Where Do I Begin? I Want to Start My Own {Small} Business.

Riley had some really good advice.
Wondering if the "farmer's market is just as intense as the craft fair gig.
Etsy sounds like a good fit for you.
Also, my mom is a quilter and seamstress and she & a few of her friends have a "house sale" every year where they display and sell beautifully made handmade items..inviting only friends and friends of friends as they don't like the idea of strangers coming into their home/s, etc.
They have been quite successful at it--often clearing $1K or more in 2 days of the sale. BUT they have lots of time invested in their pieces/stock that is worked on throughout the year. You can send info/etc through evite or FB.

If you have farmers markets & art shows in your area, I'd highly suggest starting out there. Low overhead (our area runs $30-$100 per booth, often with no %, sometimes with a 5%-10% of daily sales). It's a really good way to:

a) save up starting capital
b) test the market for what sells and what doesn't

Some artists I know just do the "circuit". A girlfriend who silkscreens tshirts makes about 60k a year just from farmer's markets (some years she makes 6 figures, but even in the recession was pulling 50-60), and works part time purely for health insurance (I helped her with her taxes for a couple years). 20-40k per year is more "average" from farmer's markets in talking with people. And that's typically after a year or two of finding out what just does NOT sell. But it's a good "foot in the door", and a lot less expensive/ risky than opening a shop. Esp since you can choose what days/ hours you're going to work.

An Etsy storefront is another low overhead option that eases people into the world of art sales.

To start a new business you need a solid business plan, good CPA and good legal counsel.

Our business is a niche market and takes a lot of understanding of the market, gas and oil pricing, etc. We are in the plastics industry with raw materials for companies who manufacture products from plastic.. Ex..the color orange for theTide bottle, hospital red for the bags used in the hospital for needles, and recycle used and/or unusuable plastic.

There are a lot of little tax laws, etc that people miss if they have not prepared properly and you do NOT want the IRS on your back.

You also need good insurance to cover you for whatever could happen. Example..... we buy/sell raw materials.. we have to have specific insurance because...what if a trucker delivering a load of our material wrecks and the material is destroyed? We're talking maybe a $30,000+ hit on the business for loss of material plus other expenses...

You are describing a perfect opportunity to hit the local art festivals. The pricing to have a booth is usually nominal and what you sell is your $$. If you get your feet wet this way, you will get a feel for what you need as far as space, amount of products, etc and you'll see how well your product markets.

Do some research online but don't get caught up in paying for kits, etc. Ask some places of business similar to what you want to do for guidance. networking is a wonderful tool.

As far as funding.... I can't help you there. We have funded our business personally. I do know if a bank funds you or other group of investors...you answer to them because they funded you. We have a client who has loans with the bank and he has to give presentations to the board every quarter and do what they suggest he do because technically...the bank owns his business. Just think about that..

Best wishes to you.

What about starting out by tapping into the art festivals, flea markets, community events where you can get a 'booth' for super cheap? This way you can establish yourself and get a feel for what people like from you.

Also-there is definitely a market in teaching art to children. I would contact schools in your area and find out who their PTO pres is and talk to them about putting on an after school program in an art form. I know at our school we would gladly entertain a proposal by an outside vendor to bring an interesting program to our students-we are always looking to add to our offerings after school. Also contact libraries and community centers about doing this. IF all goes well you can even go in the direction of opening a 'create your own' art place along with your shop. There is definitely a market for this IMO. Even just doing 'art' birthday parties for little kids can bring in some $$$

And one last piece of advice...social media is your friend. I encourage you to tap its vast potential to grow your business. First thing you should do is set up a webpage and FB page. Offer discounts to people who friend you. Then lo and behold all of their friends will start seeing the interesting things that you post about your business.

You sound like your interests are pretty varied and some things are not "finished yet" like interest in photography and textiles. You need a solid business plan for grants and loans.

I would focus on starting with a few of (or even just one) of your best FINISHED products that is easy for people to buy- that takes limited cost and studio space at first, like your beads..and build up a collection. Then you could design good tags with a cute company name, get a business bank account, and place some of your stuff around at stores who take things on commission etc, or may want to order from you, and set up a website where people can order once your stuff is spread around more and word gets around. Riley's advice on booths is great too.

Depending on your time, you can make some complimentary pieces as "gifts" with a note to spread the word with your business and website etc. As you gain some capital, you can expand your products and work space etc, but starting bigger is for people with $s.

Even having a limited catalog alone as a single mom will keep you very busy creating your product and doing your own books (paperwork ends up being a large percent of your time), but after a year or two of doing that, you can approach financers more easily (though it's never easy) for loans/grants to expand depending on your success and reports.

