Wednesday, March 6, 2013

In My Studio: Money Saving Tips

When managing your own small craft business you need every penny to be able to turn a profit. There is no better feeling than when you find a 50% off coupon on some essential supplies or snagging the perfect table for your craft fair display at a yard sale for a couple of bucks.

Here are some money saving tips that I use:

1.    Make your own labels; I have started making my own fabric labels which I sew onto all of my products. I bought the twill in bulk and then printed my logo onto transparent iron on sheets.

2.    Re-use and repurpose as much as possible. I clean out all our old yogurt and apple sauce containers to use for mixing paint.

3.    Use coupons when buying supplies, look online for the store you are going to and print out their latest coupons.

4.    Buy bulk where ever possible.

5.    Buy quality materials and equipment,  you will save in the long term as your product will look more expensive and you won't keep having to replace worn out or broken tools.

6.    Organize your work space properly and keep an inventory so you aren't duplicating supplies.

7.    If possible think about sharing craft fair space with a colleague to keep the entrance fees to a minimum.

8.    Negotiate fees with your consignors so you get the best deal.

9.    Use all of your scraps; greetings cards and Christmas decorations are a great way to use them all up.

10.  Open a no fee bank account.

11.  Make use of yard sales and thrift stores for buying display furniture for your craft fair stand. It's amazing what a lick of paint can do. I bought 4 tablecloths at a yard sale last summer for a couple of dollars and sewed them all together to fit my stand table exactly. Not only stunning but very cheap.

12.  When you are first starting out see if you can borrow tables, tents and other stand furniture. Once your business has taken off you can start investing in buying your own.

13.  If you work from a studio at home remember to keep records of all your childcare and utility bills because come tax time you can claim tax relief on these.

"A penny saved is a penny earned." Benjamin Franklin

Good luck and good making!

by Sarah Omura, SO Handmade 

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