Every creative business needs a strong foundation. From goal setting and budgeting to choosing systems that work for you, this category helps you build your handmade biz the smart way — one simple step at a time.
Owner’s draws are how small business owners pay themselves — but they’re often misunderstood. In this article, you’ll learn what an owner’s draw is, how it works in handmade businesses, and how to record it correctly in your bookkeeping.
This post was originally published in 2020 and has been updated to provide clearer information.
Bookkeeping feels hard for many handmade business owners — not because it’s complicated, but because it’s often put off for too long. If you’ve been waiting for “later” to start, this post explains why starting small, starting now, and doing it weekly is the calm alternative you didn’t know you needed. Part 2 of the “Why Handmade Business Bookkeeping Feels Hard (And How to Fix It)” series.
Tracking Cost of Goods Sold (COGS) and inventory can feel confusing because bookkeeping, pricing, and taxes all use them differently. This post breaks down the 3 real reasons handmade sellers need to track COGS + inventory — with a full start-to-finish example so your numbers (and profit) finally make sense.
Handmade business owners often run into the same money mistakes — from underpricing to skipping bookkeeping to mixing up profit and pay. In this post, we’ll break down the top eight financial mistakes handmade sellers make and show you simple, stress-free ways to avoid them and build a more profitable creative business.
The BOI Report, a report handmade businesses that are LLC’s, S or C Corporations must file with the U.S. Treasury – Financial Crimes Enforcement Network. Sole proprietors are not required to file. BOI stands for Beneficial Ownership Information. UPDATE: The Treasury Dept has extended the 12/31/24 deadline to 1/13/25. The NACPA is lobbying for 90 …
Untangling the knots of bookkeeping can feel as challenging as deciphering a complex crochet pattern. But fear not, fellow craftpreneurs! Discover the transformative power of setting clear goals. From managing inventory woes to achieving financial clarity, our journey together begins with simple, achievable milestones.
Let’s talk about your handmade business finances and finance systems because I’m betting that those are terms you hear a lot and they sound pretty vague, right??? Like WTF do these terms even mean and what have I gotta do to make it all happen?????
If you’re like most handmade business owners, I’m betting you think that a handmade business finance system is just about getting a business bank account and then keeping personal and business expenses separate – because that’s what you’ve been told.
But there’s SO much more to it than just having a business bank account and keeping business and personal expenses separate.
