Tax Time

Bless me, readers, for I have sinned...it's been a looooooong time since I blogged.  I know people who blog a couple of times a week, or even every day.  What the hell do people talk about on these things every day?  Anyway, I mentioned last time that I was submitting my income taxes to an accountant this year.  I've always done my own taxes with one of those tax software packages, but this year, since I've got the business, I wanted to make sure that I did everything right and that I got all the write-offs I could get.  The accountant I used was recommended to me by a friend.  She did my personal income taxes along with Bead Planet's taxes, since Bead Planet is a sole proprietorship, and since I don't have a separate bank account for it.  She also did my husband's personal income taxes.  Our personal taxes are straightforward, so she ended up charging me only $150 for all.  I ended up being able to write off my internet bills for the period since August (when I opened my Etsy shop.) We're both getting refunds.  Yay!

Small Business Accounting circa 1885

I've never been a math person.  I failed math in grade 11, and never looked back.  The most complicated math I ever use is to calculate my students' term marks, and for that I use one tried and true formula.  I don't really have a household budget, I don't know how to balance a chequebook, and although I have RRSPs, I have no idea how they work.  I let the bank manage those for me.  This is sheer laziness on my part, because I know if I had any interest in learning about it, I would be able to figure it out.  How, then, you may ask, do I manage my small business finances?  My accounting methods are similar to those one might have found employed in many frontier general stores in the 1800's.  I use a ledger-book type sheet, with six columns--Date, Purchase/Sale, Type of Payment, Amount Debited, Amount Credited, and Balance.  When I buy jewellery supplies, office supplies, or pay Etsy fees or craft show fees, I write these amounts in the Debit column.  When I make a sale, either on Etsy or at a craft fair or just to a friend, I write these amounts in the Credit column.  I keep a running tally of the balance.  So far, the Debit column seems to get much more use than the credit column. I keep all receipts for everything I buy for my business, and I write out bills of sale for all my sales.  All of these documents are kept neatly in an accordion folder.  That's it.  That is the extent of my small business accounting practices.

The Frugal Tycoon's Money-Saving Tips

Marketing and promotional materials are an essential part of building a small business and getting your name and product out there.  The costs of these materials can be prohibitive to a budding tycoon, though.  Through research and happy accident, I've found a few ways to save money on these promotional materials. 

1.  Make mini cards.  Buy pretty blank cards from the dollar store, and cut them into 1-inch strips.  Using a nice marker, write a personal note to the buyer on these and slip them into the package before shipping.

2.  Make your own promotional literature.  If you don't have Microsoft Publisher, consider investing in it.  I've used it to design my own business cards, flyers, craft booth signs, and e-invites for beading parties.  I printed my own colour flyers, on my ink-jet printer, on normal office paper.  After looking into the price of printing 50 colour flyers at a print shop, I figured that it was cheaper to buy a new colour cartridge just for this purpose.  I got 50 copies, and there was still lots of ink left.  Of course, this is economical only if your printer's cartridges aren't atrociously expensive (mine, thankfully, aren't.)  The flyers look great, and the whole thing cost about $30.00. If you don't want to buy Microsoft Publisher, you can download a trial version that lasts for about a month. 

A Store is Born--Part III

I didn't manage to take any photos today.  I normally set up my portable photo studio (point and shoot camera, patio table and slate tile) on my balcony, but today we seem to be experiencing a bit of Hurricane Earl.  Winds are gusting strong enough to blow the BBQ cover off, it's raining, and it's damn COLD!  Try taking pictures while your earrings are shimmying to beat the band.  I don't think the motion stop feature is THAT effective.

Last time I blogged (I love that verb--it sounds like a euphemism for clogging the toilet by vomiting into it too much) I had figured out the ins and outs of Canada Post, written my shop policies and a bio, and signed up for PayPal.  As luck would have it, my kids, (I'll call them Rampaige and Helliam,) were being spirited off to the ancestral family home in rural New Brunswick by the grandparents, bless their misguided souls, for two whole weeks!  That meant I would have extended periods of uninterrupted time to concentrate on setting up my Etsy shop.  Pure luxury! 

A Store is Born Part II

Classroom finally ready!  Bulletin boards decorated, deskplates on desks, lockers assigned--all ready for Tuesday.  I'm hopeful that I can get some photographing done this weekend so I can list some new items on my Etsy shop. 

Back when I was preparing to open my Etsy shop, one of the things I had to research was shipping. Before I could write my shipping profiles, I had to figure out how I was going to ship items to the buyers.  Up to this point, my experience with Canada Post consisted of sticking a stamp on an envelope and dropping it in the mailbox, or opening my crammed mailbox and struggling to extract the bills without destroying them.  I needed to know how to wrap the packages, how long shipping would take, and how much to charge buyers.  I tried to navigate Canada Post's website, but it was about as easily navigable as a meerkat family's den.  Instead, I went to the post office with a sample of a typical package, and asked the clerk how much shipping might cost to mail that package anywhere in Canada, the U.S., or internationally.  Apparently, the package has to fit into a 2 cm plexiglass slot, or it costs more.  Armed with this knowledge, I was ready to fill out my shipping profiles.  All that was left was to sign up for a PayPal account, write a bio, hammer out my refund and exchange policies, and write some descriptions for my jewellery.

I'm falling asleep at the wheel here, so I'll continue this thread next time.  Good night, all.

A Journey of a Thousand Miles

When the notion first entered my head about starting my own home-based jewellery business, I went online and read all I could about starting a business in Ontario, which is where I live.  The very first hurdle was deciding on a name.
 I trolled through dictionaries, thesauri, collections of sayings and proverbs, names of plays and books.  I tried so many names, covering pages of notebook paper, like a lovestruck teenager linking her name to her boyfriend's last name.  I wanted a name that was distinctive, didn't use my name or the word "creations," (I just don't like that word) and that implied a focus on natural materials, which I tend to use in my jewellery.  After settling on a likely possibility, I would Google it, and invariably find it was already in use. I was beginning to despair of ever finding a name, when my friend emailed me a few suggestions.  One was Bead Planet.