Friday, December 4, 2009

Pondering and Planning

I sat in bed last night, clipboard in hand pondering and planning my business strategy for 2010. I am so excited right now. My sales have increased this holiday season, and after 18 months in business....I think I am finally starting to understand what I need to do and NOT do to make my business the success I want it to be. Okay....so I'm a little slow...what can I say?

I have some things I am going to do immediately...like opening a separate checking account with a debit card and a savings account for the business. It's so awful at the end of the year trying to separate personal and business expenses. I also think I spend money for the business when I shouldn't be, because there is money in our checking, and I also leave money I make in our personal account where it quickly gets spent.

Besides the fact that I love creating things, and FourDogDay has filled a tremendous creative void for me...there was another reason I started my business. Irv and I don't have a nice pension sitting there waiting for us when we retire...in fact, at times we wonder if we will ever be able to retire.

My thought was that if between now and retirement, I could build a successful craft business that would eventually bring in a nice little profit....that we could one day use that profit to supplement our social security. I now see that as a very real possibility.

In order to do that though, we need to know where our money is coming from and where it is going. We need to know what works and what doesn't work when creating and marketing my products. So, like I said....I sat with the clipboard in hand and started to map out my strategy...and let me tell you...I am excited!

We will start at the bank this weekend by opening those accounts. I will close up MyOtherShop as soon as I can, so that all of my attention and energy can be devoted to FourDogDay. I will clear out things I don't plan to make anymore to make room for the new things that I can't wait to start on....and we will carefully select some craft shows for spring and fall.

We are taking control of our business rather than allowing our business to take control of us!

How about you? Do you have business or personal plan in place for 2010? Have you ever done a personal or business financial makeover? If you own your own business, did it take you a while to really figure things out? Please share.....

8 comments:

Lori said...

That sounds like a great idea and congrats on a successful year! I think it takes that long to kind of figure out where you want to go with the business.

I opened a separate account years ago when I painted portraits and it made a huge difference. I also have a separate credit card.

I also think it's a good idea to combine shops (I think that's what you're doing).

Have a great weekend!
Lori

Lanyardlady said...

Sounds like you're focused and getting organized - those are two major steps toward a successful business. I still think of what I do as more of a hobby than a business, but I'll be interested to learn from you as you go along. Good luck!

Mary said...

sounds like a great plan!

Cathryn said...

I'm contemplating opening an Etsy store--but not sure I want to compete with other jewelry makers/designers/creators. That's why I've been seriously thinking about it. I've been thinking all the steps I'd need to complete so I can open a store. You mentioned a couple I hadn't thought of so this post was excellent for me. Please keep us posted on your venture. :D

Ms Sparrow said...

Here's wishing you much success. As a happily retired person, I feel it is a blessing that should be the reward for everybody past
65. It breaks my heart to see elderly people having to work as cashiers, baggers, & etc.

Anne~fiona and twig said...

All smart ideas, I need to take notes and do what you're doing!
Anne

Green Girl in Wisconsin said...

I applaud you for being so thoughtful--I believe the best and most successful business ventures are when people sit back and evaluate what works, what doesn't and what needs improving. You will go far!

Matty said...

I'm not in business, but it sounds like the right thing to do. I would separate the business and personal accounts.

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