Now that the website is up and running, it’s time to get to business. (Yay!!!) Today we are going to talk about Money. That’s right, a topic that can make some people (myself included) a little uncomfortable. But it’s an important thing, money is what makes what you’re doing a business not a hobby.
If there is one area of my business that I struggled with, it was money. Not only with setting my prices, I struggled with all areas related to money. But over the years, I have learned few lessons….the hard way! Here are just a few money related lessons that it took me awhile to learn:
1. It’s not a hobby.
Oh….if I could go back and talk to myself when I first started, I could have saved myself a lot of trouble. When I stared my business, I already had my machine (I hadn’t bought it with the purpose of turning it into a business) and I really loved to quilt. So my reasoning was, ‘why not make a little money while I am at it?’. That is “hobby” thinking not “business” thinking. The sad truth is that it took me way too many years to switch the way I viewed my business.
2. There are more costs to this business than just my time.
When setting up my pricing, I failed to realize all my business costs. In my ignorance, I was just taking into consideration how much time I was spending on a quilt. I wasn’t taking into consideration the utilities, time spent interacting with the customer, supplies, training etc. In the beginning, I never even realized that I was losing money!
3. Not keeping your invoices organized is a sure way to lose money.
Of all the lessons that I learned, this was the one that took me the longest. I am not a naturally organized person. Actually, that might be an understatement…..a truer statement might be, I am disorganized mess. But when it came to invoicing, I felt that I was organized enough. However, when I finally broke down and hired some help, I realized just how much I was frustrating my customers and even losing money.
But wait….there’s more!
Like I said, these are just a few of the many, many hard lessons I learned. Over the next several weeks, here at the BOMQ, we will be delving into money topics as a part a new blog series called Money Mondays. We will address the lessons above and many, many more!
I am looking forward to sharing all my financial mistakes and hopefully help you avoid them in your business. Be sure to check back in next Monday for the first post. If you have some specific questions about money that you would like me to address, please email them to me at email@example.com.
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