Business strategy

[crafts from the heath]

I'm working hard to make my hobby into a business & it would be lovely to be able to also take the school holidays off & have quality time with my two boys. I like the idea of taking each day as it comes, it's nice to have surprises, nice ones ofcourse!

[ferdinand2000]

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

<snip>

A lot, but all possible

That loks excellent.

Have you adjusted for the recession?

Julian

[Marion Mitchell]

We're sort of at the other end.
Our plan is to work as hard as possible for the next few years in order to be able to slow down into some sort of retirement.
We'll not retire completely - best thing about this kind of work is that you can choose to slow down without totally giving up.
That makes us sound old and decrepit - far from it - we've got the business going pretty well (touch wood) and despite the recession hope to have our best ever year.
We've been VAT registered for the past 12 years or so, so it's pretty much a way of life.
I would suggest that if you're just over the VAT threshold you keep yourself below it, but there's no point deliberately staying under it if there is the potential to do a lot more. IYKWIM.
We've had various business plans over the years and I think they are a good idea, as long as it's realistic and achievable.
It helps to keep you on track and see the big picture.
It can be too easy to get bogged down in day to day stuff especially if you are making ( I mean your craft) as well as managing your business.

[matt.chatterley]

I have to agree with the sentiment here, good planning is critical!

There are all sorts of different plans, too - if you don't plan to run the business for 'the foreseeable future', then you're into 'exit strategy' planning (getting out alive ), not just plain old planning for growth!

[Makedoandmend]

I'd ultimately like to earn enough to not have to go to work at the weekends (I work weekends, hubbie works in the week) so I can spend time at home with my husband and baby. My son is starting to think he can only have one parent at home at a time!

However in general to be making a profit within 6 months would be nice!



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