For those who have a craft hobby, it is always tempting to turn that hobby into a business. Make money while getting to do something that you would do for free? Sounds great! Of course, reality is rarely that simple, so there are a few steps you’ll need to take before you can turn your DIY projects into an actual source of income. For instance, you’ll likely need a Texas seller’s permit to put yourself on the right side of the law.
Develop a Business Plan
This is where it should all start for your budding business—and, yes, that’s what this is—a business. The sooner you stop thinking of this as a side project and start thinking of it as a business, the more likely you will be to find success. If your new business is going to generate revenue and grow, you’ll need to have a plan for how that is going to happen.
Take some time to write out everything that your new business is going to do, right down to the smallest details. How will you source your materials? How many products will you offer? How much will they cost, and how much margin will they provide? Creating a detailed business plan will make it easier to spot problems and find solutions.
The Marketing Puzzle
New business owners tend to learn one thing almost immediately—it’s not enough to just make great products. Even if your DIY projects are beautiful, or functional, or both, they aren’t going to sell themselves. You’ll need a marketing plan to put your items in front of people who will be likely to make a purchase. That might mean using an online platform like Etsy, or it might mean displaying your items in person at craft shows. Whatever the case may be, try out a variety of marketing angles to see which provides you the best results.
As the sales start to roll in, it will be easy to get disorganized and become overwhelmed by the details of managing a business. We already noted the need to have a seller’s permit, but there are plenty of other administrative tasks to handle, such as bookkeeping. You’ll need to pay taxes on your profits, so a detailed bookkeeping system will make it easier to know what you owe. Even if you plan to pass off the tax work to a professional, keeping detailed records will make it easier for that person to accurately prepare your returns.
It’s one thing to think about selling your DIY projects, but it’s another thing entirely to get out in the real world and make it happen. Rather than waiting around for the perfect time to get started, why not do it now? Use FastFilings.com to apply for your seller’s permit in Texas and get the ball rolling on this exciting new venture. Once those first few sales hit the ledger, you will be thrilled by the possibilities and will be motived to take your business to greater and greater heights. Good luck!