I had a clothing manufacturing company all alone for 10 years. I started tiny and really scraped the first 2 years doing everything myself around the clock (could have never done it with a child running around to factories etc, staying up until all hours), then I got some of my sources (tee shirt screener, etc) to loan me their services based on orders to be paid later etc. so I could take bigger orders. It was SO MUCH WORK but very rewarding and by about the 4th year I was making very good money for a single girl in NY. If I started anything now with the kids though, it would have to start even smaller and be done at home-loans are REALLY hard to get.
Make things you love which are beautiful and bring people (including yourself) joy, and go from there.

All these answers are helpful - particularly to someone who is already financially secured so they have the time to research, learn, make a business plan, see if someone can earn a living wage from it, etc.

If not, one must be practical and have a solid income and do this on the side until it builds business enough to quit.

i would start with etsy which is growing in popularity by leaps and bounds. take your products into local book and craft stores and see if they will let you market there for a cut. but craft fairs and farmers' markets may be your best bet. you'll have to pay a booth fee but if your stuff is good you'll get it back and your rep will start to spread.
good luck!
:) khairete
S.

Go to your local community college and see if they have a small business center - they are free and very helpful. Also, check out score.org for a location in your area. It takes a LOT of work and time to get a business going, so I don't know how fast you'll be able to do it as a sole supporting source of income, but you never know!

Also, once you have a business identity - even if you're not 100% sole supporting, check out meetup.com for business networking groups in your area. Feel free to click my name for more info about them :)

Good luck!

Hi R.,
Let me begin by telling you that I'm not a small business expert, but after having worked for my husband at his payroll, tax, and accounting firm, here are a few things I've picked up along the way.

First off, start off as a hobby and build from there. This way you don't have to go out and file to act as a business until you're actually making enough to support yourself.

After you've proven yourself stable in generating income and keeping track of your records, it becomes much easier to apply for grants and loans. There are a lot of grants out there, but you have to do a ton of research. They always want to see financials and expenses and I've found MS Excel works great for the interim. I use it a lot at work for simple accounting when preparing a clients tax return......

Build up clientele through word of mouth and exposure. Best places are at craft fairs and by doing simple projects for friends, then friends of friends.

Keep a working portfolio of what you've made, and what's been successful in selling - 2 reasons....one it lets you know straight off what people want and second it shows prospective buyers what you're capable of.

Always work within timelines that are reasonable. If it takes you a week to make a beaded necklace, then allow a week and two days to get it put together and ready for the client.

Utilize the information on the web. I was surprised at how many how to's are out there. Keep in mind though that if you "borrow" a design idea from someone else to give them credit one way or another. Not only is it respect, but it's also expected in legal terms.

Finally, it takes a long time and a lot of work to go from starting from scratch to making it a working business. Apparently you already know how to sell a product, but selling your own creation is so much more exciting and will give you the drive to keep at it. There will be days when you feel like no one cares or notices you, so just take those days in stride. It won't be easy so you're either going to need backers or money in the bank.

I hope this helps gets you started on the right track.....
Good luck,
J. in Kansas

Look up your local Small Business Administration office. The one in Kansas City has a special women's division. They will guide you through planning your business so you get off on the right foot and know where to go from there. Good luck!

I had a meeting with our local University. They told me that grants are not out there. it is next to impossible to get one and not to trust anything over the internet. This is a free service and they help me get my business off the ground. They do offer seminars also. She also told me not to waste my time on trying to get a "small business loan" most banks "small" is more than $100,000. So our business we are going to save the money first. Im sorry to be a debbie downer, but its harder to get a small business going than what people think. I just wanted you to know that "grants" really dont exist. So dont pay for any of them.

My friend and I have found huge success from our seasonal (2 times/year) children's consignment sale. Are you familiar with the popular seasonal children’s consignment sales that are popping up all over the country? You could start a profitable sale in your community, contributing to your family financially, and provide a highly desirable service.

We offer our complete business system for the planning, operation, and expansion of your seasonal children’s consignment sale without expensive franchise fees or royalties.

Host your first sale this spring! Go to http://www.StartYourOwnSale.com.

Best wishes, M. Jo

Check out etsy - it's an online venue to sell your work and there really isn't any risk financially.

There are lots of good responses. But I would first narrow the product you are trying to market to one area. Remember that all your profits at first will be turned back into the business to build up market. Etsy is a great place to market your products. But also enlist your friends to take samples to their work or have a small party to get the word out. Also, create a facebook page for your small business. It is free.

Good luck!

www.dswa.org might have some resources for you