Wednesday, January 14, 2009

The Bead Biz-Creating A Business Plan

It's 2009!

Just barely and I don't know about you but this is the time of year I start thinking about my goal and aspirations for the year. Personally, I am a big list maker and goal follower. I believe you have to know where you're going to get there. If you don't have a business plan, now is the time to make one. If you're thinking, how do I get started, what do I need to know, oh my gosh I just make jewelry to sell every now and then, do I need one of these? Yes you need one and the good news is they are not hard to write.

The best part is, it's your business, so you can make your business plan as complicated or as uncomplicated as you want. So what do you need in this plan? Here we go….

Define what you make and sell. Describe in depth what you make. Maybe you make custom jewelry, or just earrings, maybe children’s jewelry. If you know what you make, then you can stay focused on those products and keep you business heading in a consistent direction. Also make sure you think about your competition. Make sure you are making something different than everyone else.

Marketing: Marketing is how you will sell your work. Will you travel to shows, will you have home parties, will you advertise in magazines? These are all things to think about. Maybe you want to expand where you sell your work or add a few more shows this year. Here’s where you
would want to brainstorm and then refine your plan.

Operations: This is how you work. Is this a part time job where you will devoted ten hours a week or is this a full time job? Based on your hours, you will then need to create goals like three necklaces a day. This way you can work out your production schedule. You'll need to know you have enough time to make everything you will need to sell.

Finances: You will need to make financial goals. Even if this jewelry business is just for fun. You obviously want to succeed so you have to create sales goals and keep track of if you are achieving them. It really is the only way to know if you are charging enough and if you are on
track to meet your goals.

Once you have brainstormed about these categories, you can write a paragraph about each section. At this point you might just have enough to be done. However, it might not hurt to make it official. If down the road you ever want to borrow money to expand your business, your banker will want to see a plan. Another reason to have a written plan, when you're feeling unmotivated or lost you can pull it out and read it. It will immediately remind you what you want to achieve.

For more information, about writing a business plan, you can visit:
http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/SERV_ESSENTIAL.html

Good luck following your goals in 2009!

Written by Jennifer Heynen of Jangles.

11 comments:

Meekiyu said...

great post about making a business plan... I've yet to make one but your tips are so helpful and very clear I think I'll get started on one. =D

JenniferJangles said...

The usual business books make it sound so intimidating. But it can be as easy as jotting ideas down on a napkin and taking it from there. Good luck!
Jennifer

bead jewelry said...

I agree, making bead jewelry is so much fun. I get a ton of comments from my family and friends about by bead jewelry. If you need help let me know!!

one-eared pig said...

I am so happy to see this post. I decided a few weeks ago I needed a plan of some sort, because winging it for the past 4 years hasn't really been doing it for me. I mean, I love making beads, but what exactly do I have to show for it?

Of course, it has been a few weeks and I have come up with nothing...

SarahKelley said...

Nice, clear, motivating post!

Oh2122 said...

Excellent post!

I do need to sit down and clarify my thoughts, and this will help immensely.

rosebud101 said...

Thank you for the nudge I need. This is an excellent article!

Joann Loos said...

If you'd like help with a marketing plan Art Biz Coach Alyson Stanfield has a program for running an art marketing mastermind like group. You can get more info at:
http://www.artbizconnection.com/
and for general tips check out her site
http://www.artbizcoach.com

Joy aka Goddessjoy said...

This post was exactly what I needed today. I'm having a bit of bead fatigue and really need to sit down and make a plan.

Great timing! Thanks :)

Shoes said...
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oil painting said...
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