Side Business Kinda Went Booming This Year!

[SiouzQ.]

Just a quick pop-in to say my jewelry business more than tripled itself this year over last year! Woot! And as it grows, it gets more complicated to manage, but alas, that is what I signed up for when I took the great leap of faith. I also spent a lot more on supplies and equipment this year over last, but all extremely necessary to increase my ability to produce more items, more efficiently. Not looking forward to dealing with the tax part of it, though...sigh...

[Seven]

Awesome! Congratulations on the successful growth of your business.

[gimmethesimplelife]

That is so wonderful to hear about your jewelry business expanding so much! Congrats.....Something I am doing along these lines is that the City of Phoenix now has a program at the main library where you can take free classes through some Federal grant as to the ins and outs of starting a business and I am signed up with them for February. Really looking forward to the classes. You mention taxes - that is my one sticky point, too. Taxes. I have fairly simple taxes but my Mom, who came into some money when a friend of our family passed on in 2012, now has very complex taxes and she's wisely going to a CPA to get them done. I myself have to file Schedule C due to my mystery shopping income and it's not as bad as I thought it was going to be and I make sure to keep all receipts relating to this together - bus pass, printer ink, an audio recorder I bought at Staples, a spy pen (great for audio recording also), you name it, if it's deductible I keep the receipt and write it all off. So far so good but if it starts getting more complex I will probably get tax help myself. Rob

[razz]

Well done on the jewelry business expansion! It is wise to get the help that is needed. What you may save by doing it all yourself, you may lose in deductions overlooked. It happens in every small business - when do you get expert help?

[iris lilies]

OP, I am so glad to hear this! I know that you can use the cash. And it must be gratifying to know that people want your work.

[Teacher Terry]

How wonderful! Do you have an online site?

[kib]

Well done on the jewelry business expansion! It is wise to get the help that is needed. What you may save by doing it all yourself, you may lose in deductions overlooked. It happens in every small business - when do you get expert help?I have my taxes done professionally every 5 years. It's a great reminder / lesson about what I might have missed or done wrong, but I use that return as a primer and don't feel it necessary to pay for the service every year.

[SiouzQ.]

Thanks everyone! I've already talked to a CPA about it (she was recommended to me by a friend who is also a jewelry artisan); she gave me some tips in our initial meeting and said she is willing to check over my TurboTax return for any glaring red flags (but ONLY in January when she's not busy with high-paying clients). I meticulously save receipts and track EVERYTHING in Quicken, and am fairly schooled on deductions I can take. I purchased some major tools this year, and a lot of metal, beads and chain. Part of my road trip out west last summer was definitely business-related, as I had some rather large items to transport to the gallery in New Mexico (it would have cost way too much to ship). I have all the receipts from that trip for gas, lodging, etc.

I am already in the initial planning stages for next June's road trip. I got the time off work,three weeks, all paid vacation!:)

Oh yeah, I don't have a website *yet* but I do have a Facebook page, Taliswoman@SiouxStudio. I think my next move is to open an Etsy store in the early part of the new year.

[Dhiana]

Congrat on your success and Good luck growing your business in 2015!

[catherine]

I just went to your Facebook page and I love your jewelry! Not just saying that, either! I will definitely keep you in mind for gifts, etc.

Your designs made me think of a store I see in many airports--Spirit of the Red Horse. I think your jewelry would fit in beautifully there. Not sure what your marketing strategies are, but maybe you could try to contact the buyer of that franchise once you have made a little more headway with inventory. Just a thought.

Good luck with it! How exciting!

[Tussiemussies]

Great news! Glad things are turning out so successful for you!

[mschrisgo2]

I just looked at your Facebook page, too. Awesome! Congratulations on doing something that you obviously love that is also now financially rewarding.

[Tradd]

This is great to hear! Congrats!

[SiouzQ.]

Just checking back in after the holidays ~ opportunities are a-brewin, all good stuff but to be honest, a bit overwhelming. Next month I am going to be exhibiting in an artisans gallery in Berkely, MI. It is a very cool place called Yellow Door Art Market. I showed them my work last summer and they loved it; they put me on the waiting list for an opening to rent a spot. The lease is for either six month or twelve months. The gallery is fully staffed and open seven days per week and features a lot of Michigan artists. I have a friend who does recycled clothing and she is doing gang-busters there! That whole area in the northern suburbs of Detroit does well with art markets, or so I am told. There is a lot of money floating around in the "hipster" enclaves of Royal Oak, Ferndale and Berkely.

Anyway, I am a little nervous about the financial commitment because I hate spending money, but you know what they say ~ you have to spend money to make money. The money I have to spend on rent, if I lose some (thinking negatively here) will not put me in the poor house but I will never know if I don't try and extend myself, right? So tonight I have been working on how I am going to display the jewelry and I think it is finally coming together in my mind.

There is just so much to do right now, and I am still working full-time at Wholefoods. I have to admit that it is getting hard to do both and have some semblance of balance in my life; I need to get more exercise in, and maybe go and do stuff with friends once in a awhile.

The other cool thing that has recently happened is I was contacted by a sales rep who does the large trade shows in Atlanta and Chicago - she wants to carry my jewelry and represent me to the stores that she sells to! Very cool idea, but a whole other thing to get into, the wholesale trade. I will research it for sure but I know realistically I am not in a position to go in that direction yet, as I would not be able to do all that production work if orders started flying in. But still something to think about for the future....

[razz]

Exciting news. Thanks for sharing your excitement with us.

[Float On]

SiouzQ, before the economy tanked Michigan had some of our best selling galleries and best money making art shows. We always did really well at Royal Oak and some of the other smaller shows around there as well as krasl over on the other side at St Joseph. So nice to hear reports of things picking back up in that area.
Make sure and talk to some of the other artist that that rep has taken on, we had great reps....and bad reps and even the great reps we found we didn't want to stay with long because they are always looking for new faces and not pushing their old faces quite as enthusiastically. Reps can get pushy to increase their profit margin so make sure to read the contract carefully and set your own terms. Wholesale was about 70% of our business. I miss doing the trade shows the most.

[SiouzQ.]

Update on new gallery: after I had my work in for two weeks, I finally got the guts up to e-mail and ask them if I had sold anything. At that point I had sold four pairs of earrings and had almost made my rent for the month, which made me feel a lot better about it. Then last week I got an e-mail statement for the month of February showing everything I sold that month and lo and behold, I not only made my rent but made a profit too! In February, a notoriously slow sales month!

[sweetana3]

Wow, you are right about February and this winter was brutal too. Great job. Looks like you have hit a sweet spot with what you made and where you have it.

[cdttmm]

Great news, SiouzQ!!!

[JaneV2.0]

Your work is lovely, SiouxQ.