So you enjoy making wreaths and have decided to go into business for yourself. Congratulations, that sounds like a positive idea and hopefully will be a profitable one.
First, however, you will want to make your business plans so that your start up won’t also be your shut down. You will want first of all to make sure of your work space.
Do you have an area that can be dedicated specifically to wreath making? Making wreaths in front of the TV is one thing when it’s a hobby/craft project but are you, and other family members, going to be willing for this space to be dedicated full time to wreath making? If not, do you have another place in your home that can be used as your place of business, perhaps a little used guest room or a part of the basement could be dedicated to this.
Once you have your work area secured, what about a storage area for finished wreaths and for materials? There may be times when you will want to temporarily store some of your wreaths until an order is completed. For some wreaths, this will call for a cold or cool area where they can be properly maintained.
Also, buying materials in bulk at bargain rates is a bonus, but you’ll need to be able to store the materials properly.
Designing and printing up a brochure and some business cards is a good idea also. Not all potential customers will be able to talk with you immediately, but having a business card and brochure to leave will give them the opportunity to check over your product a little more closely on their own.
You will also need a name for your business.
You will need something to put on those brochures and business cards.
A product display unit is nice also. Making a photo album of your wreaths will enable you to show potential customers something of your work without trying to carry a lot of it around with you.
You might want to talk with the bank also and find out about setting up a business checking account. Many wholesalers insist that customers must use business checks in order to prove that they are a legitimate business.
You will need a bookkeeping system also so that you can keep track of how much you are taking in and paying out. When tax time comes, and it will, this will be a big asset to you and may just help you in making sure that you are remembering everything. Also, you may be able to deduct a certain percentage of your household expenses as business expenses if your business is being run from your home. This also includes gas and wear and tear on your vehicle.
Lastly, you will need a sales book and pen. Go out and get orders, don’t take more than you can fulfill, and don’t forget to enjoy yourself. Congratulations on your new business.