Business & Personal Finance

Start your own craft business

How easy is it to turn your hobby into a business? Selling crafts differs from other retail businesses in that you are both the creative mind, the labour and sales person behind the product.  Are you ready to tackle all the work that goes along with starting a small business? Have you thought about how and where you can sell your crafts? 

Starting any kind of business requires good planning.  First, you need to start producing your crafts and create and manage an inventory which includes the finished product.  Then, based on the cost of producing your product you need to come up with a price.  Creating a catchy name, colour scheme and display style for your business is also important. Developing rules or guidelines for dealing with customers such as shipping decisions as well as policies for returns and guarantees need to be considered. Finding low-cost ways to promote your product will also need to be explored. Will you go to local craft shows or just sell your product online using sites such as Etsy? These are just a few of the things you need to think about before starting your craft business. There isn't a quick path to success but the rewards can be great if you plan and do your research.

Here are a few books to help you get started in your craft business:

 

 

Entrepreneur in Residence : One-on-One Consultation Deadline is Today

This year, the Toronto Public Library has an Entrepreneur in Residence.

Miriam Tuerk has more than 20 years experience as a business visionary and product innovator.  She can help new and established entrepreneurs build successful businesses.

If you would like to book a consultation regarding your proposed business plan, the submission deadline is Thursday, October 25th, 2012.

For details on how to apply for one-on-one advice on your small business plan or idea, visit the Entrepreneur In Residence page at http://www.torontopubliclibrary.ca/programs-and-classes/featured/entrepreneur-in-residence.jsp 

For those interested in Entrepreneur in Residence Programs, two more programs are forthcoming.  They are:

Focus on Marketing
Learn the standard principles of selling and building a brand, as well as creative approaches to marketing and sales.
Date:  Saturday, October 27, 2012
Time:  2:00 pm
Place:  Toronto Reference Library
          789 Yonge Street, Toronto, ON M4W 2G8

Best Business Tools
Discover a range of productivity tools that will save you time and money when communicating, budgeting and organizing your small business functions.
Date:  Tuesday, November 13, 2012
Time:  6:30 pm
Place:  North York Central Library 
          5120 Yonge Street, Toronto, ON M2N 5N9

For other Small Business programs at the Toronto Public Library, check the Upcoming Events for Small Business Month.

Deciding on what business to start now..

For a number of years in the mid to late 1990's, every other person who came to us in the Business Department was looking to start up a business relating to pets.  Consumers, it seemed, had lots of money to spend on their pooches or cats. 

What a difference a few years makes.  An article that recently appeared entitled "Pet love on the cheap: Downturn takes bite out of pet product market, once thought recession-proof"  by Matthew Boyle (Toronto Star, March 4, 2012, p A13), indicates that owners who once lavished their pets with customized pet food and deluxe services, are now, because of the down turn in the economy, shopping at discount chains such as Wal-Mart and Target. 

So how does someone, who is considering starting their own business, decide what type of business to start?  One of my favorite sources that I refer people to is Profit Magazine's annual issue entitled "The Next Big Thing"  This issue, which usually appears in the magazines December/January issue each year offers up the best bests for start-up and expansion. North York Central and Toronto Reference Library both have previous years issues (as we all know, everything old is new again) for more ideas.

Some ideas from this issue include:

• Services to the stay at home consumer
• Development of apps for small business
• Tapping into the "buy local" movement

And once you have decided on a business to go into, try searching the catalogue for books on that particular business.  The library has a number of books in different series.  There is a "How to start a home-based" type of business, as well as "How to start and run" type of business and "How to start and operate" type of business. 

And have a look at a couple of titles from TPL:

    

And while it is important to have a business that is timely, being passionate about whatever business you go into is equally important.   Good luck pursuing your dream!

 

 

 

Business Inc.: "I Was Able To Successfully Complete A Business Plan"

 

People who have participated in the Business Inc. program have great things to say about it! Here are a few comments from recent graduates:

"Gathered very useful info on conducting market research and also building websites."

"Very good course."

"I'm so glad to have enrolled in this workshop."                

"Great discussions."

"Social media platforms were the highlights."

"I was able to successfully complete a business plan."

"The best course I have ever taken."

This nine-week business program is offered at Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre.

During the program, you will

• Learn how to prepare / update your business plan
• Access a business advisor and other valuable resources
• Network with other entrepreneurs

Upon completion, you will:

• Obtain a Business Seminar Series Certificate of Completion from the Toronto Business Development Centre
• Be eligible to apply for a small business loan ranging from $5,000 - $30,000 (Completion of the course is not an automatic loan qualification for the loan.)

 Orientation sessions for the next round of sessions will take place on the following dates:

• Date: Tuesday, March 6
• Time: 6:30 pm
• Location: Northern District Branch
• RSVP: 416-393-7610

• Date: Thursday, March 8
• Time: 6:30 pm
• Location: Maria A. Shchuka Branch
• RSVP: 416-394-1000

Read more about the program and see the application form.

Attend the orientation sessions to hear even more details and ask questions.

Don't miss out on such an incredible opportunity!