Meg Mateo Ilasco - Craft Inc. Business Planner

Make a flow-chart, as illustrated, and include:
Business Name
Business Address
Business Description
Owner Name(s)
Owner Responsibilities
Co-owner Responsibilities
Investors

List, with date completed:

Business License No.,

City, State

Fictitious Name Statement No.,

County, State

Legal Structure,

File No. (if applicable)

Business Bank,

Account No.,

Address

Liability Insurance,

Account No.,

Address

Health Insurance,

Account No.,

Address

Before you blindly throw your felt cozies into the marketplace, its best to scope out the competition and determine who your customers are. Doing so will give your goods a greater chance of success. Ask yourself, Does my product fill a void in the marketplace? Remember that a niche doesnt have to be totally groundbreakingit can simply introduce a new style or viewpoint. And who will buy your products? Are there enough people in that group? Remember the more specific you are about your customers, the easier it will be to create products for them.

How is your company different from the competition?

Describe your target market.

Avoid using credit cards to start your business. When I first approached the bank about getting a small business loan, I was given a business credit card instead. I was told anything under $15,000 wasnt worth the paperwork. Once I started using it and had built up some debt, the interest rate started climbing.

Jenny Sauer
Three Sheets 2 the Wind

Its important to endure low points with a positive, solution-oriented attitude. Whether it is a slump in sales or heavy competition, everyone goes through times when their stuff isnt selling well. Ask questions: What can I do differently? How can I grow my business in a way that attracts new customers? Staying focused on a solution instead of the problem is the key to a sustainable creative business.

Lisa Congdon
Lisa Congdon Art & Illustration

If I could start my business over again I would pay much more attention to branding. As an architect, my tendency is to focus on the product. But I would have done better and set myself up for more future success if I had created a very concise and recognizable brand, graphic style, labeling system, trade show booth presence, and store display system.

Josh Jakus
Josh Jakus Design

If I could start over, I would have outsourced my printing earlier. In the beginning, everything was so exciting that I would hand-print my cards in small batches every night after my full-time job. As the orders grew, I continued to print into the wee hours, not realizing that time was money. Finally I realized that it would be a smart decision as well as a compromise because I could still hand-print some things, just not hundreds of cards at one in the morning.

Lisa Wong Jackson
Good on Paper Design

Be as professional as possible. From the e-mails you write and the forms of payment you accept to your business cards and voicemail message. Treat your buyers with respect and show maturity. Dont discount the value of any little detail.

Mollie Green
La Familia Green

Theres no doubt that a good amount of seed money is always a benefit to any business. But sometimes having too much money creates more problems than having too little, because it can lead to bad decisions and a false sense of financial security. Thankfully, many craft businesses require very little start-up capital. Its usually not essential to hire employees right away or to purchase a lot of equipment, and you can work from home to keep the overhead low. Referencing the graph, estimate your expenses for launching your products and getting your business off the ground:

TOTAL EXPENSES

$ Marketing

$ Internet

$ Materials

$ Rent

$ Equipment

$ Permits

$ Insurance

$ Phone

$ Utilities