Business strategy

[kreed]

Here's one for you crafters....
Who has a business stretegy, covering the next 2 to 5 years? (you should have one)

Mine is very complicated, but here we go.

Current Year - hit 50 workshops ( 121 with my kit), be stocked in 20 outlets, not be left with 2010 calendars

Next year - Be on the cover of a magazine, have a range of Otter shots, compete the 'wildlife' section of the garden attracting in snakes, herons, & possibly a kingfisher, be invited (not cap in hand) to display in a gallery

2011 - hit £50k in sales, have a full workshop order book, a full portfolio of birds of prey, front cover of the RSPB magazine

2012 - hit 75k in sales, do workshops of 10 or more people, wildlife photographer of the year winner

2013 - house by the river, run workshops in my garden, be asked to write a book

A lot, but all possible

[Route de l'Artisanat]

Here's one for you crafters....
Who has a business strategy, covering the next 2 to 5 years? (you should have one)
...
2013 - house by the river, run workshops in my garden, be asked to write a book

A lot, but all possible

This is great ! We do absolutely have to plan our business ... If we start anything, we have to believe it is possible to manage it with all costs. We must have ambition, of course !!!

I work fused glass and stained glass. In the meantime I have decided to have my own website, but a commercial one to promote French Art Craft of good quality. It is all messy on internet because no difference is made between art and artcraft. Nevertheless, there is a big gap in between. Now, I make my own selection, and split my time with my workshop and my site ... for me and for those who are interested in. What a programme !

Thus, I know it will take time to reach what I am aiming at...but here we go !! I agree, a lot to do , but all possible !!!

[gbell]

just being still alive and healthy will do me!!

[Naughty_Angel]

I don't want to break the VAT threshold at any point. I've been there, done that and it's a bloody nightmare.

I'd like a selection of local galleries to take my work and I'd like about a dozen exhibitions a year.

I want my weekends free to enjoy time with my family and not to have to work during school holidays.

Having worked for the last two decades, pretty non stop [seven days, around 12-18 hour days] I now want to make enough to enjoy life and nothing more really.

Sorry, I sound like a hippy x

[Apologies to all the hippies out there lol x x x]

[Sarahleigh]

To be able to do more photography work and less 'day job'. To be able to spend more time with my girls while they're young. To establish the business & do some proper marketing (rather than just friends & contacts). That's about it really.

[Peacock84]

How much is the VAT threashold? I am just starting out and am yet to look into everything properly and was thinking about VAT the other day. It might sound like a silly question, but do you have to charge VAT on things you make and sell and how do you go about it?

[Naughty_Angel]

As of May 2009 the VAT threshold for small businesses is £68,000 per annum. There are many rules about VAT that would take me an age to go into on here. I've only,minutes ago, discovered that businesses turning over less than £1.35million a year can submit one return a year rather than the more normal quarterly submission.

I'll do a quick calculation for you to show why you should steer clear of it if you can.

Non VAT registered.

You buy your item at £5.00 [£4.35+vat at 15%] and sell your item for £10 = you make £5.00 profit as you do not have to pay HMRC any VAT nor are are you able to reclaim the £0.65 which you paid to your supplier for the item.

VAT registered.

You buy your item at £5.00 [£4.35+vat at 15%] and sell your item for £10 [£8.70+vat at 15%]. You are able to reclaim the £0.65 from the vat you paid your supplier but have to pay HMRC £1.30 on the item you sold when you make your VAT return. Simply put: £10.00-£4.35-£1.30= £4.35 profit.

At the current, reduced VAT rate if you are selling to the end user you will lose thirteen percent of you profit immediately upon becoming VAT registered.

Hope that helps.

[AnnieAnna]

The subversive hippy part of me is whispering it's much more fun not having a plan. Every day is a surprise and you don't get disappointed.
AnnieAnna

[Meljov5]

I dont do it as a business as such just a hobby where I sell the things I make to be able to buy loads more. I spend far more than I make as I dont have time to make enough and love all of the new papers etc!! For this reason I really dont have a proper business plan although I would love to give up work and do it all the time I cannot foresee a time when it would be commercially viable for me to do so unfortunately.
My plan is therefore to put up with work and steal as much time as possible to craft and relax whilst keeping my children and husband happy - actually it isnt as simple as I had hoped lol!! And try and sell more cards at the next craft show than the last and get a few card and jewellery parties booked up to sell more but also to allow escape for a few hours of rest lol!

[Peacock84]

Thanks Naughty Angel. So as I can't see me earning anywhere near the threshold, at least not any time soon, I don't need to claim it back or charge it?

[Naughty_Angel]

As long as you're not 'turning over' more than that figure [not earning - that's profit] then no, you're fine

[Peacock84]

Sorry, I know this might sound like a silly question (again) by turnover you mean what I make before any deductions?

[Naughty_Angel]

Yep - that' it.

[Peacock84]

I know more than I think I do - thanks

[Dagna]

Since I have just started selling, I have a six-month strategy (build up stock, get the hang of fairs, find local outlets), regular reviews, a 12 month strategy (actually, two - depending on if I get another contract or full-time data management job in the meantime...), but not (so far) anything beyond 12 months. I am also working on a list of techniques I want to learn, so I will keep adding a new one once I feel comfortable with the last one. (This runs in parallel in both photography and jewellery. Being a long-term geek, I ALWAYS have a training and skill development strategy!)