Does this sound like you?
- You love designing and making jewelry! It’s your passion and you feel super excited because you are doing it!
- Now that you have your passion project, you are ready to grow and do this “business” thing.
- You’re ready to really focus on the growth of your company but you don’t know where to start.
- You are ready to build a business on your terms, that feeds your creativity, supports you with the income desire and gives you the FREEDOM to have the energy to do the things you desire in biz.
You are in luck today because we have some proven strategies that will help you Multiply Your Profits in your jewelry business.
1. Systematize
Do you ever feel that you are having to reinvent the wheel every time you do something in your business? Maybe it’s entering an order, shipping a package or even making your jewelry. By creating systems and processes for each area of your business you will not only be saving money, but also a heck of a lot of time.
(Plus, you can document your systems so at the right time, someone can come in and take over any part of your biz for you).
2. Keep accurate records
Keeping accurate record is essential to having a sound business. Not only does it protect you if you get audited (small businesses get audited all of the time), but it will also give you accurate knowledge of your financial status, a clear picture of how your cash is flowing and the power to pay your vendors (and receive your payments) on time.
3. Know Your Cash Flow Cycle
Your cash flow cycle is the lifeblood of your business. Understanding how your cash is flowing is crucial to keeping your business alive and moving forward. It is also what will allow you to pay your bills on time and pay yourself a healthy paycheck.
4. Maintain Solid Profit Margins
Strong profit margins are the secret to a healthy paycheck and the ability to invest back into your business for growth. Usually the disconnect with profits and you overall margins comes from incorrect pricing and ambiguity regarding overhead and how to account for overhead.
Strong profit margins allow for you to reap the benefits of your hard work!
5. Use an Accounting System
For some reason, creative people can often be afraid of using an accounting system to handle their records. We’ve been kind of surprised to hear that some people use spreadsheets to manage their bookkeeping and accounting.
Using an accounting system like Xero or Quickbooks allows you to not only keep accurate records like above, but to also have a snapshot of any given time of how your business is doing. Once you get the hang of it, it’s pretty simple.
6. Know Which Business Entity is Right for You
We all have choices in life and in biz, that’s why choosing the right business entity for your creative or jewelry business is so important. The most common entities are Sole-Proprietorship, LLC and S Corp for small single owner businesses.
Speak with an accountant or a legal advisor to find out which entity is right for where you are in business.
By using these strategies, you’ll have a business that is well on it’s way to Multiplying Your Profits.
If you would like to learn more about how to create more FREEDOM in your business or more about these awesome strategies, pop on over to our FREE training series that starts April 11th.
Are you ready to take action and put these strategies to work for you in your business?
We want to hear from you! In the comments below, please answer the following:
1. Which of these strategies are you already using? How has it worked for you?
2. Which strategies are you going to implement right NOW in your business?
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