Inventory, bookkeeping and business success topics for makers.
Although it can feel like Cyber Monday / Black Friday sales are only for big retailers that can afford to make big losses on stock lines, the massive interest that this event creates can also create excellent opportunities for small handmade businesses to generate sales.
Not only is Black Friday and Cyber Monday a great time to make some serious sales for your own handmade business, it can also be a great time to pick up some massive savings on craft equipment, supplies and software for your business.
If you are a US based maker of children's clothing, toys or accessories you will need to ensure that your business is compliant with the rules set out by the Consumer Product Safety Commission (CPSC). One big part of CPSC compliance is Children’s Product Certificates (CPCs).
Even if you have been making the same product for years there is always the chance of something going wrong somewhere in the process where you end up with an "oopsie" that you think cannot be sold. We discuss ways of turning this situation to your advantage.
If you are a small craft business, you may have been given advice that you can use the Cash-Basis Accounting approach for your bookkeeping. Whilst the cash basis works for very small service based businesses, it does not provide as much accuracy as the accrual method and - more importantly for a crafter - makes it virtually impossible to track your inventory costs.
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