I’m trying to work out whether I need to buy something new. One thing I did get a little stuck with was trying to suss out what colours of yarns I currently have available. I’m going to punch some holes in some card and tie small pieces of coloured yarn to them. This should prevent the inevitable confusion that arises months after throwing away the yarn sleeve.

Time keeping

Today I’ve had a lunchbreak and an afternoon break. I’ve been fairly efficient today as well having allocated my time in the morning I knew what I was meant to be doing at any one time, I kept social media time to just in my breaks and was more production because of it. I’m amazed how many hours can be lost to facebook and pinterest.

How do you manage your time and your business?
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Business – deciding on your target market

I’ve just had a small(ish) rant on a Facebook page regarding how prices should be set for handmade items. I think quite a lot of us go from making things as a hobby to suddenly deciding we’ll try to sell our wares to try to earn a bit of cash without really thinking about the business behind. When deciding to setup a business, whether as a hobbyist or to take the leap into self-employment, it’s a good idea to try to work out who your target market are going to be. To do so you need to take into account a few pointers:

  • What type of product are you going to be selling? Budget/high street/premium
  • Will your products be unique, batch runs, or mass produced?
  • What quality will your items be? How long will they be expected to last?
  • Will your products include embellishments that can increase the pricing to make them stand out from the crowd?

From here you can start to build a brand that is recognisable against the sea of Joe Bloggs items that are similar to yours.

You also need to take into account who your target market are going to be:

  • What disposable income will they have for spending on your items?
  • What occasion are they going to be buying for?
  • Their age range
  • Gender
  • Who are these people and what do they do?
  • What do they expect from vendors?

Once you’ve got an idea of your target market, your brand and the type of products your going to be selling you’ll get a good idea of your price point and if you’re happy to make 10 lower cost items for a high turnover than fewer higher cost items but fewer sales